All Forum Posts by: Ryan Ross

When is the next event? I'm looking to attend, I need some recommendations for contractors. thanks! 

Ryan 

Hi Everyone! I am doing research for my first BRRRR and trying to get quotes from contractors based in Northern New Jersey.

Can anyone recommend a great contractor near within 60 min of Morristown? 

We are looking to renovate a very old 2100 sq ft house that needs some cosmetic work, a newer 4-unit that also needs cosmetic work, and a SFR that needs a total gut renovation - it is only wood & wires (+ plumbing).

let me know!

Thanks!

Ryan

I have a real estate license, and I'm looking to buy my first rental property. Doing some risk management, i'm trying to figure out which areas will be the best to rent in. I'm told that the absorption rate is a good indicator of how likely a property is to be rented. What do you think? are there other ways to identify which areas are good for buying something to be rented? 

Article in the WSJ this morning about how foreign corporations are buying up SFRs. 

Thoughts on what this will do to the market? 

https://www.wsj.com/articles/t...

Hi Alex, Welcome! I echo Abel's statements - great points! 3 things to add:

1) Make it a daily habit of analyzing deals so you know what the market is bearing. BP Has a great calculator - use it every day. Go on Zillow, redfin, loopnet, and get to know which neighborhoods are yielding the best COCR. 6% might be realistic in some places, but totally unrealistic in others. Understand what you will need to fix, how much it costs to fix that thing, and learn what your ARV (After repair value) will need to be.

2) Develop relationships with bankers. Different institutions have different lending requirements, and depending on your situation, you may qualify for different financing options (FHA, VA). Identify some lending officers at local banks and understand what they are trying to lend on.

3) This is a long-term game, and making small, daily, incremental steps will pay off in the long run. 

Have fun! 

Ryan

Hi Daniel, I working on buying a (primary) house right now, we are using some creative financing (friends & family at a bank), but otherwise we would have needed 20% down. 

For a BRRRR, while I have not done this yet, I would recommend reaching out to regional banks or a hard money lender. They can be more creative with down payments, but they will require a credit score of at least 650. If this is your first investment property, expect to pay at least 10% interest. $80k can go a long way if you find the right deal, but it is all about finding the right deal.

You have 80k, so what is your criteria? think about this:
- Single family rental or multi? 
- 2 br 1 ba, 3 br 1 ba, etc? 
- preferred cities? 
- rural or urban? 
- how much work do you want to be doing? cosmetic or structural? 
- City sewer or septic?  
- how much profit do you want to make on the refinance?
- how much cash flow do you want to make on the rental? 

Cheers, 

Ryan 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Paul Moore hi Paul, too late to request your list of 22 criteria?

@Mark H. Porter agreed that some of these are subjective, thanks for the insights though, seems like it is worth looking deeper into the details of the crime.

@Jennifer Donley I love the idea of using a school district as a parameter.

Any challenges you have run into with Section 8? Or Surprising upsides?

Thanks!

Ryan