All Forum Posts by: Reed Rickenbach

Hey @Presley Balestreri - just be aware that with South Memphis (especially around that purchase price) you should expect higher R&M than listed. Not our best area. Make sure you have some trusted boots on the ground before you go through with this neighborhood..

0 Votes

Quote from @Bob Stevens:

Quote from @Dustin Street:

Quote from @Bob Stevens:

Quote from @Dustin Street:

I'm an agent in KC, and I constantly see deals that still meet or exceed the 1% rule. As a result I have a lot of people from other markets reaching out to me to see them. So I'm curious, what kind of deals does your market have?

Heck no, I have been getting 2 or more in the Cleveland markets for years and years, on top of the double, triple or more in value. I just picked up a 3 br all in 60k, value 125k, rent will be 1400, another all in 55k, rent will be 1200, 10 unit all in 350k, rent will be about 90k, with 58k NET, its ALL about knowledge and your team

You sound like you have pretty good values in Cleveland! Are you getting foreclosures and stuff or those are just the kind of deals you guys are seeing right now?

All off market, never listed props , many from owners that have had them for 20 30 years and just want to sell, others foreclosure. BTW most are in the better areas, the burbs, Again its ALL about your network,

Good luck

I want to be like you when I'm older, Bob!

1 Vote

Kansas City, Kansas

Get them involved early enough to where they can prepare to start when you close. If you wait until closer to closing, you can't hold it against them for having other jobs going.

1 Vote

Houston, Texas

Quote from @James Wise:

Recently a family member passed away, leaving me with a building that has $14 Billion in Equity.

What should I do with it?

Turnkey?

HML?

Flips?

Bet it on the Horseys?

You failed to mention that your $14 Billion appraisal came from Sam Bankman-Fried's offer to buy it with his coins.

7 Votes

Quote from @Drew Sygit:

One of the best features of real estate investing is LEVERAGE.

You can use cash to get loans and have tenants pay off those loans.

Syndications don't allow you to leverage your cash.

Assuming your syndication of choice is levered (they almost always are), you are still leveraging against real estate. In this case you're also most likely leveraging vertical integration from the syndicator, etc.

0 Votes

I am a buyer in Memphis. Send me what ya got.

0 Votes

Memphis, Tennessee

They will always try. However, if your plan is to purchase and increase rents, YOU are the one taking the risk. I usually land somewhere in the middle in this situation. You should get a discount based on vacancy. You should not be paying a premium before the work is even done.

1 Vote

From my experience owning AirBnbs, I'm not sure it fits as a solution to covering carrying costs unless you're planning on selling it as a turnkey AirBnb. You will need to furnish, list and get reviews before any significant revenue comes in. Of course, if you're planning on holding it long-term that's a different story. Make sure to check for permits etc in your area.

1 Vote

Chittenden County, Vermont

How much equity is A LOT of equity? Will need the current value to give any direction..

0 Votes

Quote from @Steven May:

Hi there! I graduated with my Bachelors of Nursing in May 2019 and knew I was going to be purchasing rental properties. I read all the BP books, listened to the podcasts alot and started with a house hack. While in orientation purchased another live in fixer upper and turned my first into a rental. Ended up getting my real estate license while being a full time ICU nurse at the end of 2020. Utilized my 4 days off a week to slowly try and get clients for the agent side of things along with some assistance with leads from my broker. Flash forward to 2021 - saved up as much as I could from the ICU nurse W2 position and purchased 2 more rentals - ended up going PRN at this time and picking up shifts when I could - then purchased my first self storage facility. My agent business started scaling up and kept purchasing storage facilities. I officially quit nursing about 5-6 months ago, have been quite successful as a full time real estate agent helping investors purchase properties in Kansas City and my real estate portfolio monthly cash flow has completely replaced my ICU nurse salary. Slow but steady and you can do it too. Wholesaling is great for some additional active income but you really need to focus on purchasing some buy and hold real estate for passive income. Utilize that W2 income to get as many conventional loans as you can and if you are in a position to house hack I 100% recommend starting that way.

I wouldn't consider 0 to 4 properties + 2 storage facilities in 3 years slow and steady. Congrats!

1 Vote

Columbus, Ohio

All Forum Posts by: Reed Rickenbach

Reed Rickenbach has started 4 posts and replied 188 times.

Post: First time Rental Property Analysis - South Memphis TN

Post: Is KC the only market where rentals can still beat the 1% rule?

Post: Contractor start timeframe

Post: $14 Billion in Equity. What should I do with it?

Post: $40k/month goal. Which strategy will get me there faster?

Post: The Connector Wholesale

Post: Seller valuation based on GPR?

Post: air B & B a flip house?

Post: Hold, Sell, or HELOC

Post: Transitioning Nurse to REI