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All Forum Posts by: Ryder Meehan

Ryder Meehan has started 86 posts and replied 196 times.

Post: New member from Richardson, TX (Dallas / Fort Worth)

Ryder Meehan
Posted
  • Investor
  • San Francisco, CA
  • Posts 201
  • Votes 95

Welcome @Jonathan W.!

I'm having a lot of luck with my multifamilies in DFW and things just keep getting better.  Educated yourself and pull the trigger when it feels right and you'll do great!

Post: Hello from San Francisco!

Ryder Meehan
Posted
  • Investor
  • San Francisco, CA
  • Posts 201
  • Votes 95

Hi @Emily Powell we are meeting next Friday (3/18).  Please join us!

Post: How do I figure out the best rental price for a unit?

Ryder Meehan
Posted
  • Investor
  • San Francisco, CA
  • Posts 201
  • Votes 95

@Jeff B.Agree that move-outs are expensive to turn over the unit and create work for an otherwise passive REI. Do you increase your rental rate to market rate when renewing a lease?

Post: New Member Here - What's Up Y'hall?

Ryder Meehan
Posted
  • Investor
  • San Francisco, CA
  • Posts 201
  • Votes 95
Welcome bro!

Post: Your 1st day after signing & beginning your career as a landlord?

Ryder Meehan
Posted
  • Investor
  • San Francisco, CA
  • Posts 201
  • Votes 95
Give him a month to acclimate that you are the new landlord. Introduce yourself and friendly but be his landlord first and his friend second. After a month present him with the rent hike first by email so he has time to research and confirm the price is fair. Then call a few days later if he doesn't reply. Do not accept less than market rate or you're just owning real estate for fun.

Post: Trying to Collect Rent from a Tenant

Ryder Meehan
Posted
  • Investor
  • San Francisco, CA
  • Posts 201
  • Votes 95
I had a tenant in Florida who was wanted by the police and no surprise didn't mail the check that month. I called and texted with no response. Since he abandoned the unit I knew mail was pointless so I emailed him an eviction notice, suddenly I found a man that the police could not! He even mailed me a check the next day!

Post: How do I figure out the best rental price for a unit?

Ryder Meehan
Posted
  • Investor
  • San Francisco, CA
  • Posts 201
  • Votes 95
Dana Hoffmann pretty much covered it. One tip I would add is to only use a 6 month lease terms unless your market is stagnant or your property class is poor so a the turn over would be very expensive. In downtown Dallas I own a 4plex that the seller had just signed a 2 year lease on one of the units before I bought. Now every other unit rents at $895 and that one is stuck another year at $620. Even now the market is over $950 just in the last 6 months!

Post: Mobile home lots not in a park?

Ryder Meehan
Posted
  • Investor
  • San Francisco, CA
  • Posts 201
  • Votes 95
Jeffrey H. as Lynn Bown mentioned the cap rate is shaky once you consider insurance, management, vacancies, interest costs. In full disclosure I've never owned this unique type of property but 93% CF seems optimistic. What is your monthly estimated cost? Is the seller negotiable on price? This starts to look sweet under $550k. Would you buy and hold long term?

Post: 10 units in 10 years. Need Advice

Ryder Meehan
Posted
  • Investor
  • San Francisco, CA
  • Posts 201
  • Votes 95

@Joe Splitrockit's possible he might be able to save more.  I'm guessing he is paying 35% or so in taxes on job income though which immediately knocks it down to $80k take home.  Living on $20k is doable but rough, especially for 10 years.  

Retiring at 27 sure sounds good!  I'd be moving to Central America tomorrow living on my $5k cash flow like a king if my wife didn't have anything to say about it.

Post: 10 units in 10 years. Need Advice

Ryder Meehan
Posted
  • Investor
  • San Francisco, CA
  • Posts 201
  • Votes 95

@Chai Jonn$10K passive cash flow is a lofty goal but 10 years gives you plenty of time.  Your income of $120K should give you at least $40K to invest with, especially since you live in Austin (not SF!) where cost of living isn't too bad.

Here is what I would advice:

1) Save up $40K which gives you plenty of time to read and educate yourself as an REI

2) Buy a class B multifamily (MF) property (in an area you would want to live) in the $300K-$400K range, which should get you 4 units off the bat (you said you wanted cash flow (CF), not appreciation). Use an FHA loan for the loan interest rate and lower DP. Put $30K down and reserve $10K for emergencies. Open 2 credit cards with intro offers of 0% APR for 21 months which are really easy to get - I like Citi Preferred Diamond. The rented 3 units should cash flow around $600/mo to start if you buy right then go up as rental appreciation occurs.

3) Save for another 6 months from your job ($20K)  plus your previous reserves ($10K hopefully you still have it) and the CF from you MF ($3600)

4) Purchase another MF with your savings. This time you need the full 25% down since it won't be an FHA loan. This probably means you can only get a duplex around $200K and it could be lower class B or upper C. CF should add another $500/mo. You're already at $1,100 in less than 2 years!

5) Keep the cycle going, save $20K-$40K then by a MF adding $500/mo in CF.  Invest all the CF into the next down payment - of course pay off those early credit cards when the time comes - or if not at least balance transfer to a new 0% card again and again until you die (just kidding! or am I - no I am)

6) In 10 years or less you will have your $10K in CF