All Forum Posts by: Jon A.

Our daughter is moving from Washington state to Albuquerque. She'll be retaining her old home as a rental. Her new job won't be starting until August. So, I was surprised when she told my wife that she had been qualified for a home loan in NM.

Last night we got more of the story. It turns out that she found an agent that told her she can get a 10% down interest only for one year deal. I've studied enough here to realize that this could be a legitimate deal with a HML and maybe a flipper. Anyway I still advised her "no" because I realized that we could do the same type of deal to help her and offer her more protection.

We won't income qualify for our own loan, lack of history. But, because our investment discussions with a member here fell apart, we have enough cash to do her deal.

So, since this will be new ground for us, we need some advice. How to structure this? The mechanics of the deal?

My first thoughts...

Find a house that needs lipstick.
Offer 70-80% of ARV.
Big EMD with inspection.
Cash offer / Fast close.
"Rent" to daughter for 8-10% of investment.
Daughter fixes it up.
"Sell" to daughter when she qualifies in 6-18 months.

Let the questions begin.

And, thank you to all that take the time to read this.

jon

Ricky White your post doesn't seem to fit with your profile, unless you're fishin for something?

Koel Gaylord we recently had a similar experience in working on settling an estate. Our new CPA needed rent rolls. My internet searches came back with many different versions. Since this was an inherited situation we told the CPA that they didn't exist and that we would have to create them and to please send a sample of the format that they were most comfortable using.

Consider this from a different perspective. A new inspection company? Maybe it's in their best interest to find "something" Fix it keep notes and see how things go going forward.

I've heard stories of investors leaving something undone just to let inspectors find something to justify their existence.

I'm wondering about the whiners remark!

It's not free. And, when I was in the corporate world my dental coverage was better than my retired coverage for dental.

The medical is great though! Not free, but really good.

Edsiaren Ignacio get out.

ATCS (RET) Retired 20 years ago.

- Your retirement will be a fraction (if any) of mine and mine's not that great.

- You'll grow more and more resentful of those "wasted" years as they slowly grind on.

- Your ROI will not compare to starting now.

- After those 17 years you should be able to really retire if you chose to or live a much higher standard of living.

- 20 years will likely take a physical toll on you. I'm on a small disability.

Try to get into a field that teaches you something related to RE. I took 18 months off between my 1st and 2nd tour. I was in construction. If I had stuck it out and knew I fraction of what I know now, I'd be light-years ahead.

Use your GI bill to study finance, investments, economics, accounting and such, you don't need a full degree.

Am I satisfied with my own decision? Yes, it took me a long time to grow up and in my early 20's I was not ready to be a real estate investor. A few years later when I was more ready, I was over the hump and "had" to stick it out. When you're a fast-tracking 1st class it's hard to get out.

Nope, sorry for the delay, we had a death in the family and this got moved to page 2. It will be back on page 1 in the coming weeks.

What happened to him?
Why is it hard to make the payments now?

Chris Burgess what do you mean you have access to a list of vacant houses?
We had a family member recently die and strangely a couple of days after dropping off the change of address at the post office, the mail carrier left one of their slips with a note on it. "Is this house vacant now" Left me wondering, WTF?

You didn't say what kind of deal but J Scott's website has the details of dozens of flips, purchase to sale. Waay more information than I expected.