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All Forum Posts by: Ryan Ingram

Ryan Ingram has started 9 posts and replied 238 times.

Post: Need a Hard Money/Private Lender Loans Between 50-75k

Ryan IngramPosted
  • Rental Property Investor
  • Dayton, OH
  • Posts 246
  • Votes 225

@Darrin Carey is really solid at this stuff. I'm not sure if he lends in IN as well, though.

Neal Wolf at NCCG may also be able to help. I think it stands for North Coast Commercial Group. I can give you his contact info if you'd like. 

Post: 1st Investment, BRRRR, and househack

Ryan IngramPosted
  • Rental Property Investor
  • Dayton, OH
  • Posts 246
  • Votes 225

Congrats Daniel! That is awesome!

House hacking is definitely the way to go to start! I also think moving into properties to take advantage of the home loan options is smart. 

I think the first one is the hardest, and the snowball really gets big before you know it. 

Keep the momentum going and when the going gets tough...I remind myself that it is a long term play!

Post: Hi all, Cleveland investor here

Ryan IngramPosted
  • Rental Property Investor
  • Dayton, OH
  • Posts 246
  • Votes 225

Welcome @Phil Chow I'd like to echo @Tom Ott, it is nice to meet other Ohioans here on BP. There will also never be a time where great contractors aren't in high demand. So, thanks for your work on that front too!

Post: House insurance for flips

Ryan IngramPosted
  • Rental Property Investor
  • Dayton, OH
  • Posts 246
  • Votes 225

Hey Debora!

I've found these companies to be incredible at vacant policies...and they are also licensed in VA (I'm not...yet...otherwise I'd offer to help :)) 

Vacant Express- they only offer basic coverage (DP1) and available in 3, 6 and 12 month policy terms. They have to be paid in full. The property value is "agreed" and if the property was acquired in the past 12 months, the coverage is the purchase price plus the estimated rehab cost. For example: $100,000 purchase price + $30,000 estimated rehab= Coverage A of $130,000. So, this is not based off the ARV, and from my understanding, this isn't negotiable. I could be wrong, I'd recommend looking up a local agent to answer the question. You can do that here. The coolest thing I like about Vacant Express is they automatically include vandalism and malicious mischief (VMM for short) on all of their policies. This is the main reason vacant policies are so expensive, is because they are much more likely to get vandalized, broken into, stolen from, and they aren't usually checked on as frequently. So, if you're able to find a vacant policy reasonably priced that includes this...it is generally a winner. 

American Modern- They are also a good choice. You can find out more about their program on their website here. The also offer the 3, 6, and 12 month policy term. American Modern has a really cool 10+ program that you can schedule all of your properties on. You also have the ability to toggle properties back and forth between vacant and occupied...for when the tenant that has done serious damage moves out and it will take longer than 30 days to complete the rehab. 

Markel is also a good choice. Details on their product can be found at their website here. Markel is pretty solid with insuring higher valued properties that are vacant. I could be mistaken, but I believe they also provide vacant policy coverage on Special from. 

Basic (DP1), Broad (DP2), and Special (DP3) forms sound silly, but they are pretty straight forward. Here is a link to a comparison chart I often send my clients. In a nutshell, basic and broad form policies are named peril (fancy word for cause of loss like ). Which means, in order for the claim to be covered, the policy has to specifically include that type of loss (fire, windstorm, etc.). Special form is an open peril policy. This means that everything is covered unless it is specifically excluded. 

Hope this helps! Let me know if you have any questions about this...I'd be more than happy to help. 

Post: Mortgages and credit score

Ryan IngramPosted
  • Rental Property Investor
  • Dayton, OH
  • Posts 246
  • Votes 225

@Daniel Kong You're correct. I have a few that are traditional that I've quit claimed into the LLC afterwards. Those show up because they're still in my name.

However, the ones that don't show up are commercial loans that were closed directly into the LLC.

Post: Mortgages and credit score

Ryan IngramPosted
  • Rental Property Investor
  • Dayton, OH
  • Posts 246
  • Votes 225

I don't think you'll have the issue you're thinking of. The only issue that I have had with banks and the BRRRing is the number of inquiries on my credit report. I don't have any derogatory marks...but I've got more inquiries than most banks desire. 

I work with a few lenders who are able to keep my info on file for a few months at a time. 

Another bank wants to pull a new credit report each time I call. 

Post: Mortgages and credit score

Ryan IngramPosted
  • Rental Property Investor
  • Dayton, OH
  • Posts 246
  • Votes 225

Hey Rigo!

None of the properties that I own in an LLC show up on my personal credit report and I personally guarantee all of them.

Hope this helps! 

Post: 1st Deal within months of new home purchase

Ryan IngramPosted
  • Rental Property Investor
  • Dayton, OH
  • Posts 246
  • Votes 225

Without knowing all the details-maybe you can attempt to negotiate owner financing at a higher percent and a 2-3 year balloon? It would most likely require a decently crafted sales pitch...but, you never know until you try. 

I've been impressed at the people that were willing to do owner financing; if you spoke with me each time before I asked, I'd have said told you there is no way they would go for it. :) 

Post: Duplex Analysis what would you do

Ryan IngramPosted
  • Rental Property Investor
  • Dayton, OH
  • Posts 246
  • Votes 225

Hey Brandon! 

I think that sounds like a pretty solid deal. It seems like you've done all the leg work and the numbers look good. So great job finding a deal! 

I'm sure you already know this, but I'd just recommend holding off on the cosmetic repairs while month to month tenants are in place. I'd probably table all items that weren't imperative until the cash flow builds up to handle it and tenants stabilize. 

Congrats again!

Post: family or Multi Unit Homes

Ryan IngramPosted
  • Rental Property Investor
  • Dayton, OH
  • Posts 246
  • Votes 225

Hey Miguel!

I know a decent amount of people that are in the Los Angeles area and are investing out of state. They are all doing a pretty solid job. I live within a 10 mile radius of all of my rental properties, so I can't speak to the pros and cons of out of state investing. But, I've seen several of my clients do it successfully for quite some time now. 

I wouldn't be fearful of the out of state investing. Just like you are doing your due diligence on the properties, I'd just make sure that you are also doing that with all of the people critical to helping you make it work: contractors, realtors, property managers, insurance, etc. I'd also go above and beyond to try and form solid relationships with other investors that are local to the area you are interested in. That way, when discussing your daily operations with them, they can offer immediate feedback on contractors, pricing, areas, and that may allow you to know if you have someone that is attempting to take advantage of you. 

Have tons of fun in your investing!