All Forum Posts by: Ryan David Dodd

Projected lease income or signed and stamped lease?  I'm very intrigued and want to learn more.

 Hi, Andrew!  Thanks for replying!  

I used a VA loan (no PMI) and secured a 30 year term, 100% LTV at 3.25% last year on my current primary residence. I'll probably never sell this house, as I feel certain I can cash flow it once I finish the updates I'm doing on it. Its <10 minutes from Ft. Jackson in a country club with growing industry nearby. Fairly solid location in a gated community. (I don't know how to "class" rate a property yet.)

I have some questions about this though. Once I'm ready to move, which might be sooner rather than later, can I:

Use a the VA loan program to purchase multifamily 2-4 units if I live in one of the units for 1 year? Would I have to be able to show rental income from the current primary residence BEFORE I secure a loan on the next property? In other words, what are the criteria to use VA lending for the next primary/multifamily residence?

I want to make moves. In fact I was JUST looking at 1106 Cherokee St, Myrtle Beach, SC 29577 but the CoC ROI just doesn't seem to work no matter how I figure it.

I'm focused and excited to learn and develop relationships with mentors and vendors. I already have an LLC with a strong cash flowing commercial rental. That was a result of an inherited business. It fell in my lap but I was smart enough to lease the property back to the buyer of the business assets.

I'm open to partnering up with someone who knows what they're doing so I can learn and move forward. 

Hi, everyone. I'm an ICU/ER RN with a military background that inherited a business that was sold and property then leased back to the new owner of the business. It's paid off and cash flowing well, and I've realized this might be an avenue to exiting the nursing profession. I'm fortunate that I can work full time in only 3 days a week at my j-o-b which leaves more than half of my time available to learn and do in REI. I don't have kids, so this is something I intend to throw my entire self at instead of pursuing graduate training in the nursing field. I'm grateful for any opportunity to network and learn from this organization.

Thank you for taking the time to post this story of hope.  I know it's not easy but it's got to be better than what I'm doing for $40/hr.  When my dad passed away, I sold his business and leased the property to the buyer of the business, which is thriving. It's mostly hands off income with no debt. I'm excited about the possibilities, and this adds hope that it's possible to grow. 

I appreciate the cautionary tales, and now that I think of it, I have a second hand tale from someone I know.  I'll leave out names to protect the innocent. 

In a partnership, the individual bought a mobile home park with insurance binder pending a few skirts and handrail repairs.  In the meantime, a resident drove over the septic tank causing significant damage.  With no adults present, two drunk/high 16 year olds were left with young children, one of which wandered towards and fell into the septic tank, drowning to death.  Did I mention that there was no insurance yet?  The settlement will be paid out of pocket.  What a nightmare!   

I suppose this thread has also brought me some pause when thinking about enrolling in the advertised boot camps.  :-/ 

Quote from @Account Closed:

Quote from @Ryan David Dodd:

This is my first forum contribution as a newish investor.  In my 20's I was a mortgage officer for a year or two.  In my 30's, I was an infantry medic, a flight paramedic, an ER nurse, and now a Trauma Surgery ICU RN at 40. In my current home, I've installed the flooring, done the trim work, painting, drywall repair, demo, tile work including water proofing, and subfloor repairs.  

It's not the sewer issues, dead bodies, or needles and a**hole felines left behind that scares me.  It's making mistakes from a financial or planning angle and getting stuck or losing money that scares me.  It's being able to fund and find deals that make good financial sense. I'll work hard to learn how to do anything I don't know how to do in order to be my own boss and not have to participate in healthcare for the rest of my life. 

I'm looking forward to finding the positive aspects of these forums because this is the first one I've read since opening this website, and it's kind of negative. 
 

@Ryan David Dodd: Your Comment: “it's kind of negative.”

Well, there were probably good sides to being an infantry medic too, but I don't read about that here either. They say the army is 99% boredom punctuated by moments of shear terror.

Listen, real estate investing has its down side and it's other down side and then it has its euphoria.

But, that's what we signed up for and the mission must go on to success, which means we take a bump or two along the way. Get used to it. It isn’t as exciting as getting shot at, well, some landlords get shot at, but that isn’t my point, the reason they call it “real” estate investing is because it’s “real”. Not just unicorns farting rainbows.

 Haha, Hi Mike! Thank you for the reply.  I hope I never get shot at as a landlord but I'm prepared for it in multiple ways at all times.  PTSD is real, which is one of the reasons I'm trying to get out of daily bedside critical care. We could talk about the Army all day.  I'll keep reading and learning and keeping my expectations in check.  Thanks again!

 Fair enough.  One of the many things on my mind is how to identify and avoid geographic areas within a market that are dangerous.  Can you imagine having a rental property that was the center of an active shooter scenario with hundreds of rounds flying through it?! I appreciate your perspective, Sir. 

This is my first forum contribution as a newish investor.  In my 20's I was a mortgage officer for a year or two.  In my 30's, I was an infantry medic, a flight paramedic, an ER nurse, and now a Trauma Surgery ICU RN at 40. In my current home, I've installed the flooring, done the trim work, painting, drywall repair, demo, tile work including water proofing, and subfloor repairs.  

It's not the sewer issues, dead bodies, or needles and a**hole felines left behind that scares me.  It's making mistakes from a financial or planning angle and getting stuck or losing money that scares me.  It's being able to fund and find deals that make good financial sense. I'll work hard to learn how to do anything I don't know how to do in order to be my own boss and not have to participate in healthcare for the rest of my life. 

I'm looking forward to finding the positive aspects of these forums because this is the first one I've read since opening this website, and it's kind of negative.