All Forum Posts by: Ryan Hill

@Jeremy Davis congrats on getting married. Thanks for sharing so much information..I didn't read a lot of the other comments so I'll likely be repeating someone. You can still buy rental properties in your current situation. Pick a market where houses are cheap (30-70k) and you shouldn't need to bring too much money to the table. If you leverage seller financing (at least a 24 month term) then you can have time to get some sort of income history before you need to go out and get a bank loan. There are private lenders out there that will give you 15-20-25 year loans as well without looking at your personal income as well. The interest rate will be higher but it is an option! Good luck!

Oh and you don't need to be buying where you live so that should open up some options for you. 

@Drew Simpson haha I'm sure there are a lot of things that come up. If you use creative financing allows you to put less money into a deal. Seller financing, hard money, private money, a mix of all them ect..

@Drew Simpson it sounds like you're having some fun...I've wanted to start a food truck at some point myself. If you're doing the BRRRR strategy you really only need between 3-10k per rental you want to purchase. If you're using hard money you'll need to pay for points/closing costs and have at least 5k on hand in case something comes up during the rehab or once you own it.

There are a lot of different ways to go about it and you could spread yourself thin if you don't have a specific market/strategy you're set on so make sure you take care of that first. 

I would recommend reading the book "never split the difference" by Chris Voss. He came on the BP podcast too if you want to go listen to that episode. The book is all about negotiation and is really helpful when you're talking to potential sellers.

@JaMari Young welcome! Have you picked your strategy yet? Will you be investing in Nevada?

@kalvin Seidl welcome to bigger pockets and congrats on getting to the point where you feel comfortable. Why do you say now is the best time for you to start? A few things to focus on when you get started are picking your market and choosing your strategy. Is this something you are planning to do full-time or a passive investing strategy? If passive, you want to make sure you build your team/figure out how you're going to finance deals before you actually go make offers on houses! Don't want to put the cart before the horse.

Hey Willy, that's great you are starting to invest! The numbers seem a little bit tight to me just looking at the price/cost ratio. Using traditional financing, how fast are you going to be able to accumulate enough rentals to get to your goals? For example, when I'm buying rentals, I aim to put down between 3-10k per deal between points/closing costs/cash on hand in case unexpected expenses arise but I'm using the BRRRR strategy and using hard money!

@Chris Gonzalez that's awesome you're looking at buying your first rental! Are you buying this rental in the same city you live? Are you managing the rehab yourself or will you hire a project manager? I would say before you buy the property, you should get a few contractors in there to give you a bid on the work. You can have them bid on the entire scope and request a line item breakdown to see how much the additional rooms will be. My guess is that will likely be over what you want to spend on a rehab but doesn't hurt to have the numbers. As far as rent goes, I like to do my due diligence on my own and talk to a local property manager to see what they think it could rent for with repairs you plan on. Let me know if you have any questions!

@Serena Tillman Congrats on the second kiddo on the way! I live in Denver and invest in the Southeast. Looks like from the replies above that you're trying to get 10 or so houses so you can spend more time with the kids not create a full-time job for yourself. You can invest out of state and delegate 90% of activities once you get everything set up..and if you do it correctly you shouldn't need to travel to where you are investing hardly ever.

@Abel Ruiz that's great you're getting started. I'm curious, what is your end goal with investing? How much do you plan on saving up for a down payment? The reason I ask is I was under the impression when I got started, that I needed a lot more money than I did!

@Gorden Lopes - Thank you! It's in zip 35805!