All Forum Posts by: Codey Wendel

Ultimately, the decision to purchase now or wait depends on your financial goals, risk tolerance, and the specific opportunities you’re considering and every situation is unique, so what works for one person may not be the best for another. There are deals out that make sense with 7%+, but not so much for a duplex.

Refinancing a few years after purchasing can make your numbers look better if interest rates drop or your financial situation improves, allowing for a better rate. Keep in mind that refinancing comes with its own costs, and it’s important to calculate whether the savings from a lower interest rate will outweigh these expenses.

Hi Everyone,

I am looking to connect with Columbus Investors. I am in the process of purchasing my first out of state investment in Columbus and would like to connect with local investors! 

@Codey Wendel
No matter what you decide make sure you have clear and definable roles in the partnership. Some things to consider: Who is bringing the money, who will manage the property, who will get financing, who handle the rehab if rehab is needed, who is going to handle finding the deal, how will profits be shared, how will you handle a partner that wants to sell when the other 2 don't want to sell? Just some things to consider. Sometimes having too many cooks in the kitchen can cause issues. 

Why not utilize the friend with money as a silent partner and hire your electrician friend for any maintenance, especially if they do not want to make a career out of it. 

@Codey Wendel

partnering with inexperience just increases the risk that there will be a disagreement.  if you all house hack separately, you'll be able to share everything you learn without risking the relationship.

if one of you doesn't have enough money to house hack... then they don't have enough money to partner.

 For every positive, you can find a ton of negatives and risk with this. You seem young, remember people change, agenda's change, etc. I get it you want to invest and are trying to find the lowest barrier of entry to get in, but understand that usually comes at a cost. Not always, but usually. 

Sounds like this won't end well.

I don't know your friends, but I would be careful about partnering with people. Real estate can become stressful very quickly and alot of people throw in the towel (earlier than expected). If you buy a property and things don't go to plan, are your other friends going to pressure you to sell and take a loss on the asset 2 years after acquiring it? Are your friends going to be as involved as you?

To me, it sounds as though you might be doing all the work, and only receiving part of the return. It may be better since you are new to real estate to do deals on your own first, but it is only one house, and in the grand scheme of things, may be worth the risk. Economies of scale is a real thing in real estate. Three minds are better than one, so long as they have a similar vision. The problem with partnering is that all of you are new to real estate and don't necessarily know what you are walking into.

@Codey Wendel

why don't the 3 of you just house hack individually and separately, and form a mastermind where you share your experiences?