All Forum Posts by: Tim Ryan

I have a small meetup in the Pasadena area. DM for info

Ok, my business partner and I were looking at a 102 unit apartment complex a number of years ago in Chattanooga, TN. The seller was an older, stogy guy who didn't seem very happy. He was insistent that we show him our financials in order to move forward with a potential sale. We said that we'd be happy to share but once we have a signed LOI on the property.

He wasn't budging, and neither were we.  We were in the right.

So, next thing we hear from our broker is that the seller says the deal is off and in his words; "Tim Ryan and Rod (last name intentionally removed for the story) may NEVER buy this property from myself or my family".

It was pretty interesting how he seemed to be so mad at us and all we wanted is to know that he'd be willing to sell to us before we share all of our financials.

We laughed it off and decided no deal is so important to get this worked up over.

A couple months later I get a call from my same broker and he tells me that apparently the seller was dying from cancer and in fact has now deceased.  That may explain his negative attitude (and understandably).  My broker asked if I'd like him to contact the daughter who is the sole heir of the property as he heard that her goal will be to sell. I said yes.

About a week later my broker calls me and says he has a "Statement to read to you (Tim and Rod) from the sellers Estate Attorney".  

Ok, that's interesting.  So we set up a call and listened to one of the last dying wishes from the sellers which said: 

"At no time, in my life or my death, as long as my family is the owner of this property, may Tim Ryan and/or Rod ____ ever purchase and own the property".

Oh wow, so even in his absence he was insistent on jabbing us!

That was one of my funniest even though there is a dark side to this story also. We never did buy it but found another 104 apt complex and bought that. So, it all worked out.

Where are you located? Do you have a market you are interested in? I can help you strategizing this. DM me.

I say it's great to work with young and new contractors as long as they are being professional and showing you some work (as you stated).  His pricing will likely be good and most likely will do anything to please his client so he can build his business.  Give him a chance, before he gets busy and raises his prices, and is never available - like us veteran contractors lol

I hated Cardone at first but now I like him. Because he knows how to get attention and he speaks well about how to invest.  However, I would not buy his program and I've bought many so I'm not against paying for coaching, learning, mentoring.  For multifamily, hands down, I'd go with RE Mentor (David Lindahl). Which I did years ago and it made me very successful.

Robert Kiyosaki taught me years ago to never buy with negative cashflow. I believed and adhered to this - no matter what.  You'll find another property. We always do.  Or make the offer less to where the 20% down does cash flow. Who cares if they say no. 

Buy existing and fix it up. In Cleveland since you know the area and probably have good connections.  I would not build in your early career. I'm a builder and with the prices and interest and still competition, I'm getting out.  Why swim in a Red Ocean when there are beautiful Blue Oceans all over?

If you are new to real estate investing I would suggest you for sure don't buy land and build. Will be very difficult to do and finance (even with the family member).  Buy a cash flow positive rental.

You seemed to gloss over the "build 9 homes".  I'm a builder, and that's a really big deal especially since you'd need to finance all the construction?  So, my advice is for you to find a commercial property and use the $150k as down payment.  It will be a good step and make some cash flow (not $4500) but will put you on your path to real estate success.  Now, to find the $750k building...

Here's my motto:  Live Where Ever You Want, Invest ONLY Where it Makes Sense.  WIth $100k you can do a lot out-of-state. In SoCal, not much.  OOS is not for everyone but there is a process to it that most people don't talk about. Probably because they don't know I guess.  DM me and we can go over it.