All Forum Posts by: Patrick Ryan

Talking to a friend last night who just opened Renters Warehouse in St Louis. It sounds like there are some good deals there....lots of houses for $25k-$50k that fetch $800 rent.....thats legit ROI compared to up here in MSP where its $1300/$150k invested.

Apparently evictions are easy in St Louis. 

Paying for the entire term upfront is definitely not a red flag. In fact, it diminishes all risk for collections, quite the opposite. Paying 2-3 months rent upfront to have you overlook ****** credit, or income is. In regards to finishing the basement, I would say no unless rent was raised to the price per sq foot average in the area. 

My favorite way to collect rent is via Wells Fargo SurePay. Its a free customer to customer transfer. Its nice because it creates a paper trail for you. You can ask people to set up automatic bill pay too, that way you get a check every month and the tenant doesn't have to do **** because its automated 

My favorite way to collect rent is via Wells Fargo SurePay. Its a free customer to customer transfer. Its nice because it creates a paper trail for you. 

Hi Dave, 

Wondering how you choose which people to send the mailers to?

Or do you just send out a bunch to random addresses? GLGL on this place!

Hello,

I am gonna give Buildium a try. Any current users want to refer me? It gives us both a $50 credit.

PM me and let's get it done.

Thanks, 

Patrick R 

I have analyzed the best way to invest in real estate and try stick to three rules:

#1) Get your license and get paid 2.5%-2.7% of the purchase price when you buy the houses. Its nice to see $2-$5k hit your account the day after spending a large chunk.

#2) Pay Cash. I've seen banks take a $180k cash offer vs a $200k offer. So add the 2.5% plus 10% savings for paying in cash and your already hitting a 12-13% niche.

#3) Do the work your self. If your able, do it yourself. If not, try do the cosmetic contracting yourself, except for what you need city inspections on. Remember not to pay up until the job is done, and done right.

These three things represent the potential leaks of a flipper/investor, and how to seal them.

Hope it helps.

Patrick Ryan 

Dont lie.