All Forum Posts by: Kyle Scofield

@Account Closed I have no experience with contract for deed but do with lease options. It's a great strategy, you just want to make sure you cover yourself with contigencies in the contract just in case the seller is trying to slip one past you.. ie. home inspection contingency, clear title contingency, etc. This will help in case some of those "worst case scenario" events pop up. Hope this helps some! Let me know if there's anything else I could help out with. 

- Kyle 

@Kaleb Carsten I'm not sure about Mitchell but there's a group that gets together on the 3rd Saturday every month in Sioux Falls! You can find all information on the Facebook under "Sioux Fall Real Estate Investment Club."

@Kreighton Reed Than you! The list of questions are great.

I've actually bought my first property since posting this on a lease option. I'm not entirely sure if I want my next property to be commercial or residential as of now. So I'm more so just trying to be proactive and establish the relationship for a future funding source when I graduate college. 

- Kyle 

@Scott DeLange I believe for an FHA loan it is one year.

@Justin Young no problem! Just think of it is the BRRRR strategy without the rehab part!

@Justin Young if the turnkey provider left enough meat on the bone for you to work with the equity to maximize your ROI, then the same principles apply.. Just have to make sure the property you're buying is a deal.

@Chris Jackson I don't know what you're network is like but if the option is available to you, you could pool together OPM and structure some type of deal like that. Or perhaps bring in a partner? 

Otherwise, if you have a personal residence and have the ability to use a HELOC or Home Equity Loan, that's another option.

Using hard money as well? 

Or combining all of these? Just a couple options I thought of quick.. Hope this helps!

@Brady Lee it depends on your market and the deal itself. 

What are 4 bedrooms selling for in your area compared to 3 bedrooms? And is there enough square footage in the home to support a 4 bedroom? And then factor in your rehab costs and see if your market will support it.. If so, I say go for it! 

Sometimes adding more bedrooms can take away from the living space too much that it ends up being more detrimental than anything.. Just my 2 cents though, hope this helps! 

@Justin Young yes, this is a good strategy usually referred to as the BRRRR strategy here on BP (Buy, Rehab, Rent, Refinance, Repeat).. It's essentially what you are talking about, if you look it up on the site, you'll find lots of results... You just have to make sure you buy a good deal!

Good direction!

-Kyle S.

@Account Closed and that does not necessarily mean you have to withdraw from the property.. Just adjust your offer accordingly (some people specifically invest in these types of property!)