All Forum Posts by: Ryan Muska

Make sure to get references.

Make sure to contact their employer.

Make sure to visit their current living address (if able)

It's tight with that HELOC interest rate. If you can afford to break even/lose a little money for the next 8 months, then I'd do it.

I'd also do it with option C. Refinance only after you have done all the renovations. This will get you your most bang for your buck. 

I've heard some good money is made with tax liens

Exciting stuff! Keep up the good work!

1) Potentially pursuing a recourse loan as opposed to a non-recourse loan may provide you with the possibility of 100% financing. Also, potentially putting some personal assets as collateral could lead to this possibility.

2) LLCs cannot close under conventional loans. You can, however, get a DSCR loan and close with an LLC. You do not need to switch to and from LLC, you can do the entire thing in your LLC.

If anything was a fairytale, I'd say the 100% financing part is the closest part of your inquiry to being a fairytale.

Feel free to connect if you ever want more info!

You could talk to family, but sometimes money talks with family can get awkward.

Like @Chris Seveney said, the private money interest rates are in the 12%+ range right now. 

Once the work is complete, you can typically immediately get a refinance on the property and use that money to pay back the lienholder(s). 

Feel free to reach out if you have any questions!

Yes there are loans that exist for just renovations. Speak to a mortgage broker and they should be able to get you some options. I'm not licensed for residential in CA, otherwise I'd help you out. 

Good luck and happy investing!

Great cap rate, great NOI, great views. Have you had any experience with STRs before?

If you are a seasoned investor, I'd go for it. If you are a new investor, maybe start at a smaller purchase. But the property looks gorgeous, the numbers seem good. 

Not too well-versed on STRs, but I'd say go for it. What's the worst that happens?

@Devin Dougherty is right. Building a team is extremely necessary. Core 4: Realtor, lender, property manager, contractor. 

The world is at our fingertips and investing out of state is an extremely real possibility.

I suggest reading (or if you're like me, listening to the audiobook) "Long Distance Real Estate Investing" by David Greene. 

He walks you through all the myths and the changes that have happened to the industry in the last 15 years that have allowed for this type of investing to thrive. 

I'd also love to connect if you ever have any questions or need any insight!

If you are a cash buyer there is typically more power you will have in the negotiations. 

Also, once you get your offer accepted and get an Inspection and Appraisal done, you can negotiate terms based off the two. Lower price in the case of a lower appraisal or work to be done by the sellers in the case of inspection issues. 

Aside from that, making low-ball offers to the sellers will sometimes stick. You just have to do it enough times and success will eventually happen.