How to Buy Bank Owned Properties, Foreclosure Financing, and Finding Private Money Investors
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- Опубликовано: 1 авг 2024
- In this video, I answer a question from a viewer about how to find homeowner contact information, how to buy bank owned properties, how to get financing from others, and how to find private money investors.
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About Ryan Ingram:
I believe the meaning of life is to become the best version of yourself for the benefit of all those around you.
Over the past 3 years, I have made drastic improvements to my life. Mainly, because my wife and I had our son; it was very important for us that she be a stay at home mom.
Unfortunately, on my salary in law enforcement, I couldn't make that happen.
I questioned my abilities as a provider, and for a brief time, even as a man.
I dedicated myself to read one book per day until I learned how to solve this problem.
3 years later, we have a few businesses and over 60 rental properties.
We made sacrifices along the way, but I learned the power of mentorship. I know the importance of finding someone willing to help and guide you, even if they are just a few steps ahead.
This video reminds me of the idea that if you want better answers, you should ask better questions. Great questions made a great video!!
I completely agree!
Hi thanks for the post. Do you typically have a title company run a lien search for each property you bid on?
Thanks Ryan- Great video! A couple questions that came up as I was listening. How do you create an LLC/Entity or trust- perhaps even going into things like the cost associated with it and the steps of how it’s done and what’s needed. I think it would also be very beneficial to know the “Why”. What are the benefits of creating the entity? I love taxes “ well learning about them I should say” Most wealthy people have learned the benefits. I think this is an important piece to growing your wealth so I want to learn it early on and not years after I could have benefited from it. You once mentioned “depreciation” in another video but I didn’t quite grasp it. I know... quite a bit. I suppose if I’m learning, others will learn from it as well. Some of these questions may be for newbees- I appreciate you taking your valuable time to help me and others better understand the process and some of the things you had to learn along the way as a beginner.
Thank you for this! I'll definitely create a few videos on this. I hope all is well with you and your daughters!
I heard the best forms of anonymity is to
1: have a trust own an LLC
2: form a LLC in Delaware
Edit: don’t stalk Ryan. Like I haven’t done that already 😂
You're right about that. Delaware...super duper top secret.
OK Ryan, say you borrowed 20000 from family and promised to pay them at a 12 percent rate. Do you just tag on that percentage amount to the total, say 2k in interest and pay them 22k back in total for a pre-determined length of time? Or how do you do it? Do you repay them when you refinance?
That is a great question Mark. I guess I don't talk about that often. We do interest only payments on a monthly basis with a balloon payment in 2-3 years. We usually include a prepayment penalty so the investors are guaranteed at least 12 months of interest payments...that way we don't waste anyone's time...even if we refinance earlier than 12 months.
I have a 403 b but I lost my job to covid should I roll it into a Ira?
Hey Ryan,
How can I became a investor?
I'd take it a step further and say that you should research self directed IRAs and potentially roll it into one of those. It may be worthwhile...or it may prove to be too big of a headache for you. Let me know what you think.
That is a great question! And the answer is so incredibly nuanced....but, it should be pretty easy! I'd say the generic answer is start with learning...and then saving while also increasing your income. As you learn, you'll start to see new opportunities, and soon you'll have the ability to jump on one of them...and boom! You're now an investor :)
"i dont think i could identify the back of my hand in a line up" LMFAOOOOOOO 😭😭🤣🤣
😎
Another great video ! Hey Ryan, did you get the chance to look at my email regarding my lender closing cost. Just wanna see your thoughts on it. Thanks again !
Yes! Sorry I was so late on it.
Self proclaimed expert...lol, too funny.
That made me chuckle too
I think I'm super funny! :) Thanks you two, for understanding!