All Forum Posts by: Ryan Irwin

Hello everyone my names Kenneth and Ive been studying real estate for the past 5+ years. I'm finally ready to start my journey. I am a construction worker and my work hours are Monday through Friday 7am till 5:30 pm CST. I live in Iowa and I want to do real estate deals in Des Moines,IA. Las Vegas,NV and Dallas/Austin,TX. The type of real estate that I'm interested in is wholesaling (short term) and rentals (long term). And I prefer creative finance and BRRRR. I am looking for people who like me are serious and ready to take real estate serious and make millions.

Looking at a potential opportunity on a foreclosure property that would be either of personal residence or a house hack after a year or two.  Located in Iowa.

I have never purchased a foreclosed home before. What are the pitfalls to look out for and are there any tips, particularly with financing the purchase, anyone can share?

Thanks in advance

Thanks for sharing how do I go about seeing what my market has? 

Hello Community,

This morning I woke up in a reflective mood.  I realized that it has been nearly 10 years since I bought my first investment property.  I am thinking about what I have done (flips, brrrs, rentals) and what I haven't done (10X , no multifamiles, no large marketing campaigns).  I am thinking about perhaps the most important question that investors face: how to get the next deal? and I'm thinking about where I have sourced my past deals.  Here's my list:

2015 bought a home as an owner occupant ($140,000) moved out after a year and keep it as a rental (current market value $240,000)

2017 bought my primary home (bank owned property) for $180,000 with a 203k renovation loan (current market value $330,000)

2018 bought the home I had rented for 9 years from the landlord ($80,000) and BRRR'd it (current market value $220,000)

2019 Got licensed as a Realtor :)

2020 bought 2 homes off the MLS and did my first flips. One I purchased for $95,000 and I barley broke even. The other I purchased for $80,000 and only made $7000. I learned ALOT that year.

2021 bought 1 home off of the MLS at $125,000, rehabbed it, turned it into a student rental and BRRR'd it. (appraised value $323,000)

2022 bought a home at auction for $75,000 and flipped it ($45,000 profit)

2024 under contract for a property at $85,000 and working directly with the seller (off market deal).

What I have learned:

1) Its ok to grow at my own pace.  I like time with my kids and I work to live and not the other way around.

2) I still have to put food on the table and have health insurance which means keeping a W2 job.  Stability and peace of mind are essential to my daily happiness and comfort.

3) I really like real estate.  ALOT.  It is fun and exciting and the best way that I have encountered to create wealth.  However, it is a knife that cuts both ways... you can make money or you can loose it.  It is not rocket science, but it certainly is not simple.

I guess if there is one thing I could go back and tell myself at the beginning of my journey nearly 10 ago years, it would be to say that no blog or article or resource is going to teach you what you need to know (although BP is FANTASTIC and has been my go to for years).  You will never know what you don't know until you get started.  Start small.  Keep it manageable, and enjoy the ride.

Thank you for reading and I hope someone finds this helpful :)

I'm a recent explorer of properties and investing. I'm here to join a community of like minded people to help with accountability and personal growth in this area. I want to break the cycles I've learned about money, owning properties and investing. I want to be able to be an example for myself and my family especially my sons and pass on the knowledge and inspiration to continue with creating positive habits when it comes to money and investing in properties. 

Hey @Ryan McKenney,

Welcome to the investor community! It's great to hear about your enthusiasm and plans for diving into real estate investment. Your strategy of accumulating properties, even while preferring to rent personally, is an interesting one and definitely has its merits depending on your long-term goals and market conditions.

Regarding your question about down payments, it's true that the landscape of real estate investing has evolved, and strategies that were prevalent a few years ago might not be as beneficial today. It's all about balancing your financial flexibility, risk tolerance, and investment goals.

Putting down 5% as a first-time homebuyer can certainly free up capital for other investments or expenses. However, it's important to consider the trade-offs, such as higher monthly mortgage payments and the cost of PMI, if applicable. While you mentioned understanding the implications of a lower rate and no PMI, here are some questions and considerations that might help you make a more informed decision:

1. Cash Flow Considerations: How does the choice between a 5% and 20% down payment impact your monthly cash flow? Would the additional cash freed up by a lower down payment provide significant opportunities for other investments?
2. Interest Rate Impact: Have you calculated the long-term cost implications of the interest rate difference between putting down 5% and 20%? Sometimes, a lower down payment can lead to a slightly higher interest rate.
3. Market Conditions: How do current market conditions in your target investment areas influence your decision? In a highly competitive market, a larger down payment might make your offer more attractive to sellers.
4. Investment Diversification: If you opt for a lower down payment and invest the remaining capital, what are your targeted returns on those investments? Are they significantly higher than the cost of mortgage interest?
5. Risk Tolerance: How comfortable are you with the level of debt and the monthly obligations associated with a smaller down payment? It's crucial to assess your risk tolerance and ensure you're comfortable with your leverage level.
6. Future Plans: Given your uncertainty about where you'll be in the next 2-3 years, how does this affect your investment timeline and strategy? Are you looking at these properties as long-term investments, or are you considering potential exits in the near term?

It's commendable that you're looking to take advantage of the first-time homebuyer opportunity. Just ensure that your decision aligns with a broader financial strategy and your comfort with the associated risks and commitments.

If you'd like to discuss this further or need help analyzing specific scenarios, feel free to reach out. I'm here to help!

Best of luck on your investment journey!

Hi All,

Is it a good idea to set up pest control wildlife control (for rats, rodents, squirrels etc.) plans at rental property for those professionals to check periodically for any activities or issues. What are best practices, pros and cons around this. I was under impression tenants will take care of this. But apparently they are not taking care of this. Please advise.
Thanks,