All Forum Posts by: Ryan Mahoney

Adam - Congrats!  I assume you are living on one side.  What type of rent are you anticipating from the other side?  Will you be able to rent it out immediately or how much time and money are you anticipating for repairs to get it rent ready?

I think perhaps $50 labor to move the fridge would be fair.  As most others have previously stated, the fridge was most likely near the end of its life.  At most another $50 for depreciated value.  I would just charge the labor fee and call it good.  

@Thomas D. I don't fault you for asking a question.  Sometimes it is simply out of curiosity and a desire to understand the industry better.  I hope that was the case here.  

The scenario you describe would definitely be unethical.  Illegal? - my guess would be yes.  Even if it was legal you run several risks.  1) You would permanently damage your reputation in an industry where reputation is vital to get deals.   2) You risk major tax implications related to large capital gains.  3) Comps are not solely based on on the units you want them to be based on.  4) Even if this hypothetical plan worked exactly as you laid out you would be extremely over leveraged and underwater on the other units as you pulled out falsely inflated equity.  My guess is your business would be bankrupt in a short period of time, your credit would be wrecked, and your reputation ruined.  

This seems like a get rich quick fantasy.  You own a number of condos that have appreciated in value.  Look to take the slow and steady path towards creating a profitable and more importantly - a sustainable business.

Best of luck moving forward.

@Garrett Hawk “You make your money when you buy a deal”.

@Charlie Cobb Pinnacle Bank was really easy for me to work with. I worked with the bank in Hastings but I know they have branches in Omaha.

@Joseph Post Mind if I ask where your property is located? Is it a SFH or multi?

@Joseph Post I can check with the contractor who is doing some work for me if he would be ok with me passing his info on to you. Also, I can get you my RE agents contact info. As for rental rates my duplex is getting $900 on one side and I am looking for $750 on the other. The $900 side has 3 beds and will have 2 baths. The other side has 3 but the 3rd is in the basement and not separated from the rest of the basement so more like 2 beds and only 1 bath. Both sides have been rehabbed with new fixtures, paint and carpet.

@Joseph Post I live and invest in Hastings. Just bought my first rental property a couple months ago but I have owned my primary home and worked here for 5 years. What can I help with?

Anna,

Here are some of my favorites:

Rich Dad, Poor Dad - by Robert Kiyosaki - Not specifically about the ins and outs of Real Estate but will change the way you think about money, income, investing, and everything related to it.  It's the book that got many of us interested in investing in real estate.

The ABC's of Real Estate Investing - by Ken McElroy - Great advice here.  Lots of actual advice on investing in real estate here.  

The Book on Rental Property Investing - by Brandon Turner - Easy to read and the book that lead me to Bigger Pockets. Again, a lot of practical information  , especially on how to fund deals and how to analyze deals.  

Let me know  if there is anything I can help with.  There are great resources on here for analyzing deals.  I know when I first started looking I found several properties I thought would be good buy and hold investments and when I ran the numbers I found they were not.  Really opened my eyes.  I get back to Lincoln as I have a lot of friends and family there.  If you ever want to grab some Starbucks and talk Real Estate let me know.

Hi Anna, Welcome to BP. I grew up in Lincoln. I just started investing in Hastings. Do you know what type of investing you are interested in? Have you started listening to the BP podcasts? They will give you a lot of examples of different types of RE investing to get into. There are a number of great books I would be happy to recommend and you will find people far more experienced than myself here on BP. Let me know if I can help in any way.