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All Forum Posts by: Ryan Kelly

Ryan Kelly has started 16 posts and replied 1263 times.

Post: Hard money lender

Ryan Kelly
#4 Creative Real Estate Financing Contributor
Posted
  • Real Estate Broker
  • Austin, TX
  • Posts 1,293
  • Votes 1,218

@Allen Zhu if you are refinancing out of a DSCR loan, you don't typically refinance into short-term hard money loans. If you are in an LLC and looking for better rates and longer amortization terms, I recommend networking with local and community banks.

Post: Seller Financing Servicing

Ryan Kelly
#4 Creative Real Estate Financing Contributor
Posted
  • Real Estate Broker
  • Austin, TX
  • Posts 1,293
  • Votes 1,218

As stated, I would hire an official loan servicing company. They will handle the collection and distribution of payments, amortization, escrow accounts, and any tax documentation. 

Post: Looking for a real estate attorney

Ryan Kelly
#4 Creative Real Estate Financing Contributor
Posted
  • Real Estate Broker
  • Austin, TX
  • Posts 1,293
  • Votes 1,218

@Ryan Arnold feel free to shoot me a DM. I know several great RE attorneys in Austin who can assist you. 

Post: I'm looking for an agent to help me with an investment property

Ryan Kelly
#4 Creative Real Estate Financing Contributor
Posted
  • Real Estate Broker
  • Austin, TX
  • Posts 1,293
  • Votes 1,218

@Ben Gradert happy to help. We have hundreds of Biggerpockets clients we've worked with over the years. I also own several rentals in the Austin area myself. Feel free to shoot me a DMand we can connect. 

Post: Chef, Software Engineer, Real Estate Investor

Ryan Kelly
#4 Creative Real Estate Financing Contributor
Posted
  • Real Estate Broker
  • Austin, TX
  • Posts 1,293
  • Votes 1,218

Welcome to Austin Kevin! You'll love it here. I've been in Austin since 1992 and it's an awesome city to live and work. House hacking is by far the best strategy for people to get into our market. I wouldn't rule out a duplex as we have far more duplex properties than quadplexes. Feel free to shoot me a DM if you want to talk about the market in more detail. 

Post: Dallas TX // Seller Financing Deal on the Table, First Timer

Ryan Kelly
#4 Creative Real Estate Financing Contributor
Posted
  • Real Estate Broker
  • Austin, TX
  • Posts 1,293
  • Votes 1,218

I actually think it is a benefit to both parties to have professional representation to assist the seller and buyer with these types of transactions. You mentioned you haven't purchased an investment property before or been involved with seller financing transactions. I've worked with many investors in seller financed transactions and an experienced buyer agent would be extremely valuable to you. It sounds like you could have a promising deal, so lean on your experienced agent for guidance and go take action!

Post: Seller Finance Payment Method

Ryan Kelly
#4 Creative Real Estate Financing Contributor
Posted
  • Real Estate Broker
  • Austin, TX
  • Posts 1,293
  • Votes 1,218

You would use a mortgage servicing company just like a typical mortgage. There are many service companies that will manage seller finance notes including the payments, escrow accounts, and documentation. 

Post: Buy tiny home to put on property or save for next property?

Ryan Kelly
#4 Creative Real Estate Financing Contributor
Posted
  • Real Estate Broker
  • Austin, TX
  • Posts 1,293
  • Votes 1,218

Most of the time, I think buying a new property pencils out better than the cost of an ADU. Most ADU's are one bedroom units and rent accordingly. The same money could buy 1-2 full properties that would rent for more, depending on the market you choose.

Post: What Paperwork Should I Be Keeping Record Of?

Ryan Kelly
#4 Creative Real Estate Financing Contributor
Posted
  • Real Estate Broker
  • Austin, TX
  • Posts 1,293
  • Votes 1,218

@Charles Evans Zelle and Venmo do not provide the same protections as a third-party rent payment portal. They don't allow auto payments or automatically add late fees, and tenants would have the option to pull their payment back, which is not ideal. I would read up on the risks before collecting rent with those tools. In addition, you want a separate bank account for the rental property to separate it from your personal accounts. The more you treat it like a business, the better. 

Post: New to Austin, new to RE

Ryan Kelly
#4 Creative Real Estate Financing Contributor
Posted
  • Real Estate Broker
  • Austin, TX
  • Posts 1,293
  • Votes 1,218

@Anthony McKinney welcome to Austin! I'd be happy to connect anytime to talk Austin and real estate. Just shoot me a DM and I can share contact info.