All Forum Posts by: Heath Ryans

@Owen Counts

I run a meetup in Kingsport and my partners run one in Johnson City. Shoot me a message and i’ll send you the links. Apparently i’m not allowed to post them directly here.

@Melissa McEntee there's no right or wrong answer. It's a solid possibility that it could just be a waste of time and money to continue mailing. But there's always the 'what if' factor. Plenty of stories out there of people who scored deals by just continuing to send letters/make calls and one day they catch the owner in a place where they need to get out of the property asap. Maybe you continue to mail the owners but you daily back the frequency to once every 2 months, once a quarter, ect. That way it's not as big of an ongoing task but your still staying on their mind.

@Jeff S. the way I read the post @Eric E. was making a loan to an unrelated LLC. If he owns it, then yeah that won't work out. The loans I made were to an LLC that I have zero connection to.

@Jared Pinkus I use Cozy to self manage. You can set up tenant autopayments or they can pay manually, submit maintenance requests with images or videos, post your for rent listing, do all screening (background/credit check) ect. Only thing it doesnt do is have integrated accounting which you can solve that problem by using Stessa. Too much free stuff to spend money until you hit scale.

@Joseph Davis the same way you would value it if he had excellent records. Throw them in the trash and analyze the deal based on how you can operate it. 

Calculate his Gross Potential Income (12 months of rental income if all units are rented), minus (your numbers) Vacancy, Loss to Lease, Operating Expenses, and CapEx reserves. That gives you your NOI then divide that by market cap rate. That's the valuation as is.

@Tobias Falzone not all syndications require the 50k minimum. You can find syndications for non-accredited investors with limits as low as 5k. You could also consider doing private lending. With 30k, you would likely only be funding renovations, but thats fine. Plenty of people could still use it.

@Daniel Lochen @Kade T. Brunson

Let's see if BP will allow it to post. If not, I'll message you.

Link: First Deals and Mindset with Heath Ryans

The contracts you are looking for are the Purchase and Sale Agreement (PSA) and the Assignment of Contract. Both can be found at your local office store like Office Depo/Office Max. You may also be able to download one from your states Realtor website or by asking a local title company or real estate attorney for one.

search zillow, realtor, trulia, about any real estate listing site, buy a list from ListSource for your target area, foreclosure(dot)com, Housing and Urban Development site (HUD), ect.

go to local REI meetings. Many are virtual right now. Look on Meetup(dot)com, Facebook groups, and BP events.