All Forum Posts by: Ryan Rush

@Jay Hinrichs. That was definitely a thought I had but it’s also the property that has the highest level of cash flow so I have a hard time convincing myself to sell it.

@Jim K. They are zero interest but I see no way of paying them off before they turn

@Damaso Bautista my contingency plan is to pull the equity out of a house I have that’s free and clear, but I would want to roof it first- which is a problem right now. I can always sell some, but that doesn’t feel right. I feel like I’ve been riding the storm out quite a while. I also feel like it’s getting harder to keep holding on, but I’m determined to do so. At the same time though- I don’t want to adversely affect my family by getting in too much of a rut.

@Jacob Sampson. The doors have done well for me. Every one has me between 2-3%. I made the choice to just make them nice and livable and to take care of the stuff that the tenant doesn’t care about until it’s broken as I go - instead of getting the loan to take care of all of that up front. I’m regretting that decision as everything seems to be breaking at once. Every time I put more on a credit card it changes that number drastically too, because it increases my monthly costs. The last four months is the first time since 2015 (the year I started) that it has felt out of control and in a downward spiral. I work full time too - so every penny of this goes back into the business. I don’t pay myself out of it. I want to get it to where it sustains my family without me working another job, so I pushed it growing too fast and got myself in trouble.

@Jacob Sampson. Yes- part of my problem was also terrible tenants that destroyed one of my places. I had literally just replaced all of the carpet and remodeled the entire house and in two in a half months they destroyed everything - including part of the roof (they screwed a piece of sheet metal into a flat porch roof to cover over the spot he was grilling.)

I have no issue keeping them rented. I had just bought another house and remodeled two apartments for AirBnb’s and spent most of my reserves on the down payment and the furnishings. I have been hit with over 30,000$ of costs in 4 months right after that. The first one was a roof that could have been deferred, but I decided just to get it done. Insurance said they would drop me if I didn’t do it and I get a great price from them so I didn’t want to go to another that costs considerably more. Then the emergencies happened- one after another. I still have two emergencies to take care of but no money to do it with. They absolutely can’t be deferred. One is a roof that is severely damaged and another is a flight of stairs to an upstairs apartment that started coming apart.

Everything has gone wrong all at once. I have 13 doors- which you would think would be able to handle about any issues that popped up, but the issues have happened too fast. I had insurance require roofs to be done- siding changed out - one thing after another after another. I still have two major things I need to do (a roof and some steps need repaired) and I have already spent all the savings and maxed out a couple cards. It’s been a terrible 4 months. Anyone have experience with this, and any advice? I’m feeling pretty anxious right now.

@Dan Gamache it will be completely residential after I get done with it. Right now there is commercial space that I want to convert to two apartments.

This is likely a stupid question, but I’ve never done it before. I have a commercial building in a downtown area. I want to remodel it and add two apartments in usable space inside, as well as remodel an apartment I already have to use as an Air bnb (since another apartment in this building is doing so well as one).

I have a very good credit score, as well as considerable equity in the building as well as another house I own free and clear. The building is on a strange loan though- it was bought as a package deal with another house, so I’m not sure how that’s figured out.

Where do I start?

@Philip Johnson I was told the card reader will only work specifically with the laundry mat it was installed for.

@Eli Weiss. The property needs little to nothing. I haven’t seen in all of the units, but it was recently worked on. I don’t plan on putting in much of anything on it- just letting it continue to cash flow. Right now it cash flows at around 1900$ a month (everything but a mortgage included in the numbers).