Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. 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: Ryan Dossey

Ryan Dossey has started 358 posts and replied 3313 times.

Post: Suggestions on skiptrace companies

Ryan DosseyPosted
  • Real Estate Broker
  • Indianapolis, IN
  • Posts 3,406
  • Votes 2,425

Skip Genie is solid. The guy who runs it is great as well! 

Post: Do you buy small MF (2-4 units) for cash flow or appreciation?

Ryan DosseyPosted
  • Real Estate Broker
  • Indianapolis, IN
  • Posts 3,406
  • Votes 2,425

There's a 3rd piece that you're leaving off. What sort of discount are you getting? With us we target properties that cashflow, in areas that are likely to appreciate, that we're buying at a significant discount. (Better Cap Rate than the going rate for the neighborhood) 

These are typically buildings that aren't run like a business by the current owner. The biggest due diligence piece on these for us has been unraveling their financials. I'm starting to think a forensic accountant would be a good person to have on retainer. 

Post: Tenant Screening and Applications on Zillow

Ryan DosseyPosted
  • Real Estate Broker
  • Indianapolis, IN
  • Posts 3,406
  • Votes 2,425

For finding residents we love Rentlinx. A lot more exposure than just listing it through zillow. 

Post: My 1st BRRRR a base hit!

Ryan DosseyPosted
  • Real Estate Broker
  • Indianapolis, IN
  • Posts 3,406
  • Votes 2,425

Great job! First of many! 

Post: Mold remediation in Indianoplis

Ryan DosseyPosted
  • Real Estate Broker
  • Indianapolis, IN
  • Posts 3,406
  • Votes 2,425

Depending on the part of Indy you may want to add a dehumidifier to the basement. Some areas they just seem to stay damp. 

Post: Using Google Voice for business

Ryan DosseyPosted
  • Real Estate Broker
  • Indianapolis, IN
  • Posts 3,406
  • Votes 2,425

If you turn off all the dumb settings. Like call screening. 

I would avoid GV simply because a buddy of mine had Google "lose" his number for 45 days after a massive mail drop. That cost him a ton of $$$. Ever since, I do not recommend it. I would suggest call rail. 

Post: Dropping out of High School.

Ryan DosseyPosted
  • Real Estate Broker
  • Indianapolis, IN
  • Posts 3,406
  • Votes 2,425

For starters, I don't think that you can even sign a contract before 18. 

I didn't graduate high school. I was homeschooled from 8th grade on and my folks kinda gave up around 10th or 11th. The perk for me was that the normal "rules" didn't apply to me. Which is thinking that has helped me to go far. 

The cons: 

No diploma. 

You'll end up in manual/low skilled labor unless you're good at sales.

You will miss out on relationships, experience, and the lessons that come with it. (I never got to play sports) 

Your "growing up" will happen like drinking water from a fire hose. 

Chances are your relationships with your parents and family will suffer. 

Your Gf's parents will love that she brought a drop out home. 

No prom. 

If real estate investing doesn't work out you'll get to explain to every potential employer why you don't have a diploma. 

I totally admire your drive. At your age, I would start a side hustle detailing cars, Amazon Arbitrage, or something similar. Dropping out would be pointless as you can't even sign a contract legally. 

Lastly, 

Having the ability to stick things out that you don't enjoy is a great life skill. There are a number of times I would have walked away early had I not had the tolerance to endure. 

If this was about going to College I would have very different advice. 

Post: Private Lender only wants 5% interest?? Is this common?

Ryan DosseyPosted
  • Real Estate Broker
  • Indianapolis, IN
  • Posts 3,406
  • Votes 2,425

The only time you would really get 5% interest is if this was friends/family investing with you. 

Post: $20-50k for a mentor?

Ryan DosseyPosted
  • Real Estate Broker
  • Indianapolis, IN
  • Posts 3,406
  • Votes 2,425

BP as a whole tends to be pretty "anti mentorship". With the number of people who've done a few deals trying to sell coaching, I get it. 

I will say though that personally and professionally my ROI on paid groups/mentoring has been some of my best investments.

Anytime I'm looking into buying in to a group, mentorship, or program I look at the fruit. Is the person who is selling this uniquely successful in their field? Are they actively doing what they teach? What do I imagine my ROI to be? What are my goals with it? 

I paid a (non real estate) group $90,000 last year to teach me how to scale companies, develop core values, mission statements, increase profitability, and more. They paid for themselves in 90 days. I've used what I've learned in that group to buy properties now as well. I've also made some incredibly close friends.

I paid another group this year $20,000 to join a Rei mastermind. I now have access to people all around the country doing hundreds of deals a year in some of the hottest markets. I've already made more than 20k off of that group. 

I bought a FB course for $997 a few years back and it was the foundation that has helped me to generate 7+ figures in revenue off of 32k spent on ads. 

Sure you can "tough it out" and go it alone but I'd rather pay people to help me short circuit my learning curves. 

I spend $140 a week meeting with a clinical psychologist for an hour a week and I've grown more as a human being, business owner, and entrepreneur from learning about myself than I could have fathomed. 

Would I spend 20-50k for the weekend seminar upsell deal? Heck no. The "coach" they'll pair you with has probably done 1 deal and it was buying his home with a 3.5% FHA loan.

Would I spend 50k to learn from someone who is doing what I want to do every day? Yes. 

We all have a gap from our present reality to where we'd like to be. It all depends on how fast you want to bridge that gap. 

Post: How to analyze a stigmatized property?

Ryan DosseyPosted
  • Real Estate Broker
  • Indianapolis, IN
  • Posts 3,406
  • Votes 2,425

I've got a house that had a murder occur in it. We haven't had any issues and aren't required to disclose.