All Forum Posts by: Ryan Carter

Much like most everyone else I see! Google! After realizing that almost every real estate topic I was searching directed me to the bigger pocket forums, it only made sense to join.

This same scenario happened to me on my first deal! Closing attorney took his time and buyer/seller agreement expired. The next day at closing, the seller decides to back out free and clear. I had to eat all of the cost! I let that hold me back 2 years before I attempted to purchase anything again, don’t make my same mistake! You live and you learn. Find another property.

Sounds like I need to keep shopping lenders! I knew this already but after hearing their comments it had me second guessing myself. Thanks for the reassurance guys!

This is a completely selfish question but maybe the conversation will help others in the future that are in my position. I purchased a commercial property back in August of 2017 and have been slowly throwing money into it. Looking ahead I’ve started reaching out to local banks about refinancing and pulling my cash out, but I’m running into comments like “there’s no such thing as a long term commercial loan” or “Why would you want to do that?”. I’m getting more crazy looks than I originally anticipated! Currently I have the property financed with a 5 year commercial loan, amortized 20 years at 5.5%. Has anyone else successfully Brrrr’d a commercial property? If so, would you mind explaining the steps that were involved that would differ from a residential Brrrr?

I was actually about to post a similar question myself. My situation is that I actually purchased a 1920 house that was converted into commercial space, with 7 suites. My plan all along was the Brrrr strategy, but now that I’ve almost completed the renovation and working on filling the last 3 suites with tenants, I’m hearing from local commercial lenders that there is no such thing as a long term commercial loan. They’re telling me 3-5 years max. Right now I’m trying to figure out a way to pull my cash back out, with little to no success.

When I purchased my first investment property just last year my fears were many. Although the deal looked great and everything was lining up perfectly, I still second guessed myself. Was I analyzing everything correctly, would I be able to find tenants, would I be able to personally make this extra mortgage payment if I failed to find tenants, etc. As someone who has read the books and listened to every podcast, I still had fear of the unknown and had trouble taking action. I didn’t have cash sitting in a bank account incase things went south, it was a battle within myself to trust what I had learned. It sounds crazy, but I came to a place where I realized what I was doing and had to tell myself, “if this makes sense based on what you know, do it!” I had to force myself to take action, even when part of me was saying “No! That’s to risky! People like you don’t do this! You’re going to lose everything you’ve worked hard to get thus far!” I’ve had to learn to trust myself, trust the process and TAKE ACTION.

Jay Helms Couldn’t help but respond once I saw where you live! We love Gulf Breeze and make a point to visit at least once a year.

Hi Steve Franco , I started investing the beginning of 2017 and so far have only invested within my home town of roughly 13k. I’m sure you will get some great advice from more experienced investors and look forward to reading those as well! There are people in my town who have retired by owning rentals in my small town, why can’t we do the same? Best of luck to you!

Congratulations! I would love to hear the break down of the deal if you wouldn’t mind sharing...

Brian Whitney I purchased a commercial building August of last year that has 7 suites, shared full kitchen, shared waiting room and restroom. It was built in 1920 and use to be a residential home! I’m in the middle of a slow BRRRR with it now and have 4 out of 7 suites rented consisting of 3 hair salons and 1 mortgage broker. Each suite rents for $300 a month. I purchased the building for 24k with no money down at a local bank. ARV should be around 85k which will give me a nice down payment on the next purchase after the refinance. I said all of that to say this, every market is different, it’s possible...