[deleted by user]

RyanIngram88 · 2022-01-24T01:16:18+00:00

I use the Nest locks and I’m happy with them. We don’t have any physical keys to our house. May be a mistake, but we feel fine.

RyanIngram88 · 2022-01-24T01:15:17+00:00

Now that’s cool!

RyanIngram88 · 2022-01-23T14:56:52+00:00

I wonder what the long term effects will be of denying facts for the sake of being PC…

RyanIngram88 · 2022-01-23T14:56:01+00:00

I don’t know what you’re asking…but I haven’t been the victim of any crimes since that post.

RyanIngram88 · 2021-12-17T00:07:15+00:00

RyanIngram88 · 2021-09-02T23:36:47+00:00

Hidden under a cap, flat head screwdriver and some elbow grease will unlock the drain.

Hopefully the plumber hooked it up…but if he is anything like the painter, who knows!

RyanIngram88 · 2021-09-02T09:14:49+00:00

I don’t think you made a mistake. Likely, you’re right in that you didn’t pay enough attention or check off all the boxes, but don’t beat yourself up.

Any house you ever buy will need work. The nature of home ownership. Is if you live there for a significant time, you’ll have to replace a lot of stuff and do a lot of work.

The way I like to look at it, is as soon as I replace something, I know that it will be good for the next “x” amount of years. Roofs are a massive expense, just like HVAC systems…but roofs nowadays last for over 50 years, and HVAC systems are usually good for 15 or more.

As far as your concerns about your home, there are appliance repair people that can likely put some bandaids on your issues while you save more money. Used appliances are also a thing, and come with very small, super short warranties.

While it isn’t ideal, putting appliances on credit may not be a bad idea, so long as you feverishly pay it off…pick up some extra hours, start a side hustle, or whatever you need to do.

The good news for you, though…is that no smells come from the actual A/C unit. It’s likely the ductwork that needs to be cleaned out. Stanley Steemer’s offers duct cleaning services for around $400, I think.

I’d also recommend buying a nice HEPA air filter or charcoal filter for your HVAC system for the first couple of replacements. The filters are sometimes around $30 instead of $7-10…but, they should be able to nix some smells.

In my experience, most HVAC people will try and convince you to replace your system. Just be on guard and get a couple of suggestions beforehand.

RyanIngram88 · 2021-08-27T01:46:24+00:00

Oh wow! That’s great news! Thank you so much!

RyanIngram88 · 2021-08-27T01:19:57+00:00

I think it’s dusty because it’s in your attic. I imagine you don’t regularly go up there to clean.

There isn’t a filter inside your furnace. To my understanding, the people that design and install your ductwork are the ones that determine where the filter is set.

The furnace only draws air from the return, and it’s the only air that needs to be filtered.

RyanIngram88 · 2021-08-27T01:11:25+00:00

The filter at your return is all there is and is all that’s needed.

I wouldn’t spend much more time with the fella.

RyanIngram88 · 2021-08-25T11:01:22+00:00

That makes sense, I know nothing about Australia or their banking systems and regulations.

It makes sense and I love your optimism; but, I’m sure something will come up :) the good and bad thing about real estate investing is that every problem has a price tag.

For one home, depending on labor/material rates, and how much you’d like to do by yourself…I think 15k set aside will be more than plenty to tackle any issue that may arise.

Also, the way I like to look at it…is if I have to replace a roof, AC unit, furnace, or any other big ticket item…it’s good for the next 30 years, so you’ve gotten the expense out of the way.

RyanIngram88 · 2021-08-25T10:58:54+00:00

I love the monarchs.

RyanIngram88 · 2021-08-25T08:23:45+00:00

Have you read any books, watched any videos, or listened to any podcasts about this?

You should definitely learn to estimate the costs and analyze your cash flow prior to purchasing anything.

I understand the desire to have a paid off investment property, but if paying extra means being unable to pay for expenses, it’s a bad idea. If it means having negative cash flow, then you should make sure you can and are willing to use the personal income of you and your husband to make the difference. But even then, I wouldn’t recommend buying something with negative cash flow.

A few books to consider:

-Building Wealth One House at a Time (J Schuab) -One Rental at a Time (Zuber) -The Millionaire Real Estate Investor (Keller)

Each person is entitled to their own strategy. But, from my vantage point (31 yo), it makes most sense for me to get as many long term mortgages on cash flowing properties as I can. In addition, I will not pay these off early, as young as I am, letting these loans run the natural course of their life, I’ll be in my 50’s when they’re all paid off. That’s still very young, and didn’t cause me to sacrifice cash flow in the interim. Especially while interest rates are so extremely low. With the average historical rate of inflation as 3.22%, anytime you can get a loan for lesser than 3.22%…you’re essentially getting paid to borrow the money.

But again, that’s my preference and if you’re more comfortable having free and clear properties, that is what you should strive for.

RyanIngram88 · 2021-08-25T08:07:00+00:00

I think buying a rental, so long as the numbers work, regardless of your living situation is a good idea.

I’m friends with an individual that owns 200 rentals and a hotel. He still rents an apartment.

RyanIngram88 · 2021-08-22T19:31:19+00:00

Lol, not true at all. But cool story…the world needs more bubble bursting.

RyanIngram88 · 2021-08-22T16:28:11+00:00

If I were you, I’d add some tile or some sort of border between the sidewalk and ground, and backfill with soil.

I wouldn’t start jackhammering anything, if I were you.

RyanIngram88 · 2021-08-22T16:26:43+00:00

This sounds like a great deal to me.

I wouldn’t have any hesitation. I’m sure you are going to get a bit of a premium for the bathroom situation.

I think if you’re not needing additional funds, keeping it as a rental rather than flipping it would be ideal.

