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All Forum Posts by: Alan Brown

Alan Brown has started 17 posts and replied 194 times.

Post: Just getting started, want to learn everything!

Alan BrownPosted
  • Rental Property Investor
  • NY MA CT VT MT, MO
  • Posts 200
  • Votes 116

Welcome!  you've come to the right place!

Post: Driven senior college student from Montana

Alan BrownPosted
  • Rental Property Investor
  • NY MA CT VT MT, MO
  • Posts 200
  • Votes 116

Yah big welcome from a fellow alumnus of UM!  

Josh above is dead on with his advice.  Listen to that podcast in particular... Missoula is a perfect place to start!

 I had crazy opportunities when I lived in Missoula in the 80's, but had been laughed out of the bank by one idiot lender when I inquired about buying property.  That was all it took to send me away with tail between my legs... only many years later to learn about the several perfect owner carries I could have had for a song... a cabin in the woods for $5k owner carried financing, student rentals that I lived in that the owner would have sold me!! ugh... I had no idea that private financing existed.

Its a great new world with BP and you are in the right place, my friend!  One of the world's best places to live, and a perfect investment climate there.  Affordable, too!  Don't delay!

Post: What kinds of REI are realisitic if you are gone all the time?

Alan BrownPosted
  • Rental Property Investor
  • NY MA CT VT MT, MO
  • Posts 200
  • Votes 116

I'm not sure what the problem is.... Birmingham has some of the highest cap rates in the country, and no doubt you'll find a good property manager somewhere 'round there.  You probably have nice chunks of time off for due diligence, you're in a way better situation than probably most r.e. Investors.  

I had a property 1200 miles away from where I lived for 12 years; would have been lucky to see it once a year.  Didn't even have a property manager, just a good handyman who kept an eye on the place!  I wouldn't recommend that to you, but you are ideally suited for buy and hold for sure!  

Good luck, can't wait to hear how it goes...

Definitely do your homework on the property managers and rehabbers, and anyone else u use.  There are some real bad ones in every field, so make sure to vet them like crazyi

Post: New member from Bozeman, MT

Alan BrownPosted
  • Rental Property Investor
  • NY MA CT VT MT, MO
  • Posts 200
  • Votes 116

Welcome you guys!!  So exciting.. and you're in the right place (Bigger pockets and Bozeman!!!) at the absolute right time... cheers!  

ps there apparently is a bozeman meetup getting started, and maybe even a newsletter coming out of that, which I'm excited about, putting people together to do great things!

Post: BubbleWatch -The Kind Of Increases We Saw Before The Bubble Burst

Alan BrownPosted
  • Rental Property Investor
  • NY MA CT VT MT, MO
  • Posts 200
  • Votes 116

I have wondered for 20 years why banks are so ridiculously slow at getting rid of properties  that are in default and/or vacant.  They must need the write offs or something.  I know there has to be a reason;  they've been smart enough to make the kind of profits they make in any market for thousands of years, why can't they come up with a faster way to cut losses quickly and dump properties to ready and willing buyers?  Can someone illuminate me on this?  

Post: Connections in Montana

Alan BrownPosted
  • Rental Property Investor
  • NY MA CT VT MT, MO
  • Posts 200
  • Votes 116

Excellent! I just came back east yesterday, in my back and forth slow transition back to MT, so it might be a little while before I'm back out there. please keep me on a REI newsletter if you would, so that I can meet up when I am in town.

thanks!

Post: Connections in Montana

Alan BrownPosted
  • Rental Property Investor
  • NY MA CT VT MT, MO
  • Posts 200
  • Votes 116

Wow!  this is fantastic!  I am definitely IN if you need help with the Helena handbasket co!  Genius!

Excited to hear about the meetup in Bozeman.. didn't know there was one.  

I love the Flathead Valley and make it a point to float the lower Flathead river every year... would love to find some deals over there, so Shelli it sounds like you're the person to see!  

Good to hear from you all and I look forward to meeting you sometime.

Post: Merchant Mariner, NW Montana and Greensboro N.C.

Alan BrownPosted
  • Rental Property Investor
  • NY MA CT VT MT, MO
  • Posts 200
  • Votes 116

Dude.  You have no idea how exciting that sounds!  Well, maybe you do... and the fact that you're thinking about the smartest investment choice out therre at your age is even more exciting.  

