All Forum Posts by: Kellen Canfield

Zhi Zing Zong, thank you for the response, can you provide any context?

I understand the responsibility for the loan. My main question was how do you think (with all payments being on time and having excellent credit) having that home under my name would affect the process of me purchasing other investment properties during that 3 years? Do you think underwriters and lenders would look at me having such a large mortgage attached to me negatively when trying to get financing on other deals therefore preventing me from investing? I'm just worried that as I transition to it full time it may effect that. 

Hello, my name is Kellen and I've been investing in real estate part time for a while now, but am about to quit my job and go full time. I have a unique opportunity that opened up to me recently and wanted some advice on what you more experienced investors thought. I have a friend that wants to purchase their parents' duplex in LA for $700k before it can be sold. There is more to the back story, but the gist is that the sister actually owns the property with her parents living in it and she wants to get out from under it asap. The home is worth around 1.4-1.6M so a ton of equity. 

I have been approached to help the buyer get it by cosigning for an agreed upon fee. The parents would move out, it would be renovated and then rented out. After 3 years they would transfer the home into their names completely or sell the house.

The only thing that I'm worried about is that cosigning for this loan may prevent me from getting a loan within that 3 years for income properties for my business. I know that after a year of it being rented i could show that it's just an income property and may still be able to get a loan for other investments, but wanted to see what other folks thought about this opportunity to make some money by just using my name to cosign. 

Any help would be much appreciated. Any questions, just ask!

-Kellen

I've been thinking about creating a meetup on Meetup.com for this! All of the other REI meetups on island charge to go to them so I was wanting to do one that is free and just gets BP members together to network. No gimmicks or recruiting. Not sure where to do it though because since it would be free, I'm not going to shell out the cash to book a place. Any ideas? I'm in Waikele.

Thanks for the regards Sam! 

Aloha Biggerpockets world! 

I'm Kellen and I live in Waipahu, Hawaii. Right now I'm analyzing foreclosures in the Midwest to get my investment strategy off of the ground. I have family there and have spent an extensive amount of time there so it isn't completely foreign to me. I decided to get into a little less competitive and much cheaper market to get started off. I plan on getting my feet wet there as well as here in Hawaii and will be moving out of my full time job and into investing full time within the next two years.  

-Kellen