Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Patrick Ryan

Patrick Ryan has started 6 posts and replied 48 times.

Post: Sold two more flips for $35K total profit this week

Patrick RyanPosted
  • Real Estate Agent
  • Minneapolis, MN
  • Posts 52
  • Votes 37

Ever considered BRRR? I know flipping can get stressful as I've completed and profited 5 last year. I've studied tax code and see some definite advantages in holding and utilizing BRRR. Ten years down the road I feel like you can be chilling on a beach getting paid by your tenants.

Post: Completed BRRRR Staregy

Patrick RyanPosted
  • Real Estate Agent
  • Minneapolis, MN
  • Posts 52
  • Votes 37

Good Call Greg S. I think its important to realise that instead of investing the money into paying the property off, you should get another property, as the ROI would be better than earning a 4.75% (or whatever your interest rate on the refi is). Its basically sounds like your ROI is infinity (except for your sweat equity and time) so infinity beats 4.75% all day.

Of course at some point in the game, you are going to stop investing in new properties, so my advice is to sit down, analyse the NUMBER of properties you want to determine exactly how much net worth you want to accumulate. 

My number is 25 properties. I'm currently at 5 and have a BRRR refi coming in to bump me to 8. I've calculated 25 properties will accumulate to be roughly $4 mil in equity when I cash them all out 20-25 yrs from now, and thats my number I am happy with. Determine your goal first, then make the moves to get you to that number of properties. Once you reach the number of properties you want, THEN start paying them off.

Post: Private Investor Wants 50% for 0% work Advice

Patrick RyanPosted
  • Real Estate Agent
  • Minneapolis, MN
  • Posts 52
  • Votes 37

Hire a management company, so that you don't have to bear the brunt of all management expenses. He seems unreasonable. If it's 50/50 on cash, it should be 50/50 on work. If he wants to do less work, and you are both fronting the same amount of cash, you need to be compensated for it. Maybe he could pay you $60/$80 per month per property to manage. 

Post: Bismarck REA Meetings

Patrick RyanPosted
  • Real Estate Agent
  • Minneapolis, MN
  • Posts 52
  • Votes 37
Not to be a sales guy, but if your group decided on buying a rental or flip, I am willing to offer free property management for a year if you want to buy in the twin cities area. (Excluding north Minneapolis)

Post: Bismarck REA Meetings

Patrick RyanPosted
  • Real Estate Agent
  • Minneapolis, MN
  • Posts 52
  • Votes 37
Hi fellas, I'm from GF, ND. I noticed you were saying the market has softened since 2014. Careful on buying there as the market corralled with the price of oil, in my opinion. With oil on the slide, it creates a risky environment. Fracking oil there is more expensive than the Mideast can pump at, so that area's oil economy will shut down before the Mideast, Russia, Iran, etc.

Post: Help...my contractor bailed

Patrick RyanPosted
  • Real Estate Agent
  • Minneapolis, MN
  • Posts 52
  • Votes 37
Cliche Rick H! Whoa!

Post: Help...my contractor bailed

Patrick RyanPosted
  • Real Estate Agent
  • Minneapolis, MN
  • Posts 52
  • Votes 37
I second what Aaron McGinnis says. If it goes to court, the judge will view what's in writing. My advice is to be very meticulous On detail in the contracts. My second bit of advice is to shop hard on who to use. If it costs a little more to go with someone that has a good rep, go for it. Surely it's worth the extra money at this point, right?

Post: 8k/ month to quit my job?

Patrick RyanPosted
  • Real Estate Agent
  • Minneapolis, MN
  • Posts 52
  • Votes 37
Why risk it? Focus on your roots, and you will bear fruit. $8k is ok but not great. You want to pump hard in your young years so your not that 58 year old bank teller at Wells Fargo working 40 hours a week because you wanted to take the easy way out when you were given the option. Don't get complacent. My inspiration is this dude named #%*^ that works at the bank. He's the nicest guy in the world, but is working there every time I go in. Do you want to be that guy? Get more money, and build a bigger snowball. It will work out better in the end!

Post: LLC for every property?

Patrick RyanPosted
  • Real Estate Agent
  • Minneapolis, MN
  • Posts 52
  • Votes 37
I just got an umbrella policy from my insurance provider instead. The main idea of LLC is to create separate entities to compartmentalize risk. Instead of having 5 LLCs, I have one umbrella policy that covers me for 1.5 million. It cost $150/year. Each LLC costs about $150, so you can already see the advantage. My idea is if a tenant gets hurt, comes to sue you, and your attorney says "my client has a 1.5 million dollar umbrella policy", they would be content to go after that amount.

Post: What type of flooring, where? Carpet/Engineered wood/Tile

Patrick RyanPosted
  • Real Estate Agent
  • Minneapolis, MN
  • Posts 52
  • Votes 37

Check out Congolium Care Free Vinyl Plank. I get a lot of compliments on my flips when I use it. Its waterproof, and a monkey could lay it! You don't even need a saw.