All Forum Posts by: Ryan Myers

@Justin Sheppard

Welcome Justin, there is so much to learn here, the site and people are great! Let’s connect sometime!

@Brian Hosier 

Hi Brian, I’m looking at buying in the Prince Albert area, so many opportunities under 100K that rent 1000-1200.....looking at tackling some Brrrr’s there 

Hi guys, new to the pro feature, i was able to upload my company image to the reports, but when printed it is so small can hardly see it.  Does anyone know a way to make your image appear larger and more visible on your printed reports?  thanks

Thank you everyone for your opinions and comments, much appreciated. So I called a investor friendly broker today which was referred to me, and told her what I'm wanting to do and what I'm looking for. So I purchase my first deal in my corporation, which I will be the guarantor for at least 2 years so the holding company can generate 2 years of taxes. Which will look good because I have a good credit score and income to take the risk off the lender. She also mentioned she has lenders that will lend on ARV and because its an investment property it will be 75% LTV. Also sounds like no seasoning period. I told her it will be under 100K for purchase and repairs. She's going to reach out to her lenders and touch base in a week. Sounds more promising than my first approach to the small credit union.

Ryan

@Odie Ayaga

Thanks Odie! Yeah LTC which would mean I would be leaving a portion of my money in the deal which would completely wipe out my capital over a few deals

@Alan Lacey

Yeah this was a bank, not the big 5, but a credit union bank. I get the feeling that I just need to get that first one under my belt and build on the relationship with them and things could be better going forward

@Derek Dombeck

Wow that’s awesome Derek! I should bring you leads for you to close and take a small cut :)

@Will Fraser @Kenneth Garrett @Andrew Syrios @Kris L. @Darius Ogloza

Thanks guys!  All well points raised forsure, cat and mouse game indeed, like why the appraisal then?  What about all my risk and efforts on finding and funding the deal, and asking for a simple refi? And here’s the appraisal.....yet they have no problems throwing money at you on your principle residence here on refi’s....my 5 year term just expired and we renewed and they were like ohh do you want to refinance....but yet when it’s the other way around they want to make things so difficult 

Hey guys comments please....gave my lender a scenario and he came back with this, definitely going to talk with others as well

Good Morning Ryan, typically when we are valuing properties that a member has purchased and renovated we look at the original purchase price plus the renovations

to a certain extent. IE if you buy a house for 50k and put 20k we would say the house is probably worth 70k. Now if you buy a house for 400k and put 400k into it, that house would not be worth 800k. Now in your scenario with an appraisal we would look at the

appraisal value compared to the cash spent value and decide if it is reasonable. For Example if you have 70k into the place and the appraisal comes in at 100k, we would not lend you 80% of the 100k as we would end up having the total price of the place plus

another 10k financed on our end and would then be carrying the risk entirely. Long and the short of it is unfortunately it varies by the situation and I cannot give you a definite answer based on the knowledge we have today. Thanks!

@Russ Wahl

I really am intrigued of the opportunity with the BRRRR strategy looking at getting that first one under my belt