All Forum Posts by: Ryan Luby

@Brandon Rush Thanks for the shoutout.

@Jason Richards I encourage you to go to as many meet-ups possible. Brandon is a great guy and I strongly recommend his meet-up & @Scott Hollister event in Manchester especially based on what you're looking for. It's great to network with people who are already operating in the 5+ Unit space, having said that I live and invest in your market, and would love to connect with you as well and help out anyway I can.

We will be posting our event soon, to stay in the loop feel free to join my e-mail list here to get first updates on all future events: http://eepurl.com/hLdwBz

2nd to last meet-up before the new year!

Come catch up with local investors/ real estate professionals. Share insight into what you've been up to, & bring questions to help you keep making progress going into the new year.

I look forward to see everyone

Best,

Ryan

See everyone tonight!

Rounding out the year soon, only 3 more meet-ups before the new-year and with that approaching I want to make another small improvement to our monthly meet-up.

I'll be posting these events earlier to help increase awareness and get some more regular attendees, and I will set a focus for each Monthly meet-up in an effort to continue adding value to our investing community.

This month's focus:

Renovations: Flip vs. Rental Remodels

 - The differences, researching comps/ avoiding over-renovating, where to focus your $, some tips to save $ where possible.

This month we will meet as usual, give some time for people to arrive, then start a "round-table" introduction, learn what everyone is working on, then get into our focus of renovations. Experienced investors, contractors come bring your expertise, everyone else come bring your experiences & questions.

Looking forward to seeing everyone.

Best,

Ryan

Also, If you have a focus you would like to discuss at a future meet-up, PM me and I would be happy to discuss!

Hey Everyone, didn't realize it was labor day Monday so we're Moving to Tuesday, in an effort to allow more people to show up.

Hope this helps, excited to see everyone and learn what you're up to

have a great weekend

Hey Everybody,

Excited to get together again at our next meet-up, we have a great location with awesome food and drinks, come add value to our group, bring your questions, experiences, problems and we can crowd-source solutions.. 

Hope to see everyone there

Best,

Ryan Luby

Next meet-up scheduled for this coming Monday evening.

Excited to get together again and hear what everyone is up to.

Hopefully make new connections and see how we can help bring value and solve problems for one other!

Talk soon!

Best,

Ryan

Excited to be back in July for our monthly meet-up!

Hope to see everyone at our awesome location. 

Enjoy the outdoor seating, get food & drinks, bring questions, problems, solutions to help the community!

See you all soon!

I’m sorry for the late reply everyone!

I’m stuck at work tonight an unable to make it to New Haven. I know a few people showed interest in attending so feel free to stop in if it isn’t too much of a drive otherwise I’ll be organizing next months and make sure we can all talk again soon!

Looking for some input BP Community.

Keep in mind my goal is to maximize cashflow per month, I want to keep accumulating rentals, and I don't really care about the market/property value alone since my focus is on the cashflow.

I own a 2 family in a partnership with 1 other person.

- The remaining debt on the property is just below $130k

- Last appraised at $192k

- The Mortgage currently is right around $1,200/ month

- 1 unit is rented at $1,050 per month

- 2nd unit is about to be vacant and we will need to complete a full renovation (previous tenant was in place for 7+ years)

   - But this unit can rent for $1,150-1,250 and I already have 2 separate people interested in applying to rent once we renovate

Here's the dilemma. This property is in rough shape.. will need a main roof done soon, will need siding, will need all new windows, both boilers are older, oil tanks are older... clearly, it's not ideal

But, the 1st unit I renovated and can be rented as-is for years.. with expected turnover repairs.

Once renovated the 2nd unit will also be in good condition and capable of being rented for years as-is.

So while I would have preferred we had this property completed updated from the start, the fact that the units are updated and the property can cashflow make me happy and makes completing future repairs easier.

- Once both units are updated and rented the Gross rents will total $2,200 per month. 

- I've talked to my loan officer who gave me a rough quote that we can refinance to get the PITI below $1,100 per month.

* This makes me want to keep it, I'm a contractor who's comfortable completing smaller repairs as needed myself, and I have reserves to make large repairs on the fly if needed by hiring out work, otherwise I like the cash-flow for this property in order to build up some more reserve and start tackling the larger repairs a couple years down the road.

* My partner wants to sell and get out (which we tried doing at the start of the pandemic, but because the property needs so much work we had no real interest). And I'm not confident we could sell it even if we wanted to as-is for a price I'm comfortable with.

*My thought is, I would sell if we got a great offer over the appraised value (Over $192k) and we can each walk away with around $30k cash, otherwise I'm very interested in buying out my partner and keeping this property for the cashflow, and dealing with the large repairs. 

- But.. I'm not sure how to determine a reasonable buy-out price if I go that route, should we list and gauge the interest in order to accurately find a buy-out price?

If you made it this far... What are your thoughts, what would you do?