All Forum Posts by: Ryan Mullin

That's awesome! LOL

I definitely wouldn't fix anything until they are completely out! If they trashed it once they will trash it again! Report them to section 8 and see what your options are. Hopefully SC is a "landlord friendly" state.

Don't buy a program, system, course, or a seminar... Buy a house! Some of these mentoring programs are 20K - 30K! You can buy a house for the same cost! You can't replace real world experience. Its just not possible.

I would call "we buy houses" bandit signs.. a lot of those are wholesalers..

Not just the rehab.. the rehab is usually 3 weeks or so.. The time consuming part is usually shifting funds, or financing, then getting the rehab going with additional funds. Then leasing it up (another 2 or 3 weeks). On average I would estimate that it takes 3 or 4 months to start collecting rent after starting the process of purchasing a wholesale deal. (maybe thats a pessimistic opinion) A lot of our first time clients are rolling over funds into a self directed IRA which takes up to 6 weeks right from the start..

The Big Picture trade off to consider is the time and effort invested into a wholesale deal VS. the immediate returns of turnkey purchases.. I use very abstract examples to illustrate a general point. Obviously due diligence is going to be key to investing in general.

I would say on a 66k property you should be getting a good 400/month in positive cash flow.. or 200 if its leveraged.. at least.

Just make sure that their numbers include maintenance and vacancy (which are often left out because they are variable costs) in addition to management, taxes and insurance (fixed costs)..

I would be happy to look at the numbers they quoted you if you want me to.. with out seeing them its hard to say exactly what you are dealing with.. Oh yeah.. get comps too.. :)

My company sells both wholesale and turnkey properties. The markup that we put on a turnkey deal is about 6 to 8K. The markup for a wholesale deal is around 2 - 4k. (The entity that funds the turnkey deal has to put in the extra money for rehab and the money is tied up for the extra time so there has to be compensation) With that being said.. when you buy a turnkey deal you are collecting rent immediately. When you buy a wholesale deal.. then rehab it.. then get it rented (and pay the leasing commission) you typically are taking 3 or 4 months to get everything ready.. plus the leasing fee which is 1 months rent. average rent is 750. $750 X 4 months = $3000. My math is rough to say the least but you can see the point I am trying to make. You do "pay a premium" when you buy turnkey but for a true "hands off" investor there is added value. PLUS.. most good turnkey providers have some sort of rehab warranty or rent guarantee built in to the additional costs of buying turnkey..

A decent click through rate on FB is .05% or better.. But what matters more is after they click through (now you have paid for the click) how many people become "conversions". If you can get 1 lead for every 20 clicks you are in good shape. To me that means a name, number and email. Its not easy to do but its very possible.

If some one "likes" your page that is obviously a good thing but its not a conversion until they give up there number and email. Your FB fan page is a great tool to create conversions over time. Post news, events, and properties to your page and build your audience's interest. You should be able to get "likes" for about a dollar a piece.

I would suggest that you try lots of different ads with different demographics. keep track of what works and eliminate campaigns that don't.. really what you are doing is "split testing" ..there is a scientific way of doing that but I won't get in to it. I use a service called unbounce.com to split different ads with various landing pages. Its a brilliant tool. They have forums / blogs to help answer these types of questions too..

oooh... one last thing.. I also prefer to work with ladies but I wouldn't limit your self to only women. :)

Hope that helped.. Good luck..

At 24 years old I quit school and my "day job". I went from delivering sandwiches to running a brokerage pretty much over night. I work 60 hours a week.. so I am not "financially independent" per se.. but I am free of corporate america, I don't deliver food and no one tells me what to do. I'm 1 semester shy of an economics degree and I'm not going back to school. The smartest thing I ever did was quitting work to start a business. Even if I was "financially independent" I would WORK on something.. So.. really.. for me.. its more about happiness and fulfillment then getting rich. Getting rich is just a small side effect of what I do..

I would see if your local REIA has a quickbooks sub group.. Also you should look into putting your properties into LLC's asap.. Happy Investing!