All Forum Posts by: Ryan Dossey

There are two types of landlords those who:

A) View their tenants always as a paycheck, sometimes as an inconvenience, and rarely as another human being. 

B) Those who view them as the people we are fortunate enough to have paying our mortgages.

I'll go with option B.

Do we have rules, policies, and procedures? Yes. Those dictate what we do when residents are late. (Including when we show Grace & how often.) 

We still provide quality housing and treat our residents with dignity and respect. (Even in an eviction.) 

Vengeance is not mine to take.

We had a break in to the property. Damages were minimal. Someone spray painted their name on the floor and they stole about $800 worth of fans. We are currently working with insurance on starting the renovation. 

They initially asked for one bid including everything (but itemized).

They have no asked us to separate remediation from renovation. 

We should have the "all clear" to start remodeling shortly. 

Someone in my Facebook group shared an awesome resource for remotely monitoring properties. 

https://www.wyzecam.com

Obviously you would still need wifi but these are way cheaper than Nest Cams and get great reviews. 

*We also now add the security plate/screws to every project/rental we do. 

@Steffany Boldrini This is more from the attendance vs investor side... 

I would look at current/past 24 months financials. Are they stable? Do they bounce all over the place? 

I've seen churches manage their money incredibly well with rules about their max DSCR and reserves...

And ones ran like the wild west.... 

I would think your best bet would be to sell to the tenant you place. 

My one word of caution (from personal experience) a church is a risky venture due to the nature. If the pastor has a moral failing, takes an unpopular stance, or drama starts it can tank fast. 

We grew up in a church that was thriving and an awesome community. The lead pastor decided that he wanted to also run the youth group. (This church had a MASSIVE youth group.) When he announced this over 60% of the church left, in a matter of weeks. 

They were starting to build/expand and none of that has happened. 

They're also down to a hundred or so folks vs the much larger size they ran before. 

Your results hinge as much on the morality of the pastor as they do the asset. 

Best of luck! 

 

@Shawn Underwood Where are you looking? MLS?

Off market? All. Day. Long. 

You may have to go up to 75% but that still is extremely doable. The problem is most wholesalers can get upwards of 80-85% of ARV - repairs in this market. If you want juicy deals you have to get the deals yourself.

@Simpy Cheema I would suggest with checking the local forums. I would also suggest posting a list of ways you can add value to their business. It could be free labor, doing grunt tasks, or paying them. In my experience and with me personally I'm most likely to help someone who comes at me from a serving angle vs a teach me angle. 

I hope that helps! 

PS: Also post a little bit more of a detailed title. You're not going to get a get CTR (Click Through Rate) or response if folks don't know what your post is about before clicking. 

EX: Will work for free under investor in Vancouver! 

Vs: real estate investor 

@David J. I see a few issues. 

Typically what you're going to want to talk to is a local community bank that carries their paper in house. (Not sold on the 2nd market) 

Typically they're offering 75% of ARV at around 5.5 % interest typically on a 15-20 year am.

Issues I see you hitting: 

Your profile says that you're in Cali. Most of these banks are going to want you to be local. (easier for them to track you down and drag you to court for your PG if you default.) 

Most banks really don't lend on properties sub 30k. 

Best of luck! 

@Christopher Abernathy Welcome to the best community for investors in the world. I would look at doing a cash out refinance. You MAY be able to get 80% but 75% is much more likely. This also allows you to not have to get a mortgage & a heloc. It sounds like you've got some experience in building. I would just caution that I'd be careful draining equity on a home to invest. While it could work great you also want to look at the worst case scenario! 

Best of luck! 

@Dave S. My initial glance is that she's been late 50% of the time. A foreclosure is a bit of a different beast vs an eviction. 

Secondly if she is having a hard time 50% of the time paying $1,150 what do you think would happen when she gets hit with a serious repair? 

Unfortunately a large portion of our residents operate on pay check to paycheck margins where a simply repair... Garbage Disposal for instance would go unfixed. Something like a Hvac repair or roof... They would have no way of ever fixing it. 

We find one of the large reasons folks rent is that they like having a "cap" on potential expenses and the ability to move if you and I don't do a good job of providing clean housing. 

I've got family in Franklin and Nashville is a crazy market right now. I would suggest also reading @Anson Young 's book on getting good deals. That's paramount with where we are in the market cycle! 

Personally I would look at BRRRR deals. Depending on your market that could potentially allow you to do 2 at a time and refi all your cash back out over and over again.

The problem with 300k down is that you've effectively got "dead equity" stuck in those deals.