All Forum Posts by: Brandon Proctor

I would say go to your local investor meetings and introducing yourself and find someone who is willing to show you the ropes.  I am also looking for a mentor or someone to help me on my journey.

You can also get lots of guidance here on the site which has helped me a ton.

Thanks @Jerry W. I was a little nervous when they were running my credit which always happens even though I have pretty good credit.

I have been on Zillow day and night which drives my wife crazy a bit.  There are developing neighborhoods on the outskirts of Cheyenne and on the southern side of town (which some shy away from). I also look at what they say the estimated mortgage would be for the homes I look at. Which I'm sure shouldn't be too far off.....right?  I'm trying to find other investors in the area but I haven't come across many yet.

Congrats! Thats going to be a great way to start the new year!

Just got a phone call today about an inquiry I had about using my VA Loan. I was approved, now what!? The obvious answer is find a home in my price range that fits my needs and a property that will resale or rent out well in a year.

Sounds simple and probably is but being the novice that I am right now I don't know how to sniff out deals in my area. Also I'm thinking long term, if I would come out better fixing up the property and renting it out after I move out or putting it on the market.  I know there are a lot of variables that go into these types of decisions so like with every question I have had in the last few days I'm running to BP!

Any and all insight is welcomed.

 Well I do agree that Cheyenne does have a low crime rate and that there aren't necessarily "bad" areas of Cheyenne. There are areas where I wouldnt consider living because of the location and because of that limits some of the homes I have been looking at. 

When looking at MF homes in the area I have seen a total of 5 and all would need some work done to them. I am as green as summer grass when I comes to real estate investing so I don't want to get over my head with a property that needs a ton of work  

With all that being said I would love to get more of your insight on the subject because I am by no means experienced or know a ton about any market out there. I have heard they Cheyenne has good market right now and I would love to get started in it. 

 It's up in the air when my next assignment will be. The AFB is located in Cheyenne Wyoming which from what I hear has a pretty good market right now. 

 I am considering finding a renal basement depending on how my wife feels about it. I have plenty of military buddies that would jump at the opportunity. 

Thanks for all the advice @Jordan Thibodeau with the intellectual exercise I read about that in Rich dad poor dad as well.  It really does help get in the right mindset to solve problems and eliminate doubt.

About purchasing a home with a basement and renting it out I'm not 100% sure my wife will come on board with that plan. Being that we have 2 small children but I will bring it up to my wife.

MFRs in my area, or at least the ones I see for rent are run down and they aren't in the best neighborhoods. I have seen many duplexes in my area though that are really nice just haven't been able to find one for sale. Not sure if I'm not looking in the right places or not.

 Oh ok thats the price range I am wanting to invest in, once I get started.  Purchase at a relatively low price and renovated it to be above the competition.

I would use my VA loan for a MF home but the ones in my area aren't that great.

 How much would you say your renovations were? I have been looking at homes in my area (which are overpriced in my opinion) and most have unfinished basements. That would definitely be an area I would want to tackle first.