All Forum Posts by: Ryan R.

Marc Cesar, I'm a somewhat new investor but here's my advice.

Keep It Simple. This game is all about the spread. Find deals that you can buy and sell for more money. There are various avenues to do this; wholesaling, rehabbing, working with a local investor etc.

The ONLY way you can do this is to know your local market. If you can accurately assess a property's value, and rehab costs, you have the potential to make money.

The old adage holds true; you make money when you buy.

Thanks Dawn A. We will have sufficient cash to cover a loan being called due. So we may be willing to try this for the first few houses. I have heard that is extremely rare for a bank to actually do this.

A partner and I have formed an LLC.

We are primarily interested in purchasing single family homes and holding them for long term appreciation and cash-flow.

We have a large sum of cash reserves. Our credit scores are above 750. We both have stable work history.

I'm meeting with a local commercial lender this Friday to discuss what they have to offer.

My question is, based on current lending practices, what would most likely be our best option for property acquisition?

Finance through LLC? Personal guarantee?

Finance personal and deed to LLC?

Purchase cash and then take a loan out for up to 75% LTV?

How have you done it? Any specific questions I should ask the lender on Friday?

Randy F., thanks. I just remodeled a bathroom and had trouble finding the correct way to do this. The toilet instructions and several pro plumbers specified mounting the flange on top of the finished floor. Due to support, I thought that it should be flush to the floor.

I ended up running the backerboard and tile right up to the pipe and set the flange directly on top of the finished floor. After a couple months, the toilet rocks forward...

Randy, do you set the flange on top of the finished floor? Or flush with the finished floor?

Does the whisperer use a crystall ball or tarot cards?

Corey Dutton, Ha. Actually, as I'm typing this message at my desk, I'm about 20 minutes from DKR stadium. I went to high school with a guy on the 05 national championship team.

But yeah, Gig Em for sure.

Corey Dutton, I'm not endorsing what this lady did by leading you into believing that you both had a deal. I would agree that she probably took this too far.

My main question was regarding the "shopper" comment. I guess the next time I shop for a loan I'll introduce myself like this: "hi, my name is Ryan and I'm a "shopper".

Oh and no chip on my shoulder. I don't hold grudges. In disputes, like the law, I typically give the consumer the benefit of the doubt.

Actually, I do that when I buy a car. Until the signature is captured, there is no deal. Did this shopper from hell do anything against the law?

I bought my first home when I was 21 and, looking back, feel that I was taken advantage of. I trusted my lender but by the time we got to closing, the rate had increased over a full point from our original agreement. I signed in good faith. I should have walked away and "shopped around".

I was more referring to this statement,

"In the lending industry, there is a commonly used term called a "shopper" to describe a person who is calling every lender in town to find the best deal on a loan."

Those of us on the outside looking in, would refer to this as doing your due diligence.

The next time you are in the market for a car, don't bother shopping around, just trust that the first dealership you're going to is giving you the best deal. You wouldn't want to be labeled a "shopper"...

I hope you aren't involved in the "blacklisting". Due unto others...