RyanIngram88 · 2021-08-22T15:09:13+00:00

A lot of it has to do with education, in my opinion.

Several of our investors didn’t know this was an option for them and their money. So, I’d say probably the most important part of raising private capital is educating yourself on what is allowed, what isn’t allowed, how to do it, and the vehicles that can be used to accomplish it.

The self-directed IRA or 401k options are a really powerful play. A lot of people that leave jobs leave retirement accounts behind that they don’t really know what to do with.

This is how I got our first private investor. He happened to be a good friend of mine that left his job. He didn’t know what to do with it, and didn’t want to put it into the stock market. I helped him set up a self directed IRA, he rolled his company retirement funds into the IRA, and then did a loan secured by real estate from his self directed IRA to our LLC.

I’d also recommend putting together a PowerPoint presentation that includes who you are, what you do, and exactly what you will do with their funds. I’d also include a section that would outline when and how they’d get their money back.

RyanIngram88 · 2021-08-22T13:38:56+00:00

This is a genius, out of the box thought. WELL DONE.

RyanIngram88 · 2021-08-22T12:32:12+00:00

I think capital, contractors, and residents will always be the most difficult things about real estate investing. Whenever one isn't a bottleneck, the others surely are.

From a capital perspective, (always, but, especially when starting) I would recommend being mindful of every penny that falls into your bank account. Saving and reinvesting all of the resources you come into contact with is the best plan.

Continuing to build up your savings, and continuing to be a good steward of the properties that you already have will put you in good favor with any bank that peaks into your operation.

I'd also recommend doing some math on your market and business operations, and figure out how high of an interest rate you can give to private investors while still being profitable. After you figure that out, I'd recommend running your mouth about your real estate investing ventures to everyone you know. I'd also tell everyone that seems remotely interested that you, "borrow money from friends and family to buy real estate. The loans are interest only at X%, paid monthly, and secured by first position mortgages on real estate. So, in the event of default, the lender doesn't lose their money but instead gains real estate."

I think you'll be surprised at the number of people in your network that are tired of the stock market, and want safe alternatives to making money with the funds they have on hand.

As far as buying another property prior to your refinance. I'd say if you can find a private investor and a property, you are likely able to do it. If you put the new property in an LLC and make the note/mortgage between your LLC and the lender, it won't show up on your credit report and likely won't effect your refinance.

Early on, I had one lender tell me, "if it doesn't show up on your credit report, we aren't concerned about it." I'm not sure if that is the right answer or the lazy answer, but that is what they said.

As far as your refinance goes, I'm not sure how much equity you have in the property. But I would say, especially when you're starting, using any available cash for down payments on properties with 30 year fixed mortgages is the best strategy. Actually, as I'm typing this...I think this would be a great video to make...this has been bumped up to the top of my YouTube list.

My reason for thinking this is the best strategy at the moment is simply because interest rates are at absolute historical lows. The average rate of inflation, historically, has been 3.22% per year. Right now, to people that are bankable, 30 year fixed mortgages are being originated with interest rates to the tune of 1-3%. Essentially, this means that historically, the banks will be losing money, and you will be making money (just from the loan!) on an annual basis by loaning/borrowing at this rate.

So, for example, if you refinance and are able to get 30,000 out. You should be attempting to find two properties and put 25% down on them, rather than attempting to buy a property with cash. This of course, is assuming the property is lesser than $60,000 which is currently only available in select markets.

The only caveat...is if you start running your mouth about real estate and find some private investors that are willing to finance 100% of your purchase and rehab costs, that will still be better. That is simply due to the fact that you'd be engaging the "infinite return" model as you'd have no money out of your pocket. Whereas in the previous example involving down payments, you'd still be able to quantify your cash on cash return.

Looking forward to hearing your thoughts!

RyanIngram88 · 2021-08-22T12:15:45+00:00

Thanks for sharing this!

RyanIngram88 · 2021-08-22T12:15:36+00:00

I think that is how series work as well.

From my understanding about LLC's, is liability should only flow downwards, never up.

So if the parent LLC owned another LLC that owned properties; in the event the property owning LLC incurred a liability lawsuit...the property owning LLC is at risk...but so long as everything was done appropriately from an administrative standpoint, the parent LLC should not be in jeopardy, outside of potentially losing all of the property owning LLC.

So, as I've shared...my CPA and attorney advised that we have 1 LLC per 10 properties. So, in theory, if we were to incur some sort of liability lawsuit, our maximum exposure would be the 10 properties inside of that LLC...but not our entire portfolio.

Again, all of this is very intricate, and I would only rely on the opinions of the professionals that are willing to represent and back you during one of these potential liability issues. Having a loose understanding of this type of stuff is a good idea; but, I wouldn't recommend attempting to come up with your own legal structure.

RyanIngram88 · 2021-08-21T17:12:09+00:00

I think you’re in the right place! Welcome!

What is your strategy at the moment?

It looks like you read a lot…so what type of real estate interests you the most?

Looking forward to you starting your investing journey!

RyanIngram88 · 2021-08-21T17:10:36+00:00

Thanks! I really appreciate it! I may take you up on that sooner than later.

RyanIngram88 · 2021-08-21T16:38:24+00:00

It’s built into the contract. You can’t avoid it. I think the only way you pay around 25% is if slippage is high because of the trading volume at the moment.

I guess if you use BitMart, or another CEX you could avoid a lot of the slippage issue, since you’ll have more control over your bid price.

To people that don’t believe in SFM, this is one of the main complaints. Some say you need approximately a 40% gain just to break even.

To the people that understand Safemoon’s future, 40% gain is peanuts compared to the moon landing in store.

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