All Forum Posts by: Ryan Fox

I do private lending and one of my borrowers requested a loan for the purchase and renovation of a home to be used to rent to traveling nurses.  She thought it would be a good place for a traveling nurse rental because there are 3 hospitals within a 20 minute drive.  However, based on my research, only one of the hospitals hired nurses on a temporary basis, and they only had one position currently available.  Did I make the right decision to tell her I didn't want to loan with that business model?  There are various other primary care / specialty care facilities in the area.

@Luz Vega- Wow, that's a really low price for Raytown.  How many bedrooms does it have and when did you buy it?

I'm assuming you're looking to invest there from a distance, and the best place to start is with an agent.  The agent should have the local connections to start building your team.  Read David Greene's book on out of state investing.  

@Conner Jackson- If I want to later take out a cash-out mortgage on the replacement property to pay off the HELOC, are there any restrictions as to when I can do that or the amount of cash-out?

The property I want to relinquish in a 1031 exchange has a $75,000 mortgage on it.  On the replacement property, does the debt have to be a mortgage as well, or can I use a home equity line on my primary residence to constitute the debt on the replacement property?   Thanks in advance!

@Susannah Nation- I've been buying value-add rentals in the Midwest while living on the West Coast since 2019.  It's definitely possible to do.  

The best way to find a contractor is to find an agent who has a really strong relationship with a contractor.  Then, after you purchase the property, you have the agent work up a scope of work to have the contractor work off of.  You make progress payments after the agent shows you pictures of the work completed.  I pay my agent extra for this service.

 Your agent needs to have experience with renovation and it's not necessarily expertise you need to bring to the table.

If you're concerned about interfacing with the contractor as a woman, this isn't a concern as the agent is interfacing with the contractor, not you.   

@Moses Moreno

Reminds me of when my HOA in CA filed for bankruptcy. Wish you the best of luck sir!

@Shireen Y.- I'm an attorney who does evictions in Butte County, CA and surrounding areas.  Not sure why you were charged $3,200 so far with no eviction filed yet.  Did one of the tenants file bankruptcy?  

Anyone invested in a deal put together by Battle Born Capital out of Las Vegas, NV?  They raise money for hard money loans.  

Thank you for the responses.  I'll send her a lease violation.