All Forum Posts by: Corby Goade

Yes sir, although I don't know if I would use the word "barge," lol. It's your property, as long as you give proper, written notice, which is 24 hours in every state that I'm aware of, you can enter. It can create some tension, but that's why REI can be so lucrative, sometimes you have to do hard stuff that no one else wants to do.

Sometimes people are REALLY creative about it, and I respect that, lol. However, 95% of it is verbatim what you posted here and I think that's hilarious, as if they are the first person to think of that angle and they're about to catch a bunch of millionaires in their brilliant web. 

In reality, they're just broadcasting that they have no experience. 

 Yes sir- agree 98%. The only exception (and I'm sure we agree here, too...) is that even if you aren't in a great financial position, you should still house hack. Might as well be paying your own mortgage rather than someone's else's. 

"I need you to find me an owner carry deal that cash flows a minimum of $500 per month with zero down, zero interest on the note, needs to have at least 20% equity from day one. I know it can be done, my mentor does 400 of those deals per day. I'll wait here while you go whip one of those up."

Welcome!

The best way to start is ALWAYS house hacking a small multi. You'll offset your own living expenses, you can do it for very little down and you'll get some experience landlording and understanding how the tax savings and depreciation work. 

And you can do it every single year. 

Best of luck!

Reasobable terms are relative, but that's a pretty serious budget for a property valued at $55K. If it will qualify for conventional, you would be just below the 75% LTV threshold. A cash out refi would be the least expensive option.

The real question here is what's the ARV?

Agree with @Chris Seveney- people LOVE making their ownership structures so complicated when you can mitigate risk in so many simpler ways. 

If you are going to have trouble with sub to, it will from your insurance company, so I'd tread lightly for sure. I'm no expert, but I know several people who have had loans called due on sub to deals because of the way they structured their insuance policy. Seems to be happening more and more. 

There is no one more confident about their unsolicited advice than a person who just took their first weekend workshop. I've seen and heard so much blindly bold and terrible strategy from people who have never done a deal, but just paid someone an ungodly amount of money to teach them a strategy that puts more money in the pocket of their "mentor."

HELOC appraisals are notoriously low, just part of the game.

You are WAY better off saving up and using cash for the rehab than trying to pay down your princlple and using a HELOC. The cash can be used at 100% of value, HELOCs top out at 90% and most are 70% LTV. There's no interest on cash either, so if you have those means, that's the way to go.

Sure- Idaho has state laws outlawing rent controls. It's also illegal for cities to attempt to regulate fees related to screening or applications. It's illegal for HOAs to regulate property use in any way- they can't tell you that you can't have an LTR or STR.

In the last 10 years we've signed 1500 leases and only had two evictions- those two evictions took between 4-6 weeks from start to finish. 

It's honestly the best state to landlord in. Happy to elaborate or make connections for you if you like.