ryan_luby

07/22/2022

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🏡Property sold!

👉🏻swipe to see the # breakdown on the next page

Every time we sell or refinance a property I make time to review and ask some specific questions to identify:

• What we did right?
• What we did wrong?
• Where did we get lucky?
• Where could we have done better to increase our chances of having better luck?

Overall, the point of these is to practice being self-aware, understanding the role luck plays in each outcome, and to focus on our process and identify the overall quality of the process itself, despite the outcome.

So, here’s my somewhat brief answers.

• What we did right?

🏠We identified a great house, in a great market, ran our numbers, we were conservative and we found a way to invest at a time where houses were getting harder to find.

• What we did wrong?

👷🏻‍♂️Tried doing to much work myself, which lead to an extremely long rehab. This house could have been flipped in 1-2 months had I done that.

• Where did we get lucky?

👨‍👩‍👦 A few areas.. the major one is the absurd appreciation of homes due to covid and supply, this allowed us to sell far beyond our estimated numbers and far beyond what the house truly should sell for. That’s not our skill, 100% luck. The other luck is my taking so long on the rehab allowed us to move into the home temporarily while we refinanced and rented another home. This got our best rental to date stabilized and allowed us to have a temporary home (even though it wasn’t the plan, or ideal). The last part here is we sold just before rates started rising, any longer on the hold and this could have been a real disaster. That’s very lucky.

• Where could we have done better to increase our chances of having better luck?

👩‍🎨 Let the real arises (contractors) do the work… maybe. This one is tricky. As mentioned above, we took way to long, I should have hired out the work and flipped this house in 2-3 months max.. that would have been the best way to flip this home, but I don’t think we would have sold it anywhere near where we did. Still, I would’ve been more proud of the outcome had we hired out the work.

Hope this helps!

07/21/2022

New Date NH Meet Up - https://mailchi.mp/2423e18bcc50/new-date-nh-meet-up

My name is Greg Andrade, the company founder. With an experienced team with over twenty years of industry experience and hundreds of successful renovations, we are well equipped to take on real estate projects of all sizes. From straightforward to complex, I navigate each job with expertise and meti...

06/06/2022

New Haven Meet-Up Tonight - https://mailchi.mp/e6fb368b236f/new-haven-meet-up-tonight

03/03/2022

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🏘 & with the most recent 📝closing… we finish a wild few weeks of closing 3, 3 family properties in about 3 weeks.

We definitely will not be averaging buying 1 property per week going forward but everything fell together for these 3 and we’re glad it worked out.

Now the big focus is getting them ✅renovated and ✅rented asap!! So we can get money coming in, not out.

Recently two people I was talking to joked about me having a lot of money when they heard about these properties and I always want to clarify.. I do not lol if you want to be impressed by anything it could be that we’re investing despite having very little money.

We don’t have much money and I honestly do not care about money, I care a lot about my time which is why I invest. So I can have time to be with family, do what I want, work on stuff that’s fun and interesting to me regardless of how much money it makes. We aren’t there yet but these properties are another tiny step in that direction.

01/29/2022

Our Next Meet-Up - https://mailchi.mp/dfb77ee00167/our-next-meet-up-8819062

Since I started learning about real estate around 5-6 years ago I've heard through numerous podcasts, books, in-person conversations about how hot the market is.. worse I've heard endless people reference the hot market as a major reason they are waiting to invest, or having trouble investing. So ...

12/23/2021

Our Next Meet-Up - https://mailchi.mp/046ee076942c/our-next-meet-up

I've been extremely lucky to connect with incredibly kind & generous people in real estate, all starting from a free membership on BiggerPockets.com in 2016. Today, I still regularly feel like a fraud when I talk to these people because I have no idea what I'm doing. Still, they continue to offer t...

12/10/2021

December Event Resources - https://mailchi.mp/4ed5cc863856/december-event-resources

12/01/2021

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👉🏻Swipe for the #’s on our latest rental.

It’s move-in day for our tenants, Day 1 on a 16 Month lease.

I broke down the exact numbers on this property to show the true cost of this rental, and the net cash flow this property will generate.

☝🏻The first point of emphasis is understanding the true cost of owning a home. I hear all the time about how absurd rents are, and that the cost to rent is way more than a mortgage and there’s a reason for that. When you own a home there’s a long list of expenses that come with ownership. Most homeowners don’t think about these costs, but it doesn’t mean they don’t exist. Your roof will need work, mechanicals need to be service, lawn maintenance and on and on. It’s your choice to not factor in these expenses on your own home, but when your house is a business you can’t afford to ignore them. Everything needs to be accounted for which is where we get the Vacancy, Repairs, Capital Expenditures, & Management expenses.