Rob Sasser is right, save some cash, (which will obviously not be hard to do, out on the ship!!) and listen to ALL the BP podcasts and read the blogs and forums.  There is literally a college course, if not a degree in all that.  there's over 140 hours of blogs, ALL fascinating, with exceptional guests, etc.  And Josh and Brandon are so good about stopping these world class experts whenever they introduce even a slightly advanced term, and have them explain it for anyone who might not yet know the jargon.   So download those before shipping off,, buy the book Rich Dad Poor Dad, and you'll have a ton of knowledge when you come back with cash in hand, ready to start getting wealthy!  

what I, personally would do if I were you?  is find your favorite place in the world (maybe best to start in the USA- though once you have mastered the skills, there are some SICK deals around the world that you might have easy access to abroad), if you can live anywhere and just report to your port of departure.  I assume you'd like to have a home somewhere that you come back to.  If that would be in a nice place where other people like to vacation, I'd find a great house and contact Vacation Rentals By Owner to see about having them manage and short term rent your house while you're gone.  You could have a secure place in the house where you lock up your personal effects.  

Your strategy could be to buy one of these in different climate zones, depending on what time of year you'll be home.  Maybe one at Big Sky for skiiing, one in San Diego or a seaside place, one on Flathead lake!!, a condo in your favorite City!  live like a rock star while your mortgage is getting paid by VRBO, and your housing is free, and in fact paying you a solid dividend with which to buy more properties.   you get the idea.  

The key to this, too, is that you, buying the property as your primary residence, can put little money down, so your return on your cash is astronomical!  The rest of us have to put down 25% to 30% to buy investment properties, while you could easily do 5% to 10%...

In the place you want to start, interview a bunch of Realtors to find a hard working, honest person who REALLY knows the market, and more importantly, someone you feel really comfortable with.  Depending on where you are, it may take a little time to find the right one.  They can walk you through the process of Buying.  That's easy.  They can also send you to a few Lenders to interview and see who you like, who you want WORKING FOR YOU.

Depending on how much time you have when you're home, you could get into flipping houses as a way to build wealth.  Good to have a mentor and have read up on it, but it can be fun and satisfying.  Those properties you can either fix and flip or fix up and hold them long term.  

Network network network.  If your town has a Real Estate Investment Association, go there and meet everyone.  

Good luck! 

Post: New Investor in NW Montana

Alan BrownPosted
  • Rental Property Investor
  • NY MA CT VT MT, MO
  • Posts 200
  • Votes 116

wow sounds like a perfect deal!  Tenant's pay for all utilities? Still cash flowing after VIMTM?  ) Vacancy (5% (or whatever it is in your area)), Insurance, 5% Maintenance, Taxes, and Management (unless you're managing it yourself)?  tRY TO FIGURE OUT GETTING A MANAGER AS SOON AS POSSIBLE.  IT WILL MAKE YOUR LIFE BETTER!!  IT'S WORTH THE EXPENSE. (although some people say it's good to do some managemment yourself so that you know how it goes and it's a good learning experience.)  I think that's true too, but after many years of managing my own, I'm happy to pay a (good) manager now.

Only other thing I'd try to do is BRRRR that Brandon always talks abbout: Buy, Rehab, rent, refinance, repeat! and the key there is the refinance into a fixed rate at these ridiculously low rates. If you can get it to appraise for 25% more than you have into it (which I bet you can), you will have pulled out ALL of your own money (or debt), and WELCOME TO THE LAND OF INFINIITE RETURNS!! You haven't got a dime of your own money into it (heloc qualifies as your own money because its usually tied to your equity; even if it's just a signature line, that could be considered 'bad debt' if it's got a variable rate, and has no amortization paying down the principle). Doesn't get too much better than that.

Thats when the idea of 'the velocity of money' (i think that's the name)--when you're able to free up the heloc or private money for the NEXT deal.  

YouARE ROCKIN!

Post: New Investor in NW Montana

Alan BrownPosted
  • Rental Property Investor
  • NY MA CT VT MT, MO
  • Posts 200
  • Votes 116

YAH!  Welcome... That is seriously beautiful country up there... Lucky You!  I'd be happy to look at anything you might like to have a second set of eyes look at.  

I'm alwayss thinking about looking up in NW MT for the investments.  spent many years in Missoula, and have a special place in my heart for that highline.  It makes going to check on your rentals much more fun!!  

let me know if you want my direct email address... I think I'm allowed to put that on here!

cheers