All Forum Posts by: Cody Culberson

Hi all, 

Question for you seasoned investors/landlords:  I understand finance is typically the way to go if the desire is to scale up to more rentals.  However, my situation might be a tad different.  My siblings and I have been willed a property that we have agreed I will buy from them at a pretty deep discount, and I was planning to buy it from them with cash.  Since it's a different kind of scenario (buying from family vs buying traditionally), if I wanted to finance this property would I just approach the bank for a traditional loan?  

At this point, buying in cash is the attractive route because purchase price + rehab would still keep me considerably under market value.  

Any help/insight would be greatly appreciated!  Thank you. 

Hi all,

I will be meeting with my father in law next week with hopes to begin a REI partnership. At this point, all of my research has been poured into the BRRRR strategy as the most effective means to begin building my portfolio. However, my FIL sounds like he has concerns about the refinance portion of the BRRRR method. And it so happens that it is the most blurry portion of the method for me as well.

At the point of refi, assuming appraisals are in order, you can cash out up to 85% of the appraised value. How does this affect the mortgage? Does it essentially take you back to square one, wiping out your equity in the property? I am trying to learn more about refi as well as create a successful "pitch" to my FIL so that we can move forward with the BRRRR.

Thanks in advance!

@Costin I. Thanks Costin! Appreciate your insight, and for the references.

@Patrick I. Thanks for the advice Patrick! I will definitely check out those materials.

Hi all, Was just wondering what a good rule of thumb is when calculating savings for incidentals on a property? Thanks in advance!

@Patrick I. Hi Patrick, Thanks for your reply. My reason for wanting to get into real estate is that this property’s mortgage is completely paid off, so for me, the decision to rent was a simple one based on that, as well as the the market in my area, and the condition of the home. I want to use this property to fund other real estate endeavors, and am looking for tips/advice on the matter. In terms of the legal and tax world, I am obviously very green, but have some friends around me with some experience. Definitely wanted the input of the thread as well though. Hope this answers your inquiries!

Hi all, 

Forgive me if this inquiry has been hit upon before (I'm sure it has), but I am currently seeking advice about a property I am involved in.  My family has been willed a home that is completely paid for.  At my insistence, they (my family) has agreed to rent out said house and put me as the property manager.  We will begin the rental process in/around the new year. Seeing as I would like to get into the real estate game, one idea that I had is to roll over the profits we make first into an incidentals account, then begin to save what we make per month on the property with hopes to eventually roll that into another rental. 

Does this plan sound effective?  Any advice on what I should look out for?  This is my first foray into the real estate world, and while I know I will make many mistakes, I am certainly trying to minimize them. 

Thank you!