All Forum Posts by: Chase Busick

@Simon Schermerhorn great thoughts! Were you managing everything from out of state? From the search, buying process, then the rehab & now managing the rental?

@Simon Schermerhorn that's great!!! Loved how you broke down the investment info, property, & outcomes of the deal you did for this BRRRR. Looking towards doing 1st BRRRR soon.

What do you wish you would've known sooner or key aspects that you learned by going through this deal?

@Jake Long congrats on getting to this point! I hope you continue to stay motivated & consistently learn to find strategies that will potentially work for you, your goals & your situation in time! Everybody that has contributed to your thread so far has added some great value! 

I would also try to start connecting in person to many meetup groups, local investors, local REIA's, in order to build your network & connect with in case you have questions along the way. Finding people who can help you on your journey or point you to someone that can will be great!

@Don English I agree with many of Nates points and ideas. Growing up & living in Oklahoma for all of my life I have to say Okc/Tulsa & surrounding areas are probably the best bet to invest in due to the steady growth & life around these areas close to the biggest cities in Oklahoma. I have rentals in Midwest City & NW/central OKC. There's just a higher amount of renters attracted to the cities/suburbs and is where the majority of jobs are. Midwest City is a little more affordable & is a higher renter market, Tinker Air Force Base is right there providing many jobs to both military and civilians with the highway close by providing quick access into the city. Other areas outside the city that will attract a better class tenant is Norman, edmond, shawnee, mustang, moore, piedmont, yukon, etc. 

Not to say that Lawton & Ponca City are bad. There is a military base in Lawton, & I am prior marines & am serving in the guard currently & have to say there's a lot of people that go through the base & area that are just there temporary... Now there is still a good amount that will end up staying for a longer while too, just not as high as the amount that are just going to school/training then shortly moving thereafter & they'll most likely have housing already. There is also a college/university in Lawton too. Ponca City is a lot smaller & doesn't have a lot of the same things around without driving a decent amount of miles away. 

Agreeing with Nate again, there is probably a lot of good affordable deals available that you can see right now that may point to the little demand in the areas. So I would definitely consider that because it may be a while before you get a good class prospective tenant. 

@john Kernan I agree with @Caleb Heimsoth , @Greg Scott & @Mike Dymski on their earlier points made. 

Typically you can avoid paying penalties on Roth 401k's & Roth Ira's contributions that you made after 5 years of being vested. If you use Roth, then the taxes would have been paid up front that year and will allow you to withdraw that money tax free after the vested time. If you withdraw any money other than the contributions like earnings/gains,etc. then you'd have to pay penalties+taxes. If you have traditional, you can do Roth Conversions if you are worried about the taxes and are ok with using the money up til that point. But if you do need or want to use that money a lot sooner, then it may be worth taking a loan, the penalty or whatever is best depending on what info/quotes you get. 

For more about the Roth Conversions and withdrawing retirement account funds early, you can check out https://www.madfientist.com/ho... 

@Kingsley Edemidiong What's your model?

If you are looking to start investing up in Tulsa I would keep on the lookout for the areas you know about in edmond/okc or potentially look into other areas of the metro too just for options while you are researching. 

@Garrett Smith I like your pros and cons of what you are planning on doing. The cons of developing a sense of the local areas will come with time and a great team who is wanting to succeed together! I believe whenever you decide which market is best for you and your goals you will narrow more into whichever city that may be!

Narrowing in on a market just depends. Each market has both good/bad/better areas to invest. When it comes to managing from a distance, I would recommend some good property management companies of the local areas that many investors use as well.

@Toby Khan No problem! Inventory naturally tends to slow down this time of year due to going into the winter time. I believe this summer in OKC and all of the metro areas were almost at an all time high or at least normal even with the pandemic! The market was honestly insane this summer, and business was and is still booming for properties that are listed well. Yes, Midwest City has a high rental pool, and Tinker AFB is a great place for jobs, military members, vets (like myself) and all of their families! Myself and many of the other Realtors in my Brokerage love working with investors in this area and many invest in the area too, including myself. 

@Toby Khan I believe Enid is a cute small rural town. It's about an hour and a half away from Oklahoma City. From an investing standpoint, I believe (at least this time of year) may be a little harder to find a solid renter pull compared to Oklahoma City, the metro area and closer surrounding suburbs. That's just my point of view from being from and growing up in Oklahoma City. Now, I don't want to say it's a horrible place to invest, but I would do more research into making sure it's the right place from you. Enid has a population right around 50,000 people and can attract specific people for jobs, people looking at owning land, etc. 

I hope this helps, if you want to connect, I am happy to help answer more questions.

@Maxwell Hutchinson I believe @Brian Ellwood and @Daniel Utley had phenomenal points on whether you should take the time to get your real estate license or start learning and investing sooner. I think what you are leaning towards should primarily be learning everything in order to be a better investor. With that said, you can also maybe pursue getting a license on the side because it does have benefits like Daniel mentioned.

More benefits of getting a license is that you can see properties on your own time, get instant access to all of the current data, and get to keep commissions/apply them to your deals. There is also the potential for some killer tax advantages depending on your situation. The main disadvantages would be the up-front cost to becoming licensed, the fees to maintain your license, caps (different per brokerage), the amount of time it will take to get your license and the amount of time it'll take away from learning more about investing/doing deals. Although, if you do enough transactions either for yourself or picking up retail clients, it's easier to justify those costs.