New Member from SE Michigan

[Ryan Scully]

Hey everyone, my name is Ryan. I am from SE Michigan (live and work between Flint and Detroit). From 2012 to 2018 I purchased and sold 6 live-in flips. I bought the dirtiest, ugliest house on a nice street and worked nights and weekends to put them back together. It was a great side hustle for me (both financially and educational value). In the meantime, I’ve also earned my real estate license. I did this initially so I could have access to more RE tools but also for flexibility to look at homes for sale at my convenience. I do have a “day job” but spend all my spare time researching the RE market. I’ve come to earn a reputation for being very knowledgeable in the RE field and have expanded buying/selling homes for myself to representing others on about 5-10 deals a year.

About 2 years ago, I decided to further diversify my RE investing strategy and started researching rental homes. I spent my commute time listening to BP podcasts and recommended books on audible. I pulled the trigger on my first rental July of 2018. I am now up to 7 with an 8th currently under contract. All of my rentals are near a university and are rented to students (increased CAP rate despite the extra work/headache). By some people's standards, not exactly "passive" but they do make $ while I sleep.

For me, my next step is likely getting into more passive rentals (SF or MF). Despite being relatively new to rentals, I feel I’ve weathered the storm and I’m ready for more. I have been researching vacation rentals and have a close buddy who recently purchased his first. The margins are incredible so it certainly has caught my eye. Also, and not to suffer from “shiny object syndrome” but over the last 3-4 years have been in negotiation with venue rentals but have not created the deal that made sense to pull the trigger just yet.

My Why: Short term; to not be reliant on “the man.” I have been fortunate to have a great day job but having the option of a day job is a powerful thing. Long term; freedom and flexibility. Down the road, I look forward to having a more flexible schedule to spend with my family.