All Forum Posts by: Ryan Ellis

Thank you Patti. I do have all of the paperwork from the closing. I’ll reach out to an attorney on Tuesday.

@Anthony McEvoy Thank you for the quick reply. The land is close to Anchorage. The bank is strictly managing the money. I spoke to them and they will deny payment the payee is past 30 days if I authorize them to do so while starting the foreclosure process.

Good news I’m from there, get up there often and have a network. It looks like I just need to call an attorney and let them handle it.

Hello BP! I did seller financing for the first time on a property I inherited. I sold the property for 18k and the borrower owes about 12k. The property is in AK and I lIve out of state. The borrower has been getting later and later with payments to the bank that manages the mortgage for me. At this point they are over 30 days late and are ghosting me when I try to reach out via text or phone call. My paperwork shows I can forclose after 30 days. My question is, where do I start? Thanks in advance for any thoughts or recomendations! -Ryan

Hello, Thanks to BP I started my RE investing career by purchasing my first SF rental in August of 2017. I now own 5 Properties and am looking to take the next step with purchasing a 6 unit multi family. I’m in need of advice/recommendations on which banks I should go to and what type of loan I should be asking for. Is there specific terminology that I should be using? I’m assuming this is pretty straight forward but looking to the BP community for any guidance. Any thoughts, tips or recommendations would be greatly appreciated! Thank you, Ryan Ellis

Baby Pockets....Love it! Welcome to BP Delese.

@Andrew Postell thank you for sharing this. In going to try this. My brain hurts a little trying to work it all out though.  :)

I have 4 properties paid in full with cash and 1 paid in full by using a HELOC on my primary residence. All 5 rental properties are currently in my LLC. I'd like to take out conventional loan to repay the HELOC.

If I'm understanding you correctly, I need to loan the money from my LLC to my personal self. It doesn't matter that the LLC isn't actually giving me cash. The LLC is just signing the Deed over to me.

I can then get the loan from the bank?  I’m lost at this point.  Any help would be appreciated.

Thank you again!

Ryan Ellis

Hello, I started in August of 2017 and now have 4 SFH rentals all in state. 3 are PM and 1 self managed. I’ll be adding 1-3 additional units this year. BP has been a great resource for me. Thank you to all that post and reply.

Hi Ron, Welcome to B.P! I took the jump into REI about 5 months ago. I now have 4 SFH LT rentals in NE Ohio. Looking to add another 5 in 2018. I’ve learned a lot through B.P prior to jumping in. I learn more with each property and lease. :) Feel free to bounce anything off me if I can be of assistance. I’d love to pick your brain on STR sometime. Good luck to you! Ryan

Hi Frank, I got started as a buy and hold investor in August 2017. I now have 4 SFH rentals in the Cleveland area, (North Ridgeville, Elyria and Lorain) I use Sandstone Property Management for 3 units. Sandstone PM Joe Solkiewicz Coldwell Banker Brian Gilbert (RE Agent I’ve used on multiple properties. Very trust worthy and works hard for you)

Great question @ErezShocher , I’m in the same situation with 4 SFH’s and growing. Im following your post. Thanks! Ryan