All Forum Posts by: Ryan Sajdera

I would try to secure your funding first. Do you have any commitments from investors to partner with you? It’s difficult to convince someone to invest with you if you have no experience or money. I would pitch a few sample deals to your investors first and see how they feel, then start getting deal flow. The other option is to just wholesale the deal to another experienced investor if you find a deal but cant get financing/partners. 

Really its the story of what came first, the chicken or the egg? I’ve had investors say “find me a deal, then we will talk numbers”, but talk is cheap. Find investors that are educated and know what they want for returns. After all, “luck” favors the prepared. 

This is spot on. 2008 was so unique because there weren't laws that are in place today to protect people. Banks learned a major lesson. IDK if you've borrowed money lately, but I pitched a deal to a bank with a 2.0 DCR and they STILL required 22.5% down!

hahaha this is so good, I think we should start a new trend!

haha @Joe Villeneuve you are seriously my favorite person on this site. 

Yes keep it on file. I only say this from a personal experience of NOT retaining their SSN and then an attorney needing it for filing an eviction etc. The PM that we use said their attorney required it to file the paperwork. I've not personally undergone an eviction (the tenant got their life back on track) but the fact that I don't have their SSN now erks me a little.

Is 21st Mortgage nationwide? I'm really having a hard time with financing on a MH Park in AL! Banks are SO leery about anything mobile home here.

Save money and live below your means.  If you haven't read Set for Life by Scott Trench, you need to!

@Julia Rockwell congrats and welcome to the party! Get ready to learn! :)

I agree with Chris, this is weird gray water to tread in. 

You should run this through BDE Legal and at least see what it looks like from JAG's perspective. (Super easy, just go to BDE and ask to talk with legal). Legal will be able to tell you if this is something that is going to get you in trouble or not. I don't know your situation, or if you are the LT or NCO, but if something goes south and lawsuits come up, someone is getting relieved.. Just my two cents! Good luck! 

There's nothing wrong with waiting if its not the right time. Its all about how much risk you are willing to accept as an investor. If you can find a really stable property in a stable market, then maybe its ok. For me personally, if I risked it big before I was ready and went bankrupt, I would have an awfully hard time getting anyone to ever invest with me...Not to mention you will have a rough time getting a loan in the near future or renting a nice house. We jumped in with little money in savings, but I had multiple escape routes if things went south. We bought the property below market value, the property came with stable, long term tenants, and we had parents willing to help us out short term if things went poorly. Not to mention my income is fixed so there is a lot of income predictability and stability.. That's 4 escape routes. Just make sure you have your own escape routes jumping in, because the water is cold an deep in some spots... 

Remember, too, people have been "investing" in real estate for hundreds of years. I don't think its going to suddenly end tomorrow.