✌🏻Second, you have to accurately account for paying a management company. After making sure the #’s work, management will make or break your investing journey. Nearly everyone who has a rental property horror story is due specifically to managing the property. So if you hate this part or don’t want to figure it out, factor in the cost to hire a property management company (Typically 7-10% of gross rents) then enjoy truly hands off investing.

Which brings us to my last point

🍻For now… I like property management, so while the true net cash flow for this property is $356 per month, I get to pay myself the $176 per month I budget for management, allowing this 🏡 bring in over $6,300 per year after expenses!

✋high five

Not there yet, but more properties like this will eventually allow us to cover all of our living expenses through rental income, then we’re technically financially free, meaning more time for 👨🏻‍🔧👰🏻‍♀️👦🏻👧🏻👶🏻👶🏻👶🏻

11/29/2021

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🗓Just a couple days from our tenants move-in day, heres some before and afters of this fun investment property.

This was our first true BRRRR deal, named by Brandon Turner from BiggerPockets.

Which stands for:

•Buy
•Rehab
•Rent
•Refinance
•Repeat

The reason this strategy is sooo powerful and our dream scenario, is because we put as little 💰money in as possible when we buy, 🏚add value through renovations, pull out all of our money and maybe more when we refinance🏡, and then have a cash flowing rental property when we sign a lease with $0 left in the property, allowing us to buy another property all with the same money.🤯🤯🤯

This is strategy is the exact reason real estate investing is attainable for everyone. You can buy 10 properties, all with the money you need to buy and renovate 1. And since you can buy a home with as low as 3.5% down, investing is an option for almost everyone.

I’ll share the detailed numbers soon, but hope you like the outcome of our rehab and we’re excited to search for more of these! 🏘

11/22/2021

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Swipe 👉🏻 for a look at the #’s from our recent sale of a 2-family we owned

To send this property off, My last few posts/videos were from this investment property, from purchase to rehab now finally a look into the sale

This was intended to be a buy & hold we bought in a partnership, we used the to fix it up, and refinance all of our cash out, eventually throughout the past year we decided we would try and sell it while there is still a high demand for investment properties.

Obviously this doesn’t help our Cashflow goal to “retire” but it was still a successful investment and we will absolutely plan to use the proceeds to buy other, cash-flowing properties. 🏘

So… a lot more to come!

11/19/2021

New Haven Meet-Up: December - https://mailchi.mp/0be3ca8f6432/new-haven-meet-up-december

December is a great time for goal-setting, or as I refer to them as commitments. This month we will focus our meet-up on discussing goal-setting. In December I take a couple hours each weekend to review my yearly commitments. Starting with my long-term commitments, then yearly commitments from the p...

11/01/2021

New Haven Meet-Up Tonight - https://mailchi.mp/04e006fde31f/new-haven-meet-up-tonight

Date: Monday November. 1 Always the first Monday of every month Time: 6pm-8:30ish Location: Bear's BBQ Restaurant 470 James St, New Haven CT

10/29/2021

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🏚🚪
Last video from our old 2 family home

After the water heater, we replaced the locksets in unit 1 with a new set which took some work due to the old doors.

I love using all purpose bondo for carpentry repairs when possible and this type of project is the perfect place for it. It wasn’t perfect but it came out pretty good for a quick repair

10/14/2021

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Here’s a review of a couple tactics that helped us buy our first investment property over $50K below asking price.

• 1: Patience: Throughout the offer process

• 2: Don’t Always Go After The Nicest House: Go where the #’s work

• 3: Do Your Own Due Diligence: Don’t rely on seller’s info/ #’s

• 4: Make Accurate Offer(s): Submitting 2 offers with different financing & terms

• 5: Be Willing to Walk Away: Sticking to our numbers, and not trying to win the deal

• 6: PATIENCE: Big Picture. Getting the property and making 💰is just as meaningless as getting the property and losing 💰, or not getting the property at all… It doesn’t matter. Enjoy the process and learn as much as you can.

I realize these aren’t specific x’s & O’s about offering but these principles as philosophical as they may be, absolutely help us get properties and enjoy the process regardless of the outcome.

10/06/2021

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Follow the 🏦’s rules for the cheapest 💰 available

This wasn’t exactly to plan, but when we found another nice property for sale in our market, we jumped on the opportunity and made an offer. But… we want to use owner occupant financing as much as possible. So it takes some work to follow the banks rules, and get cheap money.

This video is an explanation why we’re moving around, what’s the point and how it all works.. hopefully

I have to say.. I’m looking forward to not moving around, but for now it’s working and we’re having fun, most days.

Ask us your questions in the comments

09/21/2021

⏱Quick, simple backsplash to help finish off the kitchen at our latest finished project

designed everything

This kitchen was gutted, and rebuilt using the same cabinets to help keep us on a budget. Full details on the entire kitchen to come.