All Forum Posts by: Account Closed

@Grant Rothenburger, first off, thanks again for responding and for seeing if Joseph Cornwell has additional input. My comment about being "interested in Texas anyway" probably seemed out of context. I was responding from my smart phone in a bad service area and managed to confuse a few responders. Anyway, thanks for your input.

Katie, thanks for chiming in with the valuable input. I appreciate what you mention about maybe just needing a co-ownership agreement with a more straight forward partnership.

@James E., thanks for taking the time for the thoughtful reply. I appreciate your input on more specific questions. Being a newbie, I think I wrestle with knowing basically what I want to ask, but struggling to articulate it or think of the questions below surface level.

That said, in your examples, I'm initially considering something closer to option 2: equal split, both people involved day to day. 

I appreciate your thoughts on exit strategies and using an attorney to work through what the different scenarios look like. That was going to sort of be my follow up question, i.e. how specific to get in the initial laying out of the plan. If using an attorney, in your experience does a partnership then draft a contract with the terms? Does setting up an LLC come into play or is that a separate consideration?

@Grant Rothenburger, I appreciate the response. I do have some follow up questions if you're willing to field them. I am interested in TX anyway, so I sent you a Colleague Request.

Grant, thanks for your input. I do like the BRRRR strategy, especially since it seems the most likely way to make sure it's a deal. That said, another forum post I'd considered is how the cash out appraisal works. My only experience so far is with the purchase of my own sfh, and so what I saw in that world of conventional loans, is that the appraisal "magically" came back at exactly what we paid, even though we got a great deal. My point or question I guess, is how does it look differently in BRRRR investing so that you can get an appraisal that shows your equity and allows you to pull that out in less than 1-2 years?

I'm new to REI. Many of the podcasts and much advice says to get started and not to sit on the sidelines forever. I've made contact with a loan officer. I have very good credit and could get together a down payment and closing costs to buy at least something in the 150k range (so maybe 35- 40k). My question is, being new, is this a good route to go? Would I be better trying to learn strategies to see if I can spread my 35-40k out to acquire multiple deals? If so, anyone have recommended strategies that would work for a newbie?

I want to get moving, but I do have some reservations. My concern is that if go conventional, and I don't buy a stellar deal on my first buy, I'll have sunk all my capital, and won't be in a position to refi for 1-2+ years. 

Any input is appreciated.

I hear many of the podcast guest mention partnerships. My question is: How do you recommend setting up the partnerships from the beginning so that both partners have the same vision and goals in mind for a property? Just some differences of opinion I could see coming up would be when to refinance, how long to hold, etc. 

Welcome @Cody H., my aunt lives in Goshen, IN, so I've started to learn my Indiana geography. I'd be interested in hearing about your experiences in REI there.

Welcome @Tim Allen. My brother is an engineer in Flagstaff, and I met my wife there. Both of them graduated from NAU. 

@Robert Decraene, it sounds like I'm right there with you on where we are in the process as well. I had David Greene's book as well as two by Brandon Turner arrive Saturday, although I'm first finishing Rich Dad, Poor Dad since it's a library check out. I took some time to list my broad goals and smaller goals this weekend. I've started seeing what's available in a few OOS markets, and had a few conversations with other investors and an agent. I agree that the process is both time consuming and energizing.