All Forum Posts by: Reese Thompson

I've been looking for a place to open a sizable LOC out here as well (I've contacted those I mentioned plus a few more), so if you find one, I'd be happy to hear.

Check into these, they seem to be more local to the area.

Huntington

Dollar Bank

Home Savings

@Brandon Long  Welcome!  I'd recommend checking out the podcasts.  There's a lot of good information on there.  Good luck!

@Benton Moss Welcome to BP!  You're definitely ahead of the game already by listening to the podcasts.  Good luck!

@Yiyi Guo  Welcome to BP! 

The biggest thing is to do something!  Of course, do your research and pick what you then believe to be a good deal.  It may be difficult to predict what will happen in your area in the next 5 years (or maybe not, maybe you have a good outlook on what your area will be doing), so one of the things you'll have to consider is riding out the 5 years and making the decision at that point.  That may be better than deciding from the day you buy it that you absolutely will sell or will rent when you move out.  Either way, good luck!

@Lauren Martauz  Welcome!

I would suggest calling Equity Trust or some other self-directed IRA company to get a better understanding of how SDIRAs work when it comes to real estate investing. There's a lot of red tape, but it can be done. You may have to rearrange your attack strategy a bit if you really want to use a SDIRA, and you can really take advantage of a lot of tax savings then. Another note about that is that when you call them, just keep in mind that they can't necessarily tell you "how," but they can tell you what you're not able to do because doing otherwise could be considered giving investment advice.

Haven't thought about it, but the idea sounds good and similar to using Air BnB to rent out units.  I'd imagine it could work given the right circumstances.

@Justin Koopmans  Welcome!  Good luck!  I can't speak to whether or not working as an agent helps.  That really depends on if that's an avenue that you want to have included in your strategy.  And the problem with the last sentence is that it's difficult to know the answer without getting started, so I would say to do something (anything!).  You'll start to learn and be exposed to the different methods available to you so that you'll be able to find the one best suited to what you ultimately want.

I'm going to wrap this up because this is starting to sway too much.  The house is under contract, so my advice to him must not have been too bad for getting him the deal.  His contract price is right where it should be judging on others around.  As long as it appraises, he is getting a good deal. 

I appreciate the insight provided, though it got kind of side tracked; my question was about techniques when selling yourself and being approached by a buyer's agent.  There were some great responses and insights, and I thank you for that.  The answer was not to go get a selling agent or that he automatically messed up because he didn't use an agent.  Would he have been better off, maybe, maybe not.  Either way it didn't matter because I was trying to find a way to help him in his situation.

@Rick Santasiere...Keep running, bud.