All Forum Posts by: Ryan O'Leary

@Joseph Holliway I haven't, but I'll have to add it to the list! I appreciate the feedback. 

- Ryan

Good evening everyone,

I’m new in real estate investing and looking to purchase my next property. Because of my job requirements, I move every few years but my hometown is in Worcester County, MA.

Looking on Zillow and Realtor.com for potential deals, and I know they’re not the best, but they’re the only sources I’ve utilized so far. Is it best to see a property in person first at an open house and then bring a contractor(s) in to get estimates of upgrades, etc? Or do you have the contractor meet you at an open house first and go from there..

Right now I don’t know any contractors and I know I’ll eventually get to know some throughout my career, but I’m hesitant of how to go about buying a second property while living in Hawaii just by looking on Zillow/Realtor.com.

Basically I see some distressed multifamily properties that would need rehabs, would like to buy them eventually, rent and hold them. Anyone have contractors they recommend from Worcester County, MA? Also looking into the San Antonio, TX area.

Any information is greatly appreciated and I look forward to meeting you guys down the road.

- Ryan

@Timothy Lewman nice man! Holden have some up-and-coming neighborhoods over there? Did you buy it via foreclosure?

@Lynnette E. ahhh gotcha! Ok that makes more sense. Sorry for all the confusion!

- Ryan

@Timothy Lewman thanks my man! How do you find flipping and rehabbing in the Worcester county area? Definitely would love to grow my portfolio around there, but I’m always traveling for work full time. 

@Lynnette E. thanks Lynette! Do the banks have any control of what you do to the property (rehab it) after you buy it? Not sure why I’d buy a property for cash and then not be able to do anything to it. I understand some don’t allow you to do inspections, and I can imagine the possibility of a disaster inside the house, especially if it’s selling for so cheap.

Again, thanks for reaching out!

- Ryan 

@Cynthia Bankston nice meeting you too! I looked on auction.com and there are very little properties that do financing through conventional loans. Is it a common theme with auction.com to be cash only? 

@Mike Bean @Timothy Lewman thanks guys for reaching out. Mike I also thought about the 203k loan but forgot I needed to live in there too. I'll look more into the auction.com details to see what I need to do. 

-ryan

Hello everyone. I'm currently in living in Hawaii but am originally from Massachusetts. I used my VA loan in Hawaii that I'm currently house hacking until I leave in 2021, where I'll try to rent it out once I leave.

While I’m over here, I would like to buy my second investment in Worcester, MA where I’m originally from. I would like to buy a 3-family foreclosure that is going for $100k that needs work.

1. Via Auction.com, does anyone know how these foreclosures work? Can I just bid for $75k and see if I win it? Or is there usually a minimum on the given property?

2. If I were to win this bid at $100k, I would be able to put the 20% down myself to qualify for a conventional loan (since I can't use the rest of my VA loan benefits since the property isn't in Hawaii and I wouldn't be occupying it for 12 months). However, I would want to put about $50-75k into the property to update floors, carpets, appliances, etc if needed... should I be getting a second loan for the rehab? I'm not too familiar with other financing options. My family was willing to give $30k that I would pay back over 3-4 years. I'm not sure how else to rehab it.

3. My dad is about to retire and would be my property manager, working with the contractor(s) to figure out what is needed for each unit, keep track of rent, tenant complaints/requests, etc. Any thoughts on family as property management?

4. Regarding property management... are there tax benefits to creating an LLC regarding my properties? Or an LLC regarding property management run by dad?

I know there’s a lot of scattered thoughts on here but I appreciate any feedback from the community. These podcasts and forums have been extremely helpful and I look forward to hearing from you all!

- Ryan

Hello everyone, 

I wanted to clarify on whether or not I needed to get a property manager once I leave Ewa Beach, Hawaii if I rent it out.... Is it a law that I need to have one? What if I line up renters before I leave? Can I pay a friend of mine to look after the house? Trying to make as much cash flow as possible, but I also don't want to fork over 10-15% to a property manager who may or may not doing anything for me over however long I rent the place out. I know I still need to do my research on how much property managers would actually cost me, etc... but I was just curious if it was a law that I needed to have one. 

I appreciate any input!

- Ryan