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All Forum Posts by: Rick Zink

Rick Zink has started 9 posts and replied 36 times.

Post: Mini -Storage Investing

Rick ZinkPosted
  • Investor
  • Little Elm, TX
  • Posts 37
  • Votes 6

Hey all!!!  Thx in advance for any guidance.  My wife and I want to research investing in mini-storage facilities.  Can anyone point me in the direction to begin learning the ins and outs of this type of investing.  

Post: Big opportunity, currently low on cash reserves

Rick ZinkPosted
  • Investor
  • Little Elm, TX
  • Posts 37
  • Votes 6

I'm happy to provide details but I guess I'm not understanding why they matter.  I'm looking for an overview of how hard money lenders work.  It's not that I have zero cash, just not enough on hand to close the deal on my own.

Purchase Price: $275k

Rehab Cost EST: $130-$150k

ARV: $550k-575k

Lake Front house w/dock (a huge incentive on this lake)

I have a little over $30k available but don't want to drop much lower but also hate to miss out on this opportunity.  I've got a little time to figure something out but not much.

Post: Big opportunity, currently low on cash reserves

Rick ZinkPosted
  • Investor
  • Little Elm, TX
  • Posts 37
  • Votes 6

I'm in a position I've never been in before.  Just closed on a couple of properties a week or so ago.  They were rehab properties so I purchased under a construction loan.  Took my reserves for down payments to a level that won't allow for another purchase at this time.

Given this, as luck would have it, an amazing opportunity that only comes once in a great while came to me.  I've never used hard money for anything before so I'm not sure that's an avenue for me.

Im hoping someone can maybe explain the ins and outs of this type of financing.  Risks/rewards, benefits/pitfalls of hard money to me...what are they?  I understand the overall concept of it but since this has never been an avenue I have used it's unfamiliar and foreign to me.

Post: New Private Money Lender Seeking to Fund Small Deals

Rick ZinkPosted
  • Investor
  • Little Elm, TX
  • Posts 37
  • Votes 6

Interested 

Post: NW Arkansas Rookie

Rick ZinkPosted
  • Investor
  • Little Elm, TX
  • Posts 37
  • Votes 6

@Ryan Blackstone I'm interested in these meet ups.  I'm in NWA as well 

Post: NW Arkansas Rookie

Rick ZinkPosted
  • Investor
  • Little Elm, TX
  • Posts 37
  • Votes 6

I'm in NWA as well.  I'm curious why you chose to invest in KS as opposed to NWA?

Warren, I’m going to be plain in my response. Please take it as the lesson it is. A lesson learned is not a mistake. If you don’t learn from it, that is the mistake. First off, you should likely keep that security deposit if the damage to the house warrants. Ultimately this will be at your discretion. Secondly, the PM person/company obviously failed to do their job and what they were being paid to do. You may have legal recourse against them for this. That being said, you have some culpability in the situation as well. You were paying them to manage....but who was managing the manager? Regardless of what you do with the house, moving forward you would do well to learn this lesson. The best person to look after your well being is you. PM’s are no different than any other employee. They require guidance, support, time, discipline, etc., and sometimes, unfortunately, they have to be shown the door. The house, the tenants and the management company weren’t the issue here. There was an obvious problem that was known that you did not address immediately. It is my hope that my direct response is taken as what it is meant to be.....helpful for your growth. Best of luck to you!!!

Post: I would like to learn from your mistakes.

Rick ZinkPosted
  • Investor
  • Little Elm, TX
  • Posts 37
  • Votes 6
Always remember that your profit is made during the purchase so negotiate wisely. Spend as much time with your subs as possible to learn their trade so you can identify problems when you are looking at other properties. Accept the you will make mistakes and learn from them and have confidence that you will not make the same mistake again. Most importantly...don’t do it for the money. Do it for fun. If your enjoying yourself everything else will fall into place.

Post: Can someone please answer this question that I have

Rick ZinkPosted
  • Investor
  • Little Elm, TX
  • Posts 37
  • Votes 6
You could if you own it outright. Lenders will only loan up to a percentage of the property value. They will not loan that amount if you owe that amount. Using round numbers: Property value - 100k You buy with a mortgage at -50k Bank will only loan on 75-80% so the most you will be able to cash out is 30k If you own this property free and clear, you can borrow up to 80k in the above scenario.

Post: Mobile homes for rental income

Rick ZinkPosted
  • Investor
  • Little Elm, TX
  • Posts 37
  • Votes 6
The properties are in NW Arkansas. That is where we are from. The sewer is connected to city services. The numbers on the deal works and indicates that I’ll make a killing on it. I’m mostly concerned about the quality of renter and the duration I can keep them in and paying.