All Forum Posts by: Holden Rexius

Hi everyone! I am currently looking at purchasing a piece of land in Colorado and placing a manufactured home on the land. The building guidelines of the subdivision allow for a single family home with a lock-off ADU. The SFH will be my primary residence and I will rent the ADU. Can anyone could refer me to a lender that could help me finance this? Also, if anyone has done something like this I would love to hear any and all feedback. This is the only option my wife and I have to be able to move closer to family and if we can finance it we will be able to make it work. Once we move out of the property into another home, it will cashflow well and have a great ROI. Any help is appreciated, thank you!

Thanks for the advice everyone! I'm still working hard to get this to closing!

Ok great I will check the documents and see what I can find! Thank you so much for the advice!

Hi all! I recently put a long-term rental property under contract in Casper, Wyoming. It is a duplex that is already rented. I intended to finance the downpayment of this deal with a capital partner providing an interest only loan at 8% but unfortunately they had an unexpected financial emergency and were not able to fund the deal. I know my options are limited, but I wanted to ask here if this is something I could potentially wholesale? My intention was to hold this property for years and I don't have much earnest money into it and the closing date is set to be 02/25/2021. If anyone has any ideas or advice as to what I could do with the property/contract I would greatly appreciate it!

Ned,

Thank you for the advice! I probably am getting a little ahead of myself and I appreciate the honesty. Even if its not what I want to hear, its what I need to hear. I am committed to the process so if saving money over time is what I have to do to make it work than that is what I will do. Hopefully I can start with this deal and maybe one more then go from there! Thanks again Ned!

I believe this is a good deal and it is going to be my first deal (hopefully). I have made an offer that the seller is interested in. At this point I am trying to find a partner to bring the money as I will be the boots on the ground and put in all of the work. The numbers I have put in include 10% for property management. I will be managing the property so the cash flow will be more, I just wanted to make sure the numbers work with a property manager in case I am no longer able to manage the property. My question is, is this a good deal for a partner to invest in? If I had my own money to invest I would do it on my own. I am just wondering if this is worth it to invest in for a partner and how we could possibly split the deal? (I was thinking we split it 50/50). I appreciate any help or advice anyone has. I can't wait to get my journey started!

Than you,

Holden Rexius

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Thank you Abel,

I really appreciate your help! I do have a family member that I could potentially partner with I just had not thought about refinancing and buying out. I will post the information here as well. 

Thanks again!

Hey guys I've been a BP member for a couple of months now and have analyzed a lot of deals, listen to the podcasts regularly, and read a lot of the BP books along with many others. This is my first post in the forum, always found it a little intimidating. I live in Gunnison, Colorado (a small college/tourist mountain town) and the real estate prices are high here so it is hard to find a good deal (I am interested in buy and hold). Even with this being the case I have still been able to find deals that work. I am trying to avoid the "analysis paralysis" phase and get a property under contract. I have made a number of offers and now have a seller that is willing to sell at my offered price. My problem is that I don't have the money to get started on my own. I have listened to the podcasts and read books on using Other People's Money and they were very helpful. I was just wondering if anyone has specific things that work for them. I have family I can ask but they are likely only able to fund one or two deals and I would like to continue to grow my portfolio. If you guys have any advice on using OPM. I have no money of my own to use and am more than happy to take on a partner in which case would be the boots on the ground doing all of the work. Any tips or suggestions would be greatly appreciated. 

Thank you,

Holden Rexius