All Forum Posts by: Ryan Muska

People not in the industry most of the time wince at the thought of being a real estate agent. Yes, the market is tough right now, but that doesn't mean everyone stopped buying. You have to find the buyers. 

It's the same on the mortgage side, if less people are able to find homes to buy, then there's going to be less mortgages. But my business has actually started ramping up because I changed my approach and adapted to the current environment.

And it would have happened faster had I put all my focus on this one aspect of my career as opposed to trying other ways to make money. 

Here's my advice: Head first, all in on real estate. Expect the first 6 months to suck, but by then hopefully you have found a good foot hold and you can start really generating leads. There's a ton of ways to generate leads for free (realm of influence, social media, cold calling, etc.) so don't spend money on that stuff if you can help it. Find a good broker (I see your on this forum, so you may be more interested in working with investors. Great, investors almost never stop buying homes). 

Next, find a good mortgage professional to refer your clients to. If you can secure a good financial backer for your clients, then the clients will be more inclined to want to work with you. 

If you have any questions, I'd love to connect!

Check out "Long Distance Real Estate Investing" by David Greene.

That's my bible for the long distance aspect.

"30-Day Stay" by Zeona McIntyre is good for mid-term rentals.

I'm not sure what to recommend for STRs, but I'm sure if there is something in the BP Store, then that would be a good option.

I like talking to real estate agents and professionals in the industry. The front line workers will typically know the best information.

No experience, but bizarre that they are saying it will be considered commercial when it's more than 2 units. Everything I've ever read has been 5 or more units is commercial.

Keep doing what you're doing. My cousin went to Annapolis and had the chance to be a Submariner, as well, but couldn't stand the time underwater. Props to you for that.

You don't need an LLC if you're smalltime. But if you plan on doing it, you may have to personally guarantee the loan.

Mistakes I've made: Stay away from electric heating (electric bill in winter will skyrocket and tenants won't want to pay it), make sure to have an attorney look over any contract you sign (luckily hasn't screwed me too much but it could have), and have a good understanding of reno costs

If it is more cost efficient to use 3.5% down on an FHA or 3% down on conventional instead of doing a whole refinance just to save on the downpayment, I would suggest doing that. For example: If its going to cost you $4k to refinance, but only 3.5k to put a downpayment on a house...why not do the 3.5k? It's all circumstantial.

Prepare for headaches. They are unavoidable.

I learned this the hard way.

After getting my house closed on. The next week I got a letter from Travelers saying that my insurance was being cancelled. Luckily I secured new insurance (at a cheaper rate) immediately after, but that was a very stressful few days...

Welcome to the BP family!

Walk into town hall or the housing department and demand to be helped. They can't ignore you if you are right in front of them. 

If you don't have the time, put it up for sale. 

You may be able to secure financing from the equity you already have in the property, but if you do not have the time to do anything, then getting money is useless. At that point, just put it up for sale or contact a wholesaler.