All Forum Posts by: Rylan Kean

Hey Michael,

Yes, typically a property that is currently occupied leads itself to be sold at a discount for the simple fact it makes viewing and inspecting the property much more difficult. If you are going for retail, the best thing to do is to wait until their lease is up and not renew. If you are selling as a rental property, then you wold want to price with a mix of the property value and rent. Location plays a huge role as well. 

Would be happy to chat if you are interested in using an agent, I am an investor and agent who is very familiar with buying/selling rental properties. It doesn't sound like it would fit my criteria but would be happy to provide a CMA and introduce potential buyers depending on what we landed on.

Feel free to message me or click my profile for my number. 

 That is actually completely false. It absolutely has to go through a partnership or corporation. Yes it is self reported, but it has requirements. I can also tell you that the amount you have to improve the property is not equal to the purchase price. It’s a percent calculation of assessed land and property value multiplied by the purchase price. Other then building on raw land almost no property would work as an actual investment if you had to spend the purchase amount on improvements. Lastly, your original gains aren’t tax free, just the base reduced. The new gains on the investment are tax free after 10 years however that tax bill on the original is due Dec 2026 no matter what. 

I have sat through several presentations, gave our own presentation two days ago, read the whole irs guideline currently in place (they haven’t even finalized these either)  and have actual investors working to do this with us. We also have a real estate focused cpa who is an expert in ozones and real estate who assists us in developing our strategy. I would advise anyone looking to do this to consult an expert because it’s not that simple, nor is it something you can jump into and figure out later. 

@Bryce Stclair man stop creating these fake posts with misleading information being all shady and stuff, HAHAHA! What is that guy even talking about. Great questions buddy, should have invited you to our presentation yesterday in Nashville with some of our investors (my bad!). Seems like the feedback we got was its a good incentive, but not enough to push people to do questionable deals. Basically, if its a good deal already then its just icing on the cake to be in the zone. These guys really emphasized that investors want that liquidity option for the most part. Creating a fund would have to be well thought out for those who might want to leave the fund early, and how they are going to pay that tax bill due in 2026 no matter what. Give me a call if you want to get deeper into it, our team really feels like we got the details nailed down. 

Thanks everyone. The property is south of Drake, but it appears to be cash flowing really well with full tenancy. Still analyzing the deal, but I certainly have some strong concerns about it. With the continued gentrification of other areas, these areas will surely get a boost in residency from those who need sub $500 rents. At least I would think. 

Would love to connect better with anyone during one of our trips down. We are going to a few REI meetings and want to network with you all. Our structure has always been to help bring up the neighborhoods we invest in.

Thanks everyone. The property is south of Drake, but it appears to be cash flowing really well with full tenancy. Still analyzing the deal, but I certainly have some strong concerns about it. With the continued gentrification of other areas, these areas will surely get a boost in residency from those who need sub $500 rents. At least I would think. 

Would love to connect better with anyone during one of our trips down. We are going to a few REI meetings and want to network with you all. Our structure has always been to help bring up neighborhoods so that everyone wins.

We just went under contract on a medium size multi family unit on Patton Rd by Redstone Arsenal and wanted to see if anyone can shed light on the area. Have heard a few negative comments about the area. A lot of multifamily around, but when we walked our unit, it certainly felt safe. The unit is all 1/1's that are currently rented at $425 on avg, but the unit is in pretty rough condition. A lot of comps seem to be all over the place, but we were looking to stabilize around $475-500 over the next year or two. So basically looking for the following answers:

1. Thoughts on Patton Rd area?

2. Market rent for 1/1 in that area?

3. How is vacancy in the area?

4. Recommendations for property mangers?

Hey Erica, 

Unfortunately in our area those numbers don't work. Most properties are top dollar right now, which is squeezing the profit margins slimmer and slimmer. There are deals out there, but from a wholesaler stand point you need to be creative in digging up your leads. The prices you are seeing are retail, not off market. I have made several low offers and its typically a waste of time in our area due to the low inventory and high demand. Also, investors work off of different numbers; for example, we don't typically touch anything with less then $30,000 profit but some will do $5,000. To each their own. 

Thanks everyone, greatly appreciate the feedback. The inner me just wants to save money, even though the best accounting software will cover this cost more then enough. 

Rylan

Fortera doesn't do commercial portfolio lending. My personal favorite is Cumberland Bank and Trust, see Geoff Livingston and tell him I sent you. They are great at commercial lending and can get very creative in certain situations. With high enough ARV and purchase price you might get some of those unicorn financing deals you read about on here.

Some other strong contenders that we are exploring for lines of credit now that we are really established, Farmers Bank (in Nashville but do deals here), Planters Bank, and First Advantage. 

Hope that helps. If you are ever interested in doing any private lending let me know, we have more leads (we mainly stay in the Nashville market) than we can finance.

A little background first... 

I just opened an company with my partner in Nashville, we will be a partnership LLC. This is no longer a side hustle, but rather a full time career with a partner who has been doing this for several years. I am bringing the organization and project management pieces to the table, but I have not been self employed in many years. Our company is involved in rehabs, rentals, wholesaling, and retail real estate. It is also important that the software is scaleable as we have already done 7-12 projects at a time with expected exponential growth as I come on board full time. During my research and work on setting up the accounting side of the business I have come across a few platforms that I want to get some expertise from the BP group on. Yes, I already took a search into the forums, I would like to note searching for specific items can sometimes be a challenge (hopefully they fix that soon).

Software goals:

- track expenses w. mileage tracker

- work well with an accountant (already selected and uses quickbooks, but ok with us using something else). 

- mobile and multiple users

- project management 

- ability to track multiple projects 

- potential employees in near future

- tracking contractors 

So from what I can see the leaders are Quickbooks, Freshbooks, and Wave. What is your favorite and why? PS. Wave is free so I am having a hard time walking away from that one.