All Forum Posts by: Ryan Chatman

@Bill Brandt where did you get the 27.5 number from? (200k / 27.5)

@Jonathan St.Leger that is a great method, thank you for sharing!

I was wondering exavtly what docs/plans/etc did you have prepared to take with you to the city for their confirmation prior to closing on the property?

@Benjamin Yagiela go back to Michigan. They'll have good opportunities for house hacks in Detroit Metro or greater Grand Rapids are within decent driving distance to snowboarding and hiking, but city enough to have comedy clubs and night life. Plus both areas are growing. I think metro city areas in Texas could work for you sans snowboarding :-)

@Angelito Mamutuk I think for the most part you answered your own question as to the Poconos market right now. Low supply, high demand, inflated prices. However if you keep searching you can still find deals

@Marquita Hightower The LLC would most likely require a 25% or higher down payment. Whereas you can get a personal FHA loan for 3.5% down payment, however you'll have a LOT of docs lenders will be requiring to prove your income as self employed. You'll want to show your personal income by getting your bank statements, LLC financial statements (income statement, balance sheet, P&L, etc), and more.

small fee*

@Lewis Gordon I'd do a walkthrough with 3 or more contractors possibly that have experience rebuilding damaged properties. They should be able to help you get a baseline price per sq ft to do the work. Good non specialist contractor should be okay if you can't find someone with fire damage experience. Consider that the good contractors are real busy right now and they may charge you a small few for the walkthrough/analysis. However their knowledge will be invaluable to you

@Marquita Hightower it sounds like you're starting out in RE investing? Not sure of the advantages of buying under the LLC will be when you can most likely get a more favorable loan product and lower interest rate with a personal mortgage rather than what will be a commercial loan under the LLC.

I'd suggest picking up a househack 2-4 unit property; you all can live in 1 unit and rent out the remaining. Have tenants paying you to live there for a few years and building you equity, then when you're ready for the next property you'll have more capital and more cash flow when you all move out. Meanwhile, you could save the "rent" you'd be paying and it'll be a nice down payment for the next one.

@Philip Marzen a good majority of people growing at that type of rate are partnered with other folks, or bringing in investors. Like @Katie Miller mentioned, grow your network and relationships!

@Rachid Zidani The best* option of the three in my opinion would likely be Dallas. You're going to get a lot more bang for buck than in Arlington (or DMV area in general), which has low inventory and high prices. I cannot comment on Tampa too much but i'm sure that is similar to what you might find in the Dallas area. Dallas metro is also seeing a lot more growth than most cities in the US