All Forum Posts by: Dylan Mehsling

@Nate Sanow Those numbers are my goals, yes. The goal of the 7-10 properties would be to spread them out across the country, specifically near state parks and high trafficked areas. Rob Built seems to have the schematics for pulling that off. https://www.robuiltchannel.com... I want to start first and run a successful short-term rental/airbnb in Tulsa first. 

I would like to use as little debt as possible but I am not against it. The goal is to use my inheritance to fund my first short-term rental and create a snowball effect with income funding other ventures. 
 

@Lynnette E. 

His diagnosis was COVID-related so his medical bills were covered from the recent hospital visit/health scare. He is covered under Medicare due to age and disability (emphysema 15+ years). I am fairly confident he won't have medical bills but I will look into it. He has updated his will in the last two years with me receiving every bit of his assets. He's 72. I am the Power of Attorney.  

I plan to create something with my inheritance that will build wealth over time. Part will go to my master's level schooling which will fuel my passions and career as a registered dietitian. 

Hello @Kevin S. I'll answer your questions in a quiz format to be concise.

I guess my first question would be, how extensive be would the repairs/updates need to be on the house in Tulsa?

It's hard for me to gauge repair/update costs through information my dad could provide due to his dementia. I lived in the house for 16 years. I will get an inspection when the time comes. Doing some fast research, I've found that for this size house (3 beds 1.5 baths) I shouldn't be going over $30,000 for remodel/updates. 

Also, what are you basing your $175k value on? The Tulsa market is pretty hot right now so it may be worth more than you think. 

Some short internet research via Redfin and Zillow shows that comps in the area are around $175,000. I'm aware that the Tulsa housing market has gone up by about %15 year over year. 

Thank you for the time and resource suggestions. Are there any books you would recommend that BP offers? 

@Tom O'Stasik Thank you for your contact. 

Hello All, I am a total newbie to the real investing world. I’ve done some self education through Bigger Pockets, Meet Kevin, Dave Ramsey, and Rob Built. I’m also a masters nutrition student. Exciting but overwhelming at the moment. I am writing posting to see if I can get some responses from some knowledgeable real estate investors, possibly some experts. What follows is a possible scenario for my future inheritance of an estate plus some cash. I will also list my goals in real estate investing. 

Who hasn’t been impacted by the covid crisis? It’s still kind of scary out there. I knew before a global respiratory pandemic that my chronically sick father would have a health scare. He’s in his 70’s and has had chronic lung disease for 15 years. I’m overwhelmed in that area of my life but am currently letting my head take over my heart in realizing that there is little to no estate or inheritance planning for when my father passes. Here’s a profile of a possible inheritance. What would you do in my shoes? 

$50,000 life insurance policy. A home in Tulsa, OK valued at $175,000. An unknown amount of cash in a mutual fund (my dad has dementia). $0 in debt for my father. $27,000+ in the bank. 

My real estate goals: fix up my childhood home and start it as a rental property. Use those funds to pay for my living expenses while I get my masters, possibly a PhD. Start a short term rental business on Airbnb or Vrbo with $200,000 revenues (7-10 properties). Long term goal of $5million net worth through long-term and short-term rental properties generating income. 

Knowing your goals, what would you do if this situation was dropped in your lap? 

P.S. I am in a good place with my father’s coming passing and have sought grief counseling.