All Forum Posts by: Ryan Chatman

@David K. I do agree with the other posters that you probably shouldn't replace unless it isn't functional. We have a gas boiler from 1993 that our inspector said is on "it's last leg" but then when we had it serviced, the service guy was going on about how well it was performing.

Half of this same system was heating our second unit. In our situation, the heating was a bit inefficient and we were also doing a full gut renovation of this unit.. We decided it would be better to cap it off and go with a 3 zone ductless mini split to add home value and being able to list "heating & cooling" as a feature and command top rent for our area.

The mini split option has some cons but is also way cheaper than replacing a boiler and it doing heating AND cooling is a nice benefit.

@Riley Johnson welcome to the BP forums! It sounds like you're off to a great start with your portfolio already and you'll definitely be on track to grow that with the further learning & vision you've outlined.

What kind of method are you using for the 2 properties you have near USU? Are you renting by the room? I ask because my wife and I have been considering investing in areas near a large university but hadn't made any moves yet.

@Christopher Murphy I've banked for small business with Wells Fargo for a long time and have been very happy. Plus wells is compatible with pretty much everything so I'm sure it works with Quickbooks. BBVA seems like a decent option for a Dallas bank with limited or no fees.

@Marco Chaidez loving the final product! Congratulations on getting this done!

@Alexandra Moore is the building in grand rapids proper or a surrounding city? I have some family in that area. Was interested what the market looks like out there

@Alexandra Moore very nice! Congrats on the building and getting the rents up to the top of the market

@Cole Pasquale welcome to the forums Cole! Congrats on taking that next step in planning your first investment. Adn you're on the right track by building up your cash and your credit.

Yes you can BRRR a house hack. That's what my wife and I are currently doing. One unit was a complete gut. Totally destroyed by a tenant that was there for 17 years with the previous owner. Fortunately that tenant had vacated prior to our purchase.

Definitely keep analyzing deals as it is kinda like practicing anything else. You can get good at it and recognize better deals quickly especially when it becomes time for you to pull the trigger.

Other than saving and building your own credit, you could partner with an investor but in my opinion it's well worth the wait and work to do the first one yourself. Along with all the lessons you'll learn, it's great experience.

@Tanner Morrill pretty cool concept, thanks for sharing

@Daniel Greenwood first and foremost, congratulations on getting started. It's great that you were able to do research and get your LLC started and establish some credit in the business name. It's also great that you're moving forward with a plan to rebuild your personal credit. That's going to be key even in building up credit for purchases within your business name.

As Genny mentioned I hope you've started putting together a plan for your real estate goals. That will be a huge part in directing your actions.

If you want to stay in and invest in Hawaii, I'd certainly do that. Don't be discouraged since you're "broke" right now. Maybe while you take the next year or two to rebuild your credit, you can find a local mentor that has experience with the goals you decide on. You could possibly intern for them or shadow them as much as possible. Learn the ropes and gain experience through others. This could lead to finding partners that would be willing to invest and help you launch your portfolio.

Good luck!

@Aaron Kerzner got it! I figured it was something of that nature. I'd say look over those posts and you'll have some direction in starting. Also, consider properties with a bit of work needed so you can get in at a lower price point since everything right now in thr Poconos is way overpriced