All Forum Posts by: Ryan Tongue

 Hi Alecia, I love the idea of making myself a niche between engineering and real estate -- the trick is figuring out what that will be. It might be a good idea to look into what tech related companies are emerging with real estate-related products. Thanks for responding!

 Caleb, 

Is the licensing needed to work in the commercial space the same as if I wanted to be an agent selling residential RE? Does this vary state to state? Also, what's a dynamite brokerage?

Thanks,

Ryan

 Tyler,

I thought I'd respond with some advice, but in truth I'm not much farther along than you are. However, if you'd like to hear more about my journey I'd be happy to chat anytime. Just message me directly.

The biggest thing that has propelled me is building relationships. That fact that you're on this platform reaching out to people is great. It's how everything started for me...

Good luck!

Hi all!

I made my first post on BP 9 months ago. It was basically a plea for help. I knew I wanted to invest in RE, but at 22 while in college there were a few obstacles in my way. I was looking to BP for any sort of guidance -- I found it!

In the last 9 months, I formed a 3-person partnership, found a rockstar agent and through him a great lender, insurance provider, and so on. We fell in and out of a deal for a single duplex in the spring, but kept searching. I'm proud to say that we landed in what I believe to be a better deal: three duplexes from a single seller in a West Michigan location that we are very happy with. 

I'm sending out another plea! I graduate from the University of Utah in the spring with a mechanical engineering degree. I'd like to pursue sales, and for a while I thought I'd be looking in the tech industry. With how much I've learned over the last few months with these investments, I'm now thinking I might want to lean into real estate in some form or another after graduating. I'm particularly interested in the commercial space. If there's anyone who sees this that would be willing to hop on a quick 10-minute call to talk about possible career paths in real estate, I'd really appreciate it. I want to hear your stories! Message me on BP and we can set something up.

Original BP post (check it out to see how much of a dream this was for me 9 months ago): https://www.biggerpockets.com/forums/55/topics/1162005-first...

Best, Ryan

On a side note, if anyone's looking for a young, motivated, and incredibly knowledgeable agent in Grand Rapids and the surrounding areas, let me know and I'd be happy to connect you.

 

 Thanks, Steve

I'm more concerned about the possibility of active termites than the cost to repair existing damage. I have an inspection scheduled for tomorrow for the termites, but he said without tearing back walls it's tough to know whether they're active or not. 

I plan on installing some form of termite protection after purchasing anyway, but is there anyway to make sure I'm not buying a house with a full blown infestation that could become a bigger issue?

Hey guys!

I'm under contract for a duplex in Muskegon, Michigan. The inspection report came back showing signs of old termite damage. I'm a new investor so I haven't dealt with this before, but I'm aware that termites can potentially be really bad. The inspector doesn't think it's serious or current, but I'd really like some further input from BP. This is what the inspector said:

"One main beam has termite damage. Also found a few floor joists with termite damage. No dust was found so it appears like this might be from past and not current. Suggest treating the areas and possibly installing sister boards to firm up the beams. The main beam also has been cut to accommodate a drain pipe. This has effected the structural integrity of the main beam. This will continue to drop over time and should be secured correctly."

@Chris Seveney @Nader Shariff @Wesley I.

For what reason do you all use Chase bank? I'm curious about why Chase was the unanimous opinion of you all. 

I've worked with them before for personal banking -- one issue I'm having with Chase is that they require all users on an account to be present when setting up the account. One of my partners is abroad for the next six months, and there doesn't seem to be a good way around this.

Nader, recommendations on what banks investors are using would be great. Thank you

Hello all,

I recently filed for a new LLC in Michigan to hold investment properties under, and I'm currently in the process of looking for a bank to open a business checking account with. Essentially, I want all cash flow/expenses to be flowing in and out of a business account rather than my personal bank accounts.

A little background information in case it's important: there are 3 partners holding equal ownership in the LLC, only one of us lives in MI. We're looking for buy-and-hold long term rental properties that need minimal rehab work to be rent-ready.

If anyone has any banking recommendations in Michigan I'd love to hear them. I'd also really appreciate any thoughts on choosing a big national bank vs. a smaller organization, as well as advice on how to filter through banking options to find a good fit. 

I understand this is fairly broad, open-ended question. If any more information is needed to respond to my post please let me know! 

Thank you for any/all responses!
Ryan

 Hi Bruce,

In the event that I close on a property only to find a significant crack in the foundation, if I choose to immediately sell the property would I have to disclose the damage I've found? I know that morally it would only be right to do so, but I'm wondering if legal issues could arise? 

 Hi Andrew,

Are the potential issues you mentioned typically caught in a home inspection during the escrow period? What sort of contractors/professionals would you suggest I have walk through the house?