All Forum Posts by: Reed Rickenbach

#1.....block from day 1....4 hours....for calling...dedicate yourself to calling....that's the most important thing....and then fill in the gaps around it with your other activities....showing, paperwork, listing appointments. Be know as the guy who is in the office at 7:30am...preping to start calling at 8am...no meetings, no trainings, no breaks, no coaching, no excuses for 4 hours....That's your habit. That's what you do, That's who you are. You're that guy.

Chances are better to do it in the morning.....probably 8am-12noon. I hear some people start at 7am, but who wants to talk with a realtor at 7am. Fight me on that. Someone will.

Probably different times could work for the right person, but fewer of those people....you could do 12noon-4pm....or 3p-7pm....but I think that gets tougher...

Love it Bruce. That's my plan. From your perspective, who should you be calling?

1 Vote

In my market (Memphis) this is usually due to the property being tenant occupied. I would look at this as more of a good thing (opportunity) than bad. If a property is mis-marketed that will give you a better chance for less competition.

1 Vote

Quote from @Manny Vasquez:

Whoever needs to refinance better do it fast. I believe the slight "dip" in interest rates will be short-lived as the FED has stated that they will continue to raise the Federal Funds Rate, albeit at a much less aggressive pace than before. I'm thinking they will raise the rate anywhere form 0.5--.25 basis points. Keep in mind that the Fed's #1 job is to keep inflation in-check at a targeted rate of 2%-3% Y-O-Y. The latest inflation rate came in at 6.5%...lower than the last reading of like 8.9% or 9.1% (I can't remember but it was high) back in November or December. The 6.5% was welcome news as this means that inflation is going down but its still above the targeted inflation rate of 2%-3%.

I don't want to be a negative Nancy but I believe we are headed towards a recession, if not, it will be a slow-cession. The Empire State Index came in at negative numbers, the 2nd month in a row this reading has been negative, which has usually signaled that we are gearing towards a recession.

We are not changing our strategy, rather, we are excited about these times. I see prices coming down, properties sitting on the market longer which both bode well for making strategic acquisitions.

Mortgage rates are based on longer-term treasury rates which decreases with future inflation expectations.. so that fact that the FED continues to raise rates to damper inflation may be the one thing that brings mortgages rates further DOWN. Agree on prices and properties sitting.

1 Vote

I have STR's in Memphis and use a great manager. I am licensed as well. If Memphis is a market you're looking at, give me a shout!

0 Votes

Providence, Rhode Island

Did the new buyer sign the Assignment of Contract? Did the contract specify your assignment fee? If so, it sounds like you're in the clear. Keep in contact with the title company and make sure your fee is on the closing statement.

2 Votes

What do you mean by pull the equity out of the house to pay down the loan? If you pull equity you will be increasing the debt.

Is it rented? If so, will the rent cover the new note if you were to pull equity out?

What do you want to do with the proceeds? If you need to make $10-20k in repairs to the home, I would get a line of credit against the equity. If you want to buy more properties (and the rent will support more debt) I would look to do a cash-out refi.

0 Votes

Almost every time I've had a plumber clear a main line, they tell me it needs to be replaced. My approach is to wait and see if it backs up again, and then repair the main line. 8 out of 10 times it just needed to be cleared once. For the other 2, it is expensive. I replaced a long main drain and it cost me $12k. I now have the main drain scoped as part of my due diligence (by an inspector who would not benefit by having it replaced).

2 Votes

Legit operators that were around before COVID have slowed down because CoC and IRR have been compressed with so much competition. If your syndicator slowed down instead of taking advantage of a frothy market, that's a very good thing.

0 Votes

Austin, Texas

If you're going to try something like this, find a partner with experience. Seems pretty irresponsible to invest other people's money with no experience. Lots of mistakes to be made which are better made with your money first.

3 Votes

Lexington-Fayette, Kentucky

Interesting question. Commenting to follow along.. what happens if they miss the balloon payment? May want to make it 4.5 years just in case?

0 Votes

All Forum Posts by: Reed Rickenbach

Reed Rickenbach has started 4 posts and replied 188 times.

Post: Building a Successful Real Estate Career: Help Us Start out Right

Post: Listing with only 1 or just exterior pictures.

Post: With interest rates dropping, are you changing your investing strategy?

Post: Who can help with STR's in Tennessee?

Post: When and how do I get to close?

Post: Looking for Advice on Home equity opportunities

Post: Rusted main line

Post: why syndicators do this?

Post: First post alert!

Post: Section 121 exemption and owner financing