All Forum Posts by: Ryan Ingram

@Samuel Liapis it sounds like you’re well on your way! Great job getting the first few deals under your belt!

@Patrick Menefee play Siri, I love that. Hadn’t heard that yet.

Completely agree about creative financing. It is definitely possible. 

Hey @Mahauijue Mack, they are all local here to the southern Ohio region and don’t lend outside of their immediate territory.

In this Ive found that smaller, local credit unions are the best to work with...where all parties are grossly familiar with the market, and expectations.

This strategy is really difficult. It is incredible helpful once you get the hang of it and the appropriate expectations. We have 64 rentals, and by and large they have all been via this strategy...but it definitely isn't as easy as I feel a lot of the BP literature makes it seem to be. 

All of our deals, we have either started with our money or the money of friends and family...which is private money at 8-12% and no points. We get several SFH - 4 unit properties, and then refinance as a package with a commercial lender.

We lay out a decent amount of capital on the front in...to later be reimbursed as close to 100% as we can possibly get. Sometimes we fall a little short, sometimes we fall very short, and throughout the entire process...our books look like we are 1-2 missteps away from going belly up. 

This process pays off extraordinarily in the long run...but a lot of the negative or difficult aspects of it often get glossed over or ignored. 

This is TOTALLY up to you and your comfort levels. There is absolutely no right or wrong unless you are consistently losing money, don't do that. :)

I would encourage you to cut your losses and use this as a painful lesson learned. Several larger landlords that I know pay the utilities but charge it back to the tenants as part of the monthly rent. 

I outsource my property management, so I don't do this...but they cite their reasoning for doing with stories exactly like yours. 

I haven't done this yet, but I've purchased several properties that have that large of a gap. We have purchased around 24 doors so far this year, so we are trying to mitigate move outs but still raise rents. We are doing a case by case and working with them to get rents to market rates over the next 2 years. We will see how that works out....it may turn out to be one of those band aid situations...

Hey all,

I've started a youtube channel and it'd mean to the world to me if you checked it out and subscribed if you like the content. www.youtube.com/c/ryaningram 

It is all about real estate investing and introductory financial strategy. I bought my first duplex with my brother in August of 2017 (this website was very influential in that) and now my we have 64 doors. 

Looking forward to connecting with you soon!
 

Hey all,

I've started a youtube channel and it'd mean to the world to me if you checked it out and subscribed if you like the content. www.youtube.com/c/ryaningram 

It is all about real estate investing and introductory financial strategy. I bought my first duplex with my brother in August of 2017 (this website was very influential in that) and now my we have 64 doors. 

Looking forward to connecting with you soon!
 

Hey @Mitchell Palmer, I’m regards to the siding, many investors here in Ohio don’t replace it or cover it if it isn’t necessary.

As an insurance agency owner, asbestos siding isn’t a red flag and doesn’t have any surcharge associated with it.

From a durability stand point, I think it lasts longer and is more durable than vinyl siding.

From my understanding, asbestos is only dangerous if disturbed.

All of that to say, I wouldn’t be in any rush to spend any money on it.