All Forum Posts by: Nathan Duncan

Every situation is different and depends on your niche and strategy. I'm like you. I would rather use leverage to purchase more property rather than using up all my cash on one deal.  My first deal I did owner finance on a 5 year note. I'm going to do a cash out refi on that property and use the cash to purchase more properties and just keep on leveraging. 

@Stephen Lassiter- sounds good Stephen. Send me your contact info and I'll let you know when I'm in town. Would love to talk shop over a beer. 

@Nate Garrett - it would feel like that, but surprisingly there are quite a few properties here. At one time Blackwell was number three in manufacturing in the state back in the good Ol days. Population was around 13k. It's a shame we couldn't pull more industry into the area. With immediate access to I-35 it would make sense. However, the folks that run the city seem to want to keep the town small. I'd love to see some change because new industry would bring new renters. 

I think I may just check that out Brandon. Im always game to learn new things. Jeff it really is a unique niche here. Sales are soft but rentals are strong. Its a good buy and hold market. 

You are always going to have negativity being thrown your way by somebody. More often than not the negativity is a reflection on that person's own life than what you are doing. Keep that in mind. I have a significant other that shows no interest in real estate and often makes negative comments when I talk about it to her. Does it make me want to give up? No way! It only makes me want to succeed even more. Actions speak louder than words. Show the negative people in your life you mean business and put a plan into action.  Maybe that will change their opinions. Best of luck to you!!!!!!

Hey all my name is Nathan Duncan and I live and work in the gigantic city (sarcasm) of Blackwell, Oklahoma. I am a budding investor already having done my first deal with one of the local real estate investors here in town. I purchased the home I am living and rehabbing via owner finance. I'm going the house hacking route (Thanks Brandon Turner for the info!) and learning as much as I can from my mentor. My plan is to eventually purchase the portfolio of 36 properties held by him and slowly build my own empire. I also am interested in preservation and restoration of historic properties. I am an avid architectural history buff with focus on the Arts and Crafts period from the early 20th century. When the time comes I will be looking at Rehab/Flips and Buy and Holds in the larger cities of Oklahoma, primarily Tulsa and Oklahoma City. I cant thank Bigger Pockets enough for furthering my education and keeping me motivated. This site is the best resource for anybody wanting to get into REI!!!

When I shopped around it was minimum 640. I checked both FHA and USDA. I feel your pain. Im still trying to rebuild mine. Good luck!!!

Thanks for the input everyone. The benefit of delivering the mail here is I know who most of the "floaters" as I like to call them are. Living in a small town it doesn't take long to figure out what individuals like to skip out and move around. I've helped my mentor track a few down. The majority of people are good folks. Unfortunately, the economy here is slow and people have been on hard times for a while. With the exception of a few bad apples the vast majority pay on time. I feel it's an interesting market since I know a large number of the people that possibly would be my future renters. Could that be a double edged sword if I have to file an eviction? Possibly? But so far I feel the pros outweigh the cons. The numbers certainly back that up.  

Anybody have advice on buy and holds in lower income areas? I've listened to the podcasts concerning it but want to hear other people's stories. The town I live in is a small community (<5000 people) and the majority of folks are in lower income brackets. The individual/mentor I purchased my home from also owns 36 rental properties. He and his wife have been in the business more than 50 years and they are wanting to eventually sell the entire portfolio and retire. He approached me about buying him out but I don't have the kind of capital to buy the entire lot right away but could buy several lots over time which he is fine with. He would owner finance the deal which is a plus. What have been the advantages/disadvantages to this type of market other than the obvious? One added benefit is that I'm a letter carrier in town and know if somebody skips out where to find them.

Divorce!!! Lol seriously you should have a discussion about how the money is for investment purposes. Sure it's nice to go and buy nice things when you have a little bit of cash laying around but think of all the things you could buy with a steady stream of income coming in every month. Got to pitch the long term. Good luck!!!!