All Forum Posts by: Ryan Irwin

Quote from @R. Elle Berry:

Every landlord eventually runs into the issue of late rent payments. I’m wondering how other investors/landlords handle this. Do you stick to a firm process (late fees, notice to cure, etc.), or do you take it case by case depending on the tenant’s situation? I’d love to hear what’s worked best for you, especially in balancing professionalism with tenant relationships.

One thing I would highly recommend is using software (like Rentredi) that automatically charges late fees.  That way, the software becomes the 'bad guy' but also, it's consistent and automatic.  Certainly I think that you need to be a human and have a communication line with your tenant (or your property manager should) versus automatically starting the eviction process on day 10.  However, setting expectations at the beginning is CRITICAL and maintaining consistency is ESSENTIAL.  Screening is hugely important, but won't eliminate all the instances of late rent, but if you start to bend or not follow processes/rules consistently, your can of worms just got a lot bigger.  

I've had a VA in my businesses for at least the past 15 years. Like @Drew Sygit mentioned, as with any employees, need to screen and manage.  One thing that has been a gamechanger is having weekly sync meetings.  I send out the notes from these meetings and it's a worksheet for the weekly tasks.  Do your due diligence, determine the job description/roles and then manage.  

This is a great question Kelly.  While there are countless others that have scaled their flipping business more than me, I have grown mine more than I initially expected and continued through the challenges and obstacles.  

Probably the thing that has been the biggest factor is to run the business like a business.  This has included:
*Financial oversight with budgets and bookkeeping, having a finger on the pulse of cashflow and financials
*Regular communication with partners (business partner, accountant, contractors and investors)
*Implementing weekly sync calls to go over short and long term goals/lists (highly recommend the book Rocket Fuel by Gino Wickman on this one)
*Strategic planning, focusing on not just the current projects, but looking ahead and having plans in place to maintain momentum
*Analysis of each project to determine wins/lessons and use these to continue to improve

I think regardless of the business, being intentional versus random and careless certainly makes and impact on progress and scaling.  

Quote from @Jonathon Cornell:

Hi all. I'm relatively new to investing. I'm looking to explore the market in Iowa, Des Moines, specifically. I would like to gain more information with those that either work in the area or are currently invested there. Thanks so much for the help in advance.

 Hey @Jonathon Cornell great to connect!  I'm in Des Moines too (and was at @Darson Grantham's meet up last night as well).  Look forward to connecting and continuing the discussion!  

Welcome Derek!  As a fellow Iowan, great to connect!

I'll shoot you a DM, looking forward to seeing your project continue to make progress.  Again, welcome to the BP community!

Great question Kelly and I agree with what @Syed Ahmed said, I like to have multiple options available so I can be ready to go when a deal is there.  This is a combo of hard money, private money and if an option, seller/creative financing which allows a 2 week turnaround for closing.  Regarding bottlenecks, the titling often is the biggest one, but thankfully that falls on the seller.  Another is insurance these days (takes longer than it used to), so getting that in place right away is key.

Having discussions with the funding partners helps plan to know what they are looking for so can match the deal with the funding source. For example, I have a HML who has great terms for a cosmetic flip, but I have another who is more open to a more extensive flip if it makes sense.

Bottom line, having a larger network gives you the most options and opportunity for success. 

This is such a good question Nate and I think one as entrepreneurs we always need to be asking ourselves.  For myself, it's always what is the most valuable role I can play in my business?  For me currently, it's finding deals, managing the financials/budget and maintaining relationships with our partners/investors.  

My other partners do the things that they contribute to best (managing the contractors/rehab projects, etc.)  Find your strength and skillset, then find a team to do the other aspects that you either aren't as good at or don't enjoy doing.   

There's not one size fits all.  Depends on a lot of factors specific to the property.  I will also say that one's experience is a big factor too.  Specifically, to be successful at flipping, it's not just doing one and expect it to go well, it takes a lot of infrastructure, experience and a solid team.  

That said, if an investor has experience and the team for either, both exit strategies should be looked at.  If can buy it right and it is a 'grandma clean' house, might make sense to flip and repurpose the revenue.  If it's more turnkey (and there's no margin to flip), there might be some good cash flow opportunities for a LTR.  

It's good to have multiple exit strategies and see which one has the greatest opportunity and ROI.  

Hey Dalton, absolutely.  There is a monthly meet up the 2nd Tue of the month, along with a weekly Fri AM.  Please send me a DM and I'll help get you connected! 

Hey @Joe Hargrove congrats on getting started in real estate at such an early age!

As a fellow Iowan, I can tell you Iowa City is a great market.  Regardless on if you're in a college town or not, still need to run the fundamentals (comps to determine market rents, capital improvements needed, holding costs such as taxes and insurance).  

That being said, while I don't have any of my properties in a college town, I know there are some unique aspects.  Specifically, rent timing (correlate with the school year), along with possible pad rental and other things more unique to a college town.

Keep doing your market research and use this forum as a sounding board for questions, thoughts and ideas!