All Forum Posts by: Cody Thompson

Hi BP community! 

So I have been on BP for a few weeks now but haven't posted a introduction yet. I have had a few discussions with the great community here but figured it would be time to introduce myself. 

So my name is Cody Thompson and I currently live in the University Place area and work at an Architectural Firm as my day job. I am also very interested in getting into RE investing as well as my other side hustles including stocks, app development and any other opportunity I come across.

My main priority starting out in my RE investing career is buy and hold rentals (I would be interested in flips in the future) I am currently looking for a place to live in the Tacoma area instead of renting but the market is pretty crazy right now and I am not willing to over spend for a SFH (preferably I would get a 2-4 unit property)

I am currently working on a deal with someone I know on a four-plex in my home town in the middle of nowhere. But am actively pursuing deals in the Tacoma area

I look forward to meeting some of the great people on BP in the Tacoma area

P.S. Profile picture will be coming soon. Have been too busy looking for deals put a picture up :)

Keyword tags:  Tacoma, University Place, Lakewood, Fircrest, Hilltop, Parkland

Well my thoughts were that because her main concern is to get about 1100-1200 a month. I was going to see if we could do a lower payment and a stupid high interest rate for the first like 5 years and then it would switch to a normal interest rate. But we would sit down and just play with the numbers until we get a number that still gives her the same total loan amount but I would be able to write off a ton of interest during the first 5 years.

@Kevin Coggins yeah I get what you guys are saying. I guess I was being a little naive by not having the intention to try to get one over on her and refinance it or something. I was just thinking that if I could structure something like that where she would still get the same amount or more over the life of the loan but I would get big tax benifits up front. So a win win for both of us

If i was able proceed with a deal like this would a better way to structure it be interest only for 5 years and then a lower interest rate for the rest of the loan?

Well my thoughts on it would be to have something in the contract to where I couldnt refinance for 5 years and then have it switch to the lower interest rate after that so that I wouldnt have the need to refinance it. I dont know if she would be interested in it. But I figured I would get some thoughts on if anyone had heard of a deal like this. The only reason it would potentially work is because its someone I known my whole life and shes looking to get out but wants her montly payment still

So I'm working on my first real Estate deal. The seller is someone I've known for a long time and we are going to work out a seller financing option next Saturday.

I don't know if anyone has ever done a deal like this so I would like some opinions.

So she expressed a starting point 260k. My idea is to sell her on a purchase price of more like 130-150k but with something high interest rate like 10%. Her main concern is to get around 1200 a month since thats what she earns currently on it. So my thoughts are to do a low loan amount with a high interest for on what would be a structured like a 30 year mortgage but then after 5 years it would go to a 10 year mortgage with a lower interest rate. So essentially she would still get around 1200 a month for the life of the loan. And I would pay it off in only 15 years. While the first 5 years I would have huge interest write offs.

What is everyone's thoughts on this?

So I'm working on my first real Estate deal. The seller is someone I've known for a long time and we are going to work out a seller financing option next Saturday. I don't know if anyone has ever done a deal like this so I would like some opinions. So she expressed a starting point 260k. My idea is to sell her on a purchase price of more like 130-150k but with something high like 10% interest. Her main concern is to get around 1200 a month. So my thoughts are to do a low loan amount with a high interest for on what would be a 30 year mortgage but then after 5 years it would go to like a 10 year mortgage with a lower interest rate. So essentially she would still get around 1200 a month for the life of the loan. And I would pay it off in only 15 years. While the first 5 years I would have huge interest write offs. What is everyone's thoughts on this?

Oh I completely hear your on that. The biggest reason its that much is I rolled my other car that I was way upside down on into that one. Or it would be about 400 a month (about 250 a month after gas savings because its electric) my other car was electric but only 83 miles per charge and it depreciated extremely fast. My thoughts on this one is that I will probably buy it at the end of the lease if it depreciates fast enough. But I will have gotten it for a cheaper monthly payment and got out of my backwards loan for a car that I had to plan my life around. But I completely understand the whole leasing not owning thing which I wouldn't do for a gas car. But with the technology ramp on electric cars it doesnt make sense to buy one at this time and get eaten up by depreciation

James McCard any advice on selling a leased car?

@Alan Fichter yeah I am currently looking for extra income any way I can currently