How To Get Started With Real Estate Investing – Ryan Scully

On this episode of The Closing Table, we sat down with Ryan Scully!

To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…

Here’s what you missed from Ryan Scully…

The conversation began with a this or that icebreaker on drive, talent, residential properties, and more. Ryan then introduces himself as someone who values spending time in nature and exploring new places. Growing up in Michigan, he enjoyed summers by the lake and continues to prioritize outdoor activities in his adult life. In addition to his active lifestyle, he is also an active member of his church community.

When it comes to investing in real estate, there are two main approaches: wholesaling and selling homes. Ryan defines wholesaling as finding off-market deals and distressed properties, negotiating a price with the seller, and then selling the contract to a buyer for a profit. While this can be a lucrative option for some investors, he is not a big fan of wholesaling. Ryan believes that sellers are better off working with a skilled real estate agent to list their property on the MLS, where it can receive more advertising and attract more potential buyers.

Kevin then asked about loan-level price adjustments (LLPAs), which changes effective May 1 will result in some borrowers seeing higher mortgage fees, while others will see fees reduced or eliminated. Ryan shares that this has caused concern for some consumers looking to refinance their homes. One concern is that these changes may penalize borrowers with good credit ratings and more favorable loan situations in order to subsidize those who have lower credit ratings and struggle to put down money. There is also a concern that for those who are already struggling to qualify for a loan, an 8.25% improvement may not provide enough margin to accommodate unexpected expenses or life changes.

On the topic of rentals and investment properties, becoming a landlord requires a decision to embark on a new lifestyle with added responsibilities. For those who are committed to helping people find housing, this may be a desirable path. However, there are many factors to consider, and it can be a challenging endeavor. For example, one must consider the state of the property, whether repairs or renovations are necessary, and how to effectively market the property to attract tenants. Additionally, landlords must be prepared to handle various issues that may arise, such as tenant disputes, maintenance needs, and financial obligations. Despite these challenges, investing in rental properties can be a profitable venture for those who are willing to put in the effort and take on the responsibilities.

The conversation wraps up with Ryan sharing some of the most unique ways to invest in real estate is through wholesaling or bird dogging, especially for newbies who do not have the upfront capital. These unconventional methods can be successful for investors who are willing to put in the time and effort to assess properties and build relationships with buyers and sellers.

Check out Ryan Scully:

https://www.facebook.com/profile.php?id=603637468

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