All Forum Posts by: Ryan Pozzi

We require payments through Cozy, but I haven't talked with our lawyers about how kosher a no exceptions requirement is so we'll take a check if somebody pushes back.  We just present it as the way we do things and, so far, no one has objected too much.

We've had good luck on the CB side of the river with James Owens of J.E. Owens and Sons.  They've handled a pretty wide variety of projects for us.  I don't know what their schedule is like right now but they're my go-to in this part of the state.

I asked my guy.  It's Ron Svoboda he's been working with at LF.  As rare as it seems to be on the whole, it's crazy that one local bank has two investor-friendly loan officers.

The process of taking over the mortgage at Cornhusker Bank has been smooth which is nice since the seller was in arrears and we needed some flexibility from the bank to get her back in good standing.  We've also started working with Lincoln Federal a bit.  I can't remember his name because my partner primarily handles mortgages, but they have a loan officer there who is an investor himself and he seems to understand the complexities of the business.  Hope all that helps!

People of BP!  This conversation really took off.  Thanks for that!  I have read every response - 106 so far - and some of you are nuts.  Me too.  I dig it.

My business partner saw this thread and pointed out that I should have been more transparent about the fact that I'm already retired - and not from success in real estate.  I had a good deal of professional success in my pre-real estate career, but mostly I married well and my wife's (much much more) success changed the game for me. Nobody ever puts that in their 6 Steps to, Nineteen Ways to, 47 Ideas for books.  It'll be the whole first chapter of mine - maybe even the whole book.

Chapter 1

Marry for love and then find out about the money.

Anyway obviously y'all are way ahead of me on this path. I've only done two deals so far and both were as much luck as acumen. (Probably more luck, actually.) We met the right people who needed fast money more than they needed full price. We're launching this REI business because we're excited about the possibilities and because, now that I'm spending more time at home, if I don't stop driving my wife crazy around the house I won't live to see my next deal.

All of that is beside the point, mostly I stopped back in to say thanks for all the perspectives and all the (mostly) friendly guidance.  Except for that one guy who told me to keep living like a slave if I didn't like cutting my expenses.  Somebody hug that guy.  Keep up the good work, BP!  I'm learning a ton.

Hey BP!  Who has stories for me about part of the purpose of the real estate business being doing good in the world?

We just did a deal with an abuse victim who needed an immediate influx of cash so she could use those dollars to move and start a new life away from her abuser.  She had tenants in the house and the numbers were good, but she didn't feel safe waiting even for a fast close so our lawyers wrote a conditional contract and we gave her the cash down payment she needed the same day at a bit of a premium to account for the additional risk, but nothing onerous.  We definitely made money, but it was also very rewarding for one of our deals to have the positive impact of helping her get out of that situation.

Not necessarily specific to abuse, but has anyone experimented with building their real estate business around do-gooderism in some way while also building passive income and wealth?

(I know many of us like to think that we take good care of our properties and that helps the neighborhoods we're in.  I agree with that 100%, but I'm looking for stories and strategies about intentionally taking that to a whole other level.)

These responses are very helpful!  They are reinforcing for me that I was only hearing one side of the story (or possibly mishearing one side of the story.)  I'm completely on board with a goals-based "work backwards to figure out how to get there" approach.

I think my wife and I are fortunate about the position we're starting in because we own our home and our card free and clear and we have strong savings and a well-funded retirement portfolio. The last of the major drags on our current financial life is credit card debt, but we've been working on it. We've gotten under $10,000 in carried balances and we have a plan in place to be down to one card by the end of the year. We're in our thirties so I still feel like we're keeping a good pace. I know many people come to the REI campfire with more left to deal with than we do.

We value community-based charitable giving and the arts.  I recognize it's a non-necessary luxury, but our symphony tickets, for example, are probably staying in the budget.  (Yes, I can hear the boos from the hardcore FIRE community folks in the room.)  I feel reassured knowing that, while there are other views that have worked well for other folks, a prioritized lifestyle and a smart budget, rather than specifically a deprivation-based budget, is a goal for many in this field.

Thanks so much for sharing your own journeys - and keep it up!  I'm digging hearing what it has taken for you to get where you want to go.

Hey BP!  I'm still quite new around here so I know I'm risking outing myself as someone who "doesn't get it yet" by asking this, but I've been consuming everything I can to try to educate myself - podcasts, books, forum conversations.  (I have yet to get out to a local meet-up, but  I'll get there.)  I think of this as part of what it takes for a new investor like me to get up to speed.

One thing that keeps coming up - particularly as I read my way through some of the titles folks on the podcast identify as their favorite business books - is the idea of drastically minimizing expenses.  I guess the volume and frequency of the "you must live an exceptionally modest lifestyle" message has surprised me and I'm curious if you have tips for how to accomplish the spirit of what they're saying without drifting into self-deprivation.  Live below you means, sure, but some of this advice...I dunno.

Of course I get that living on $20,000 a year, for example, would provide a big boost to my wealth building but I've lived on that income before, as I'm sure many of us have, and I don't recall it being very pleasant.  I don't need to splash money all over the place, but what's the point of using real estate as a tool to build passive income and increase my long-term wealth if it doesn't also improve my standard of living as I go along?  Sure my retirement would be GREAT if I save 50% of my income, but...  What am I missing here, BP?

Thanks, guys.  I *think* we've gotten everything on track now.  The lease option buyers are grumbling about the down payment, but they love the home and want to own it so I believe they'll work it out.  If not, buy and hold isn't the worst secondary strategy for us.

Hey locals!  Close to finishing a deal that will involve my partner and I taking over a mortgage that is through Cornhusker Bank.  It's our first experience with them and so far it's gone smoothly.  Since they're smaller/more local we've been talking about whether we should work with them to finance our next deal (likely a house hack in Lincoln) as well.

Does anyone have experience with Cornhusker Bank as a lender?  Beyond just rates and terms, are they easy enough to work with for investors?  Do you have a Cornhusker Bank horror story we should know about?  Thanks in advance!