All Forum Posts by: Ryan Fischer

Cory P. Marco Santarelli told me once "live where you want and invest where it makes sense". With $30k Bakersfield does not make sense. I would buy and hold out of state and get 3 $50k cash flowing properties using the 30k as your down payments. That will get your snowball rolling. I would also suggest you talk to Marco on here and check out his company Noradarealestate.com. Turnkey and out of state investing can be risky but the trick is finding a good company to help you. And with a great website like BP it's easy to cross off the bad ones out there.

The owner of Norada is on here?

I've been viewing his properties for a while now.

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Originally posted by @Steve Vaughan:

For investment property I have seen 25% being common with a good credit & income profile as @Sohrab Khosravi states. You won't be occupying it @Ryan Fischer?

Please speak to how the HML process was for you. I've never done one. You say you did pay them off with the HELOC? 10% interest in that world sounds like a great rate. Thanks!

Hey Steve!

No I won't be occupying it. This would be my 3rd rental property (if purchased).

The first rental property, I financed with a hard money lender. I paid it down to $20K (from 80), and then took out a HELOC on the home for $20K and used that to pay off the hard money lender.

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Originally posted by @Sohrab Khosravi:

@Ryan Fischer

Hi,

I am a loan officer for AMP lending in TX.as far as the down payments goes for investment properties with conventional loan is work like this: up to 4 properties you need 20% down and after that you need 25%.For4plex you need to add 5% more to the down payment.So if you are buying yourfirs4plex will be 25% down.

Hop this help.

Exactly what I needed to know. Thank you!

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Hello everyone.

My current rental properties were both financed with hard money, before paying them off low enough to get a HELOC and simply put the balance on there.

I'm now interested in purchasing an additional rental property (4-plex) through a traditional lender, as the 10% interest rate is crushing.

With that background, my question is simple - What is the minimum down payment most lenders require to purchase a 4-plex? (725 credit score, good income).

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Originally posted by J Scott:

Originally posted by Ryan Fischer:

What is your full name? Give me an hour and a call to my lawyer and I will tell you every property you have ever owned.

First, I find it pretty ironic that you think you're such a super sleuth, but can't even figure out my full name...

But anyway, here you go: Jason Scott Steinhorn

I'll even give you a head start -- I've had full or partial ownership in 53 properties in my life (47 of them are listed right on my website), plus the interest I have in 2 REITS, which both own lots of property (as partial owner of the REITs, I have a small legal interest in the properties owned by the REITs).

I'll be back in an hour to see what your lawyer came up with...

I don't think i'm a super sleuth, nor do I claim to be. THAT IS THE POINT. You don't have to be to find out this very basic information.

You don't seem to have much in the way of common sense.

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Originally posted by Robin Grimes:

My mistake, I used the word private when I should have said personal. How many properties I own is personal information that I would rather not hand out to anyone who ask, regardless of how publicly available it is.

I dont see it as personal either. But I apologize if I offended you. I was just trying to convey a point. Please remember that its tough to determine tone in text. I was just having a conversation, not saying that you dont have balls.

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Originally posted by Pat L.:

Originally posted by J Scott:

Originally posted by Ryan Fischer:

Using your logic, the guy could own 1000 units and still not be good at property management, so what does it matter how many units he has?

Exactly.....
We have many friends in RE & we all have a fair idea about who owns what & how many as we consult each other a lot on deals.
The question is not how many do you own BUT
'how many are actually making money' !!!

Right. Yet somehow the OP thinks that asking how many properties someone owns is the equivalent of asking how much money someone makes.

Far, far, far from it.

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Originally posted by J Scott:

Smart landlords will compartmentalize their holdings for liability, and I can promise you that you'd have no idea how many properties a professional landlord concerned about liability will have.

What is your full name? Give me an hour and a call to my lawyer and I will tell you every property you have ever owned.

So, Robin should be more thick-skinned about getting questioned, but the tenant shouldn't be thick-skinned about getting a smart-*** answer. If the tenant can't handle a sarcastic answer, they shouldn't be asking personal questions.

It's not a personal question. To say that it is, well, that idiotic.

I'm not justifying their reasoning, I'm explaining their reasoning.

Also any scammer will respond with a well thought out process to handle issues.

The fact remains that telling a tenant how many properties you own is neither private nor does it open yourself up to lawsuits. But if it makes you feel better about yourself, then OK.

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Originally posted by J Scott:

Originally posted by Ryan Fischer:

I think that's silly. You could own 300 properties and be losing money each month, and mortgaged to the hilt. Telling someone how many you own has nothing to do with your financial state or how much you make. All it does is give them an idea of how much work you have to do to keep them all going.

You give people too much credit. If you tell an average person (i.e., your tenant) that you own 300 properties, he's going to assume that means you're loaded. That makes you a lawsuit target.

If it turns out that you really are mortgaged to the hilt, you have nothing to worry about. But, if it turns out you have a lot of equity in those 300 properties, do you really think it was a good idea to advertise it?

So, I guess my point is, if you own lots of property, have no equity and want to brag about it, go for it. But, most experienced investors who have equity in their holdings recognize that the downside of disclosing anything about your financial situation far outweighs the need to brag about it.

I understand that.

But if you look back at what I replied to, I was replying to the statement that its the same as asking how much money you make. And that's not true at all.

There are also tenants who won't rent from you unless you have at least a few homes. To them, that means you're not a newby and will be able to fix their issue if one arises. It's a security thing.

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All Forum Posts by: Ryan Fischer

Ryan Fischer has started 4 posts and replied 18 times.

Post: Should I transfer property into LLC name?

Post: 30k in hand what should i do with it

Post: Minimum down payment question

Post: Minimum down payment question

Post: Minimum down payment question

Post: I get asked "So, how many properties do you own?"

Post: I get asked "So, how many properties do you own?"

Post: I get asked "So, how many properties do you own?"

Post: I get asked "So, how many properties do you own?"

Post: I get asked "So, how many properties do you own?"