All Forum Posts by: Patrick Ryan

Thanks for the input everyone. I've got a good system of finding off market SFH/TH, so I'm picking up anywhere from 10k-40k equity every buy. So while I would eventually like to get to multi, I'm finding success with my system. If I had a way to find off market multi, I would get agrressive! Any tips? Even if I just wanted to browse on-market multi, where is a good place to look?

Thanks again!

Hello! I was just denied a re fi by Quicken Loans because I own 20 properties. 

To those of you who own 10+ properties w loans, what are your options? I know I can go w more 5 yr ARM SBLs, but with the rates so low I would like to lock in on 30 yr fixed products. Is this possible?

What should I expect to pay in today’s market, with good credit and 30% down?

Getting started with Buildium was rocky to say the least. With hold times at about 45 minutes, and slow customer service, I'm wondering if anybody else out there is having quicker response times with other PM software? 

Most recently, Buildium put a funding hold on my account. Thousands of my funds and clients funds are being held (tenants paid on the 1st, and today is the 17th) because of a "mismatched TIN Number". So instead of letting me know there was an issue, Buildium simply put a hold on my account, without saying anything. When I found out there was an issue, I immediately resent them my TIN. Here I am, with frustrated clients, a tarnished business reputation, and myself and my customers have no money to make their mortgage payments! 

This isn't meant to be negative, but I'm just looking for a better PM software provider. Please let me know if you've had better luck elsewhere. 

I'm looking at a few 14-15% ROI deals in Apple Valley MN right now for the $140-$150k price point. My wife and I have done 450 tenant placement deals and 100 or so real estate transactions. Let me know if this interests you!

ALWAYS confirm wiring instructions by phone with your title company.

@Kenneth Garrett 

Sounds like me! I think I will quit accumulating around the age of 45 ish, unless there is  a really good deal. Good luck (or good skill) with the mf! Let me know how it goes. 

I think you treated her poorly. Keep in mind, her institution took a shot on you and trusted you in the first place. Now that you have some bankroll take the better opportunity - but stay humble and kind to those that have helped you build your bridges. Congrats on your new fixed line. 

Cheyenne, I feel like you are trying to talk your way out of getting in the game. Understand your numbers. Understand your market. Understand everything you can, and if you can't, hire a good professional to help you navigate the troubled waters in those areas. You can do this, do not succumb to being a Chicken Little!

Read the laws in your state/community. I know some states allow you to kick them out quickly, and some are very time consuming. I agree with Garry C also....talk to them and get a read on them. Use your intuitions to tell you if they are aggressive (damage prone) or passive (leave peacefully). 

Great Post, great info. I share the philosophy of Nathan Click. I have recently been in the same situation as you where I have 3 free and clear rentals. The reason being is that I made "power buys" in cash to squeeze better deals. 

6 months down the road and here I am with these 3 units earning a 7.5%-9.5% ROI on my money. Not bad, but when I calculate the ROI on leveraging, I'm forecasting 20%-25%. In addition, I will have twice as many properties to DEPRECIATE.

Trust yourself, and make this move IF you are buying the next property right. I shopped pretty hard on my Refi and found 3 main products....5/1 ARM (lock at 4.25% for 5 years, then review, $2500 origination) Interest only (wasn't interested as it didn't align w my longterm goals), and a Fixed Product (15-30 yrs. high origination costs). I chose the 30 yr fixed with the high origination costs because It allows me to calculate exact cash flows, ROIs, and I think I will sleep easier at night knowing exactly what the payments will be. The 30 yr fixed is for the long term investor as the origination costs are very high. If you see yourself selling in 2-5 yrs, take a shot at locking the 5/1 Arm at roughly 4.5% and $2500 origination.