All Forum Posts by: Ryan Evans

There are tons of California investors here but there are plenty of deals to be found. I find most people just have the wrong expectation lately. Everyone wants a duplex for 50k that will bring in 1400/month in a B neighborhood. Those deals don’t happen anymore. You can still find solid cash flow but those days are behind us

Well well, look who it is... The legend himself, @Todd Baldwin! 

Most of my contacts are three hours behind me so I am still well ahead of them if I get up at 9am. When my phone goes on automatic do not disturb mode at 8pm I find that I get a lot done between then and around 2am. It's a weird schedule, but it works for me a lot of the time. I get up around 8 and often take a few hour break in the middle of the day.

Not having a dog, kids, or a wife makes it possible when it otherwise wouldn't be, but until then I guess I'll keep posting on BP at 1am on a weeknight. 

When I was 27 I wrapped up a business consulting gig and jumped full-time into real estate. Including moving across the country to where my properties were in order to scale up the business. I got my realtors license and started selling houses alongside my investing to make shorter-term cash. It helped me build relationships, partnerships, and funding sources that wouldn't have been possible as just another investor. However, it isn't the life for me. I currently get 1-2 leads per day for investor clients in the Cleveland market and quite honestly I turn most of them down because I don't want to be a realtor working for other investors helping them buy cheap rental properties in the long-term. You can make good money in it, but I like to travel the world and plan on moving soon anyhow, so it doesn't make sense to build a business out of it only to leave it all behind. If you're going to commit long-term then it can be a huge business opportunity to do what you're describing. You could set up a brokerage, turnkey operation, PM business, and so much more. The bar is low. They aren't passive, which is why they're not for me, but they could be big opportunities for you. 

One consideration is your ability to get financing. When I made the switch and started over I basically gave up my ability to get bank financing for my deals. I still have good private money sources that have let me keep buying, but it's quite an inconvenience. If you go off on your own you could face the same situation. If you keep working in engineering, you'll be able to get financing which simplifies certain things. 

At the end of the day there is nothing stopping you from keeping your day job and scaling up the real estate business on the side. 

@Dave Gaines I know, you should always do it by the book. I just love the idea of outmaneuvering people at their own game when they are trying to take advantage of folks who don't deserve it. Just because loftium can legally claim tenancy and not pay rent, doesn't make it okay. Though, that's somewhat of an ethical debate with no right or wrong answer. Regardless, good on you for taking the high ground. 

@Lauren Kormylo that's an interesting point. Not that Dave wants to wait 90 days, but it might not be a bad idea to think about going that route. If he gave notice to sell, at least the clock would start ticking. If the eviction moratorium gets extended another six months or a year then at least he could get them out with the intent to sell. You can always list a property and not accept any offers. At least you have your property back, Dave. It's an ugly and quite ridiculous proposition, but desperate times... 

You can't just have a realtor manage your property. That's illegal in Ohio. You have to have a brokers license to be a PM and follow some fairly strict guidelines. 

This question has been asked a million times so if you search the forums you'll find a lot of debates over the various PMs here. 

Wow that's a crazy and weird situation to be in. Here's something you could look into...

What if you booked a night in your own Airbnb and just stayed there indefinitely until you got loftium's attention? Airbnb has squatters that overstay all the time, but you might make history for being the first time someone did it in their own house! 

When they call the cops to kick you out just show them your name on the property title. 

They have to get a loan regardless of the other terms unless they have the cash to buy you out so it doesn't really make sense what they're asking for then. Also, since you have a mortgage you'll need to be considerate of the due on sale clause and other restrictions preventing you from doing a lease option or seller financing. 

I deal with this constantly in Cleveland when making offers. I always put several conditions in place on the initial offer to protect myself and my clients from stuff like this even if I do get leases. There are sellers and agents that will always try to pull a fast one at the last minute. For example, I had a deal about to close where the agent(selling one of his many personal rental properties) told me the deposit was "gone" because it had been applied towards the rent the month before. I told him I knew exactly what he was doing and he could kindly f*** off. He quickly called the title company back and corrected his attempt to screw me out of $750. I hear of far too many out-of-state investors getting taken for a ride through maneuvers like this. 

In rare cases, I've gone as far as telling sellers that I want a six-month escrow hold for the equivalent of at least 6 months rent + deposit, plus $500 in eviction fees, $1,000 for cleanout expenses, and a couple thousand for my time. These are my rough numbers in case the tenant doesn't pay because the time/money it takes to evict, cleanout, rehab, and re-lease the property. I've never had to put that in writing, but more often than not it's exactly why the seller won't give you that information upfront - they don't want to deal with all those issues and don't want you to know about them! Otherwise, I ask for that number in a price reduction until they give me an estoppel agreement. 

Don't be afraid to stand your ground in situations like this. You shouldn't risk suffering financially because the seller doesn't manage their property effectively. That's their issue, not yours. If you are willing to make it yours, then you should get paid for it. 

Is the fence required by some code or HOA? If not you can just tell him he can take down your section of the fence and return it if he doesn't want to pay full price for it haha.