All Forum Posts by: Bryce Filho

Great property in growing area. Terrible time to sell, but my co-owner is insistent to sell. If interested call Katy Brazeale at 469-734-2228. 

Hello BP!

I cannot afford to buyout my tenant in common so we are selling. I figured I would help out my fellows BPers and make a friend along the way instead of selling to a stranger. The appraisal came back at $334,000. We are asking $340,000 because the appraisal is based on the rebuild value more than the ROI. At 25% down (investment property) the monthly cash flow would be about $63.97. Not the greatest, but in a growing area with great schools... This is a fantastic buy and hold with little vacancy. The appreciation over the last 3 years for us has been just under 8% (about 23k a year). Fantastic place to buy and hold for positive cash flow and great appreciation. Some potential for rehab (10%), as well.

Also, I attempted to buyout my tenant in common, but it fell through due to lack of funds on my end, so I have contacts for 2 of the best rental management companies in the area and quotes on prices for that (included in the positive cash flow estimate).

Best of wishes,

~Bryce Filho

Thank you @Dave Skow. I haven't heard of a cltv. I 'm not sure that it will work with my primary being so low in its ltv, but the idea is great. I will most likely use this in the future so thank you!

@Thomas S. Our agreement doesn't cover a sudden decision to sell, but I also don't want to burn a bridge with just making him wait. I'm hoping I can find a creative solution that works for both of us, but it looks like we will both have to be flexible in this situation. There isn't much detail in the agreement for a buy out. That is a good point and in the future, I will add a section for that.

@Ellis San Jose I did some research on the secured second trust deed and pitched the idea to him and he liked it. Would he be able to use the secured second trust deed as "income" to boost his debt-to-income when buying a house? What would the note sell for 100% value or at a discount? Also, does the secured second trust deed happen within the mortgage company or is it a service by a 3rd party and if so, do you have any companies you suggest for that? It would only be about 15k.

Thank you all for the knowledge share. So many good points!

Thanks @Ellis San Jose. I'll look into that more. That would be a better option then taking a personal loan and would help build my network, too.

@Dave Skow, my primary has a about 10% loan-to-value. What would you suggest?

Hi BP Members!

I own a SFH 50/50 with another person. He is wanting to sell and move to Seattle for his new job, but I want to keep it because it is a great long term positive equity and cash flow rental. The problem is, I don't have the cash to buy him out and an equity cash out refinance is not an option (so I was told) because it would leave the loan-to-value below 20%. $250,000 mortgage remaining, $350,000 value, so $100,000 in equity. I would pay him $50,000. Meaning I would need a new mortgage of $300,000. That makes the loan-to-value of 14% (300,000/350,000).

My mortgage lender suggested I do an equity cash out refinance and take out a personal loan to cover the rest of buy out.

I have been calling portfolio lenders in a frenzy this whole week as a possible alternative, but are there any other options that I should consider?

@Bill S. Thanks for the reply. That's a good point. I'll rethink my entry point into real estate investing and making a little active income. 

Hello Bigger Pockets!

My name is Bryce Filho. I am a graduate of Rose-Hulman Institute of Technology as a Computer Engineer working from home as a NoSQL database developer although most of my career has been spent as an automation and systems engineer.

I am a new player in the real estate game having started the marathon just 2 years ago when I attended a Guru real estate seminar. They almost got me! But after consulting family and friends, I decided to spend the 20k on a house instead. I now reside in a 3 bed 2 bath SFH in Broomfield CO where I am attempting to house hack by renting out 1 room and airbnb the basement after it is finished. I also own half of a SFH rental in Sachse, Texas near Dallas. I am actaully looking for someone to invest in the other half because the other investor is wanting to move to Seatlle and sell. I will post the link to that information shortly in case you are interested.

Currently, my brother and I are in the process of finding a mentor and building our network. We are both searching for avenues to increase our active and passive income in the Denver Metro area. Our short term investing strategy is to get into small commercial complexes of 5 to 10 units to gain passive income. Our short term active goals are to become MLO certified (me) and Real Estate certified (my brother Travis). We are still working through our business plan.

I am so excited and thankful for an awesome tool like BP and all of you members who have contributed to the knowledge share.

I look forward to connecting with you all.

~Bryce Filho