All Forum Posts by: Ryan Sajdera

Congrats and welcome! If you ever look into investing in Manhattan, KS (K-State, Fort Riley, NBAF) let me know!

Hey Victor! Check out the tools tab. They have rental agreements by state on here that might be helpful for you!

Hey Jason! Great question. Are you referencing the COVID recession or 2008? 2008 was a unique situation created through loads of fraud and negligence, which I doubt we will see in the near future again. COVID on the other hand was great for the real estate market. The only people that suffered in COVID though were landlords that couldn't evict tenants because of the moratorium. I think rentals are a good stable game. Rents will go up and rents will go down, but everyone needs a place to live. When the economy goes south, people really need AFFORDABLE places to live. Just my 2 cents! 

Hey Ty, the best way to get into deals off-market is to network. Are there any investor groups you can join? Everyone knows someone looking to sell something. You don't know someone, so you just need to talk to everyone and everyone will eventually introduce you to someone!  Mailers to out of state owners is another way to find deals too. Sometimes you catch people that are just fed up and ready to be done so they'll entertain an offer!

@Raymond Singletary check out STESSA! Its a very investor friendly way of tracking your profits and losses and it syncs with all types of accounts- property managers books, bank accounts, credit cards etc for automatic importing and its free! I use it and really like it. They are always updating and improving little things to make it better too. 

@Nathan Grabau is correct, its entirely possible to do a quit-claim deed over to your LLC. You assume that risk though, if the bank calls the note due. Make your decisions based on your ability to manage and handle that risk. Have a plan if the bank calls the note due.

You need to really read and understand your state laws to get a good understanding. Your broker is responsible for everything you do or fail to do as a licensee. In Kansas, for example, I would have to disclose to any party in a transaction that I'm a licensed agent. Telling someone that you're an agent and that you're going to try to turn a profit on the home they're selling isn't usually positively received! haha. I would just be open and honest with your supervising broker- don't hide anything and just tell them what your intentions are. They will be able to give you the best advice and keep you out of trouble. 

Congrats on your purchase! Maybe you won't see massive appreciation like a SFR, but you are still on track to make a fantastic return! Just make sure condo and HOA fees don't creep into your cash flow! Poorly managed associations almost ALWAYS seem to get raised year after year. As long as you can rent it while you own it, and sell it when you're done, then I think you're in good shape!

Hey Dhwani! This isn't totally uncommon in this market to run into your situation. What should have been added is an Occupancy After Closing addendum outlining the price that the sellers will pay to you if you're looking for a bit of a "rent back" option. If you offered that much over, you could always ask and see if the sellers would be willing to rent back for exactly the cost of their previous mortgage (or even a little less). They don't have an obligation to accept, but you can't get anything unless you ask. Anything can be changed with an amendment to a contract signed by both parties.

Worst case scenario you eat the mortgage payment. Remember, though, depending on your lender, most initial payments are not assessed right away in the first month! 

Ryan 

Hey! Welcome to real estate investing!! Have you checked out BP's "Find An Agent" tab? They vet agents that work specifically with investors! You can find some in your area.  Hope that helps your search! Good luck!

Ryan