All Forum Posts by: Blair Carney

I guess as a new real estate investor, and professional sceptic, my first thought was that this was just someone looking to separate suckers from their money.

Could you explain more what you mean by "have them 'refund' a portion of your DP and force equity in the property"? Is it - get $50k from them, years from now the property value has gone up by $100k, get them to refund me $25k? Why would they be willing to refund?  Assuming they would want to make some profit, so I would still owe them more than $25k?

What do you think an appropriate application for this would be?

This popped up on social media, and my first thought was "SCAM!"  I thought I would post about it here and use the wisdom of all the great people in the BP forums.

This is a product called a home equity agreement. It is not a loan, there are no interest payments. You are basically selling them a portion of the equity in your home. You are able to buy it back at a future date.

Has anyone heard of something like this? Have you used it? Is it legitimate? How does it show up and does it affect you getting a mortgage on an investment property?

https://www.myhomeequitytips.com/unlock-7-reasons-why/?utm_s...

We are aware that some colleges require first year on campus in dorms.  Not all do. We are looking at this as an option if he goes to one that does not require it. 

The thought is - we’ve put $$ in a 529 account to pay for all college expenses, including dorm / apartment.  If the money isn’t used for education purposes, we’d have to pay taxes and possibly penalties on it, right?  Could we use that $$ to pay rent to ourselves?  

If we buy a place & he lives there, we either pay part of the mortgage out of our personal pocket or from his 529. 

We are a year away from having our son start college. We are thinking about buying a 3-4 bedroom place where he would live and we'd rent the other bedrooms.  After he graduates, we'd rent out the whole thing.  This would be our first investment property.

Can I use money from his college saving account (a 529) to pay rent to the LLC we establish to own the property?

Am I thinking about this wrong? If I own the property, do we need to pay rent for our son? 

The 529 was established well before we were thinking about getting into real estate investing, so we're wondering about how best to use that money combined with investing. Don't want a bunch of money left in the 529 when he's done with school.

Zeona co-wrote the book “30-Day Stay” that is in the BiggerPockets bookstore. 

@Zeona McIntyre let me know that she has a masterclass that starts in March and again in September -  www.ZeonaMcIntyre.com/mtrmaste... Cost looks to be $697. I have no experience with either her Masterclass or Jesse's, so I will leave it to her to provide more information.

This is the big one for us. We have zero properties right now, we’re looking into getting into real estate investing, and are not sure how we’ll find the first purchase, let alone 5+. Going from zero to multiple seems daunting at the moment. 

One thing that comes to mind is using our son who's about to graduate college to buy a duplex/triplex/fourplex and have him live in one for a year while we rent out the others. That way we could have home get an FHA loan for 3.5% down.
Do duplex/triplex/fourplexes work well for MTR? Or are folks more interested in SFH or condo? I'm sure it depends on the area - we're in Raleigh NC which is not exactly a cheap area anymore.

@Zeona McIntyre Actually, your book just arrived today :-) Looking forward to diving in. 

My wife and I watched it together. We have zero rental properties and are interested in starting. She is a nurse but has move on to sales and other roles, so the MTR game focused on travel nurses hit home for her. We won’t be able to make the MTR Summit in San Diego, but we’re interested in joining his Mastermind.