All Forum Posts by: Ryan Fischer
Ryan Fischer has started 4 posts and replied 18 times.
Post: I get asked "So, how many properties do you own?"
- Rochester, NY
- Posts 20
- Votes 2
Originally posted by Robin Grimes:
My response If I was them: "oh I see. You're an a hole. Good day".
Post: I get asked "So, how many properties do you own?"
- Rochester, NY
- Posts 20
- Votes 2
Originally posted by Jeff S.:
I do? I'm not even sure what that means.
Post: How did you acquire the funds for your first investment property?
- Rochester, NY
- Posts 20
- Votes 2
Originally posted by Marv Rousselow:
If you want to start investing but are limited in your funds and/or credit I would recommend starting off using investing techniques that don't require money or credit.
There are many types of investing methods to use such as wholesaling, lease options, lease assignments, sandwich lease options, partners etc...
I would recommend finding a mentor to teach you how to invest in real estate to avoid costly mistakes and save you time from trying to learn on your own.
Also the investing technique you consider will need to be determined by how much time you have, how motivated you are and it is vital to know why you want to invest.
I don't invest because I like to work, I invest to create financial freedom to do the things in life I have passion for such as spending time with my family and not having to worry about money and the stress it causes in my life.
If there is anything I can do to help you get started please let me know.
Remember anything the human mind can conceive and believe it can achieve. Norman Vincent Peale.
Good Luck!
Marv Rousselow
Hi Marv,
Thanks for the advice! I have the cash to put down a downpayment on an inner city property. But I'm not sure i want to go that route. I would have to save for a whole longer for the downpayment on a nicer property in the upper scale part of town.
Any advice you could give would be great. Could you explain more about the lease options and other stuff you mention?
Ryan
Post: How did you acquire the funds for your first investment property?
- Rochester, NY
- Posts 20
- Votes 2
Curious to see how different people have done it. When you FIRST started, how did you acquire the funds to buy you first property? Mortgage? Savings from primary job? Inheritance?
Post: Inner city opportunity residential plus commercial looking for advice
- Rochester, NY
- Posts 20
- Votes 2
Originally posted by Ned Carey:
What you could be missing:
Are the rents actually being paid?
Are there hidden issues with the building?
Are the expenses abnormally high?
Does the building meet current code and Zoning? (owner dumping becuase expensive upgrades needed)
Is something changing that could affect the value? (new road coming through that would divert traffic)
I am not trying to scare yo an most of these are not likely, but things like these can come up. That is why you need to do your Due Diligence. An attorney and or agent can be of help.
Good luck - Ned
I appreciate the help!
At first glance, I assumed the price was an indicator of the area. But I will definitely look into everything you said!
Post: Inner city opportunity residential plus commercial looking for advice
- Rochester, NY
- Posts 20
- Votes 2
Looking to purchase my first property and have been watching the market for a few months. Came across a 2 bedroom, 1 store front property in an inner city area. All 3 are currently rented and bring in $1500 per month total. Could use minor renovation, but nothing major. 96% occupancy the last 12 months. They're asking $44,000.
Using 50% rule, approximately $750 per month will go towards expenses. Approximately $300 towards loan. From my perspective (without your knowledge), I'm seeing a $450 per moth profit.
My question - do you see anything i'm missing?
Post: I get asked "So, how many properties do you own?"
- Rochester, NY
- Posts 20
- Votes 2
Originally posted by Seth Williams:
The "number of properties owned" doesn't really say anything definitive about a person's wealth, income or experience (similar to Michael Siekerka's point earlier in this thread).
It's kind of like judging an athlete based SOLELY on how much they can bench press.
Bingo.
Post: I get asked "So, how many properties do you own?"
- Rochester, NY
- Posts 20
- Votes 2
I am shocked at how secretive some people are. Asking how many properties you own is intrusive? Asking how many properties you own is the equivalent of asking how much money you make?
I think that's silly. You could own 300 properties and be losing money each month, and mortgaged to the hilt. Telling someone how many you own has nothing to do with your financial state or how much you make. All it does is give them an idea of how much work you have to do to keep them all going.
Remove the stick from your buttocks lol