All Forum Posts by: Rob Lane

Jack, welcome to the investing world!  I don't focus on anything but long term rentals and potential Air bb.  When we were deciding on the name for my book it came down to "Don't call me a Flipper" or "Millionaire Maintenance Man".  I have learned in 20 years of doing this, quick sales, flipping, etc. cost an incredible amount in taxes and realtor commissions etc.  Add that profit to your gross adjusted income and you are paying a lot more than you should.  Real estate investing is not about the now.  Its about the 10 years from now.  I look for properties within a 2 mile square radius of my house.  That is my number one condition.  My house is in uptown Shepherd district and my other houses that surround me are in Paseo ,Linwood, Gatewood, etc.  As far a CPA I would recommend a CPA who is also a real estate investor like mine.  Who speaks the language.  I cannot give you his information as he is booked solid.  Just keep looking and you will find someone just like properties.  As far as an attorney, Ive been doing this for 20 years and have never had to hire an attorney.  To write my book for trademarks etc. I had to use attorneys but best to handle things outside of court if possible.  Good luck!

Mack, love me some Boston.  My wife and I have traveled frequently to the east coast, Marthas Vineyard, Kinnebunkport love the lifestyle.  To answer your question here is how it works.  Banks are asset based lenders.  They do not loan money on college degrees.  Unless you have a trust fund from your parents, you are going to have to graduate college, get a job, excel at that job and make enough earned income to support your passive income.  Even if you save enough for a down payment you still need to show consistency with a job typically a year or more at the same job before mortgage companies or banks will develop trust and loan you the money.  I was your age when I purchased my first property, however I was a college drop out and had been on my job for 1 year.  My suggestion is to get your degree and get some earned income going to support your future dreams.  I hope this helps.   

I have 2 duplex but the majority of my homes are single family.  I became interested in historical as that happens to be where I have lived most of my adult life and my philosophy is to keep all my homes within a 2 mile square radius to where I live.  I do all the remodeling myself.  I have people who work for me and help with the process.  I usually don't touch the 3 bigs.  H&A, electricity, and plumbing unless its a simple fix.  I plan on buying as many as I possibly can.  Starting in January I have two homes that are going to be air bb and I just bought a warehouse in the middle of OKC with a blank lot that I am going to build 2 tiny homes by this time next year.  So I will have 4 air bb this time next year.  So I am extremely pumped about 2017.  

I've been in real estate for over 20 years and retired at 40. I have 25 higher end rental properties that rent for a premium price with all but 2 in the Oklahoma City Historic District. I am landlord to all my properties which enables me to to provide a premium service to obtain higher quality long term tenants. My passion is to share my experiences and challenges to help others enjoy the freedom real estate has provided me. Feel free to ask me anything.