All Forum Posts by: Tim Ryan
Tim Ryan has started 20 posts and replied 604 times.
Post: Starting Out Investing While Finishing College

- Investor / Mentor / Contractor
- Arcadia, CA Buying Out of State
- Posts 654
- Votes 617
Your Alumni friend who is already doing real estate deals - will be your best partner. Make sure you get him/her on your team.
I believe in multiple partners on a business like this since (except for the alumni friend who actually might not have that much experience), y'all have no experience. So bound together and work as a team and take a smaller percentage if you make money.
I see so many would-be investors going it alone and never get anywhere.
Get a good attorney to draw up your LLC and spell out what everyone does and how you can push any of you out when they underperform. You can stay friends, but business is business.
Post: Raising Down Payment Money

- Investor / Mentor / Contractor
- Arcadia, CA Buying Out of State
- Posts 654
- Votes 617
1. Learn all about real estate investing. Know the lingo and the processes.
2. Find a good deal.
3. Beg family and friends to fund it for you.
They "might" do it if they see you've learned a lot and your business plan sounds very solid.
How do I know this "might" work? That's exactly how I did my first two deals...
(saving the money to have your own deal is the worst idea)
Post: is an LLC necessary?

- Investor / Mentor / Contractor
- Arcadia, CA Buying Out of State
- Posts 654
- Votes 617
100% yes
Post: Deals Come When You Are In The Game!

- Investor / Mentor / Contractor
- Arcadia, CA Buying Out of State
- Posts 654
- Votes 617
When I go into a new market I try to buy a property quickly. It gives instant credibility. Once you buy a few the deals start coming from all places you wouldn't expect.
I met a business owner in town and became friends. One day he calls me and says he and his wife want to sell a building they own and they thought of me. This is in Wisconsin and I'm in Southern California. He wanted to call me first? How cool.
Well, It's because I was seen as a player, a closer (meaning I close on deals I put under contract).
I said, "I didn't know you owned a building" and to that he said "yes, it's the building with two - first floor retail spaces and 9 apartments on the corner".
Dang, just what I love. Multifamily and with strong retail tenants as a bonus.
The rental income at purchase was $8400/mo. I paid $600k and got a local bank to loan 75% for 5-years at 3.85%. I brought in a partner who funded the downpayment. We didn't need to rehab except for a couple units when they became empty and we used cash flow (so no additional capital needed).
The rents are now $10,700/mo and we are cash flowing well. It's a great property with still a lot of upside potential. For instance we are raising rents now because we put in a laundry facility.
Morale of the story is to close on a deal quickly, then be the go to guy for off-market deals by doing what you say you'll do.
Post: Raising Down Payment Money

- Investor / Mentor / Contractor
- Arcadia, CA Buying Out of State
- Posts 654
- Votes 617
@Kyle Deboer Love your eagerness. Who's asking for the down payment? Just you?
Hmm, that means you haven't built your team yet. Other team members can fill your gaps of experience, lack of credit, etc.
Be ok taking a smaller percentage of "something" rather than chasing all of nothing.
Post: Newbie to Rental Property Investment, looking for suggestions on locations

- Investor / Mentor / Contractor
- Arcadia, CA Buying Out of State
- Posts 654
- Votes 617
@Kaylee Walterbach that is a really great spreadsheet I had not seen before.
I just sent it to a couple of people I am helping in real estate and I said: Ask yourself how would Warren Buffett read this spreadsheet?
Find the mediocre cities that you believe could have a future growth spurt. Research online can show jobs coming in and government adding assets to the area, etc.
Go in early to the market and buy cheap. Hold and ride the wave up...
So, realize that the big number cities may have already had their day, and you missed it. Be careful investors.
Post: Ready to invest in first property rental

- Investor / Mentor / Contractor
- Arcadia, CA Buying Out of State
- Posts 654
- Votes 617
Hey Stuart,
I don't know much about Vegas other than it just seems to keep growing. Not sure if price wise it's too late though.
I also one who invests in the midwest and previously in the south. Lots of factors to take in when picking a market. My advice is to bear down on One Market at time. We can jump all around the country as this is usually our secondary focus after our day jobs.
Post: Recent College Graduate and New Real Estate Investor in Los Angeles

- Investor / Mentor / Contractor
- Arcadia, CA Buying Out of State
- Posts 654
- Votes 617
Hello Elisha,
Welcome to the BP family. Being in SoCal I see you already understand the need to buy a rental out of state. I've been doing this for years now. Lot's to learn. Let's see how we can connect and hopefully can provide benefit to both of us especially since we are local.
Post: Off market deals! It’s easy find yourself some off market deals!

- Investor / Mentor / Contractor
- Arcadia, CA Buying Out of State
- Posts 654
- Votes 617
I have bought On-Market, and Off-Market. I agree with @Joe S. that its not necessarily good advice for newbies to go after that market.
But I will tell you how I found all my off-market deals, and actually anyone can do it. I did not use wholesalers (only once on a flip).
It's all about Networking in the town you are farming. It's imperative to get to know brokers, agents, other business people. The other key is to come to town and buy something quickly. It'll give you so much clout.
When you are seen as a player and someone who closes on deals, that's when the calls come. So it's more organic than a process. And it works.
Post: Should I cut my losses and start over?

- Investor / Mentor / Contractor
- Arcadia, CA Buying Out of State
- Posts 654
- Votes 617
@Theresa Harris. I think you are smart to see your real estate investments as long term. And having the tenants pay off your mortgage! ;)