All Forum Posts by: Ryan R.

@Daniel DiazWe are purchasing our property for around $530,000, and have a down payment of around $20,000. Our incomes together are around $145,000/year. As for the loan, we needed enough cash on hand to cover rent for a three month period (an FHA requirement if you are doing 3 or 4 unit properties)

@Marcell Z.@Sarah D.Thanks for the recommendation. I'll give them a call shortly to hopefully have them come out and bid on the project.

Now to find at least one more contractor to come and bid.

I would agree with @Pam Storm, skip your emotions and stick with standards. If you've decided a credit score of 600 is your minimum, then ask yourself why you believe you would deviate from that standard (this is me regurgitating from @Brandon Turner's The Book on Managing Rental Properties). Remember, you're running a business.

So it turns out that with a streamline 203k I don't have to have a special contractor, but can use any general contractor. I've been recommended Larry Canepa from San Diego Pride Construction, Inc. Does anyone have any experience with him?

Ah, never knew there was a list. I'll start looking for that. Thanks.

Hi all, After months of lurking, reading, and researching, my fiancée and I finally have an accepted offer on a triplex. We are going FHA with a 203k loan. The property has had a recent renovation on two of the units, but the third is a mess. Also, the roof and other areas need help. To that end, does anyone have a good general contractor they can recommend? I was thinking of making an appointment with a few contractors for the same time so we can get competing bids on what needs to be done. Does that sound like a good plan; or is there a better way to line up a reputable contractor with a competitive offer? Thanks, Ryan

Jacob, Although I'm new to the business of REI, and we are in escrow now on our first property, I would definitely love to meet up. Ryan

@Michael Noto Thanks for that tip. I'll have to post all the details tonight so I can get help analyzing this property to see if it truly is a good deal, or a nightmare in waiting. 

Hi All,

My name is Ryan and I am originally from Duluth, MN, where I plan to begin investing in the near future. I currently reside in Southern California and work in law enforcement. 

I have no background in real estate other than owning a condo, once. I came to join BiggerPockets after an internet search for websites and blogs that help new real estate investors. BiggerPockets came highly recommended, so I checked it out. Over the past few months I've been listening to podcasts, reading blog posts, and lurking on the forums. 

My goal in real estate is to slowly supplant my earnings from my full-time job so I can eventually retire from law enforcement and transition into real estate investing permanently. To that end, I am drawn to buying and holding, though flipping sounds extremely interesting.

Currently I am in the initial stages of analyzing my first property. I've been watching it for the past six months and the property does nothing but drop in asking price. Today I reached out to the listing agent and am hoping to get some real numbers that I can use for doing a proper analysis on the property. It is a multi-family property near the house I grew up in. 

Being very fresh, I'm still very nervous, but I know where I ultimately want to be, and that the hardest part of this will be property number one. To that end, wish me luck.

Thanks,

Ryan