All Forum Posts by: Mason Anderson

@Erik W. Thanks for taking your time to respond!

I have actually taken that task head on. From the beginning I have documented everything and I can definitely confirm your statement because money + family does = weirdness. The whole process has been a little sensitive only because I am trying to be fair but also make money/not lose money. I was the one who said we should get an appraisal to make sure the purchase price is completely fair and no one feels like they're being taken advantage of. My gma is doing a crazy cool favor for me, but in the same sense so am I for her. The property is a mess and she is ready to be done. It is funny because my Gma and my parents think I am some crazy, anal person for wanting everything in writing and signing on all agreements. I knew they would think that is odd but I have heard too many crazy family stories involving real estate and I do not plan on being one of those stories. 

Hoping this ends well for the both of us and instead of that side of the family thinking I am some menace, hopefully they find me as the grandson who knows what he is doing haha! 

I will definitely come back to this post when the whole process is over and write about my experience.

Once again thank you for your input and tips!! Very helpful!

@Bjorn Ahlblad Thank you for taking your time to reply. 

The loan is interest free only because it is my Gma and she is being nice to her grandson haha. To my calculations the bedroom would add $100-$200 in rent and would not take a ton of money to do in the first place because myself and my dad would tackle that ourselves to keep costs down.  

Great advice on the exterior rehab! We were thinking of adding a privacy fence as well. Does that add to the value of the home? or is it just peace of mind for the tenants.. the neighbors are not very tidy. 

Thank you! Feeling very blessed to have this as an in to REI!

I am diving into the real estate field. Taking over my Gmas Triplex. I have looked at doing this many ways and think I have found the best option. Let me know if you agree or disagree... please. This is my first deal and would love all the help I can get. 

Triplex in a pretty decent area close to town. My Gma owns the property and owes nothing. Was hoping to take it over on contract. Have her give me the title for a small down payment. Then pay her $400-$450 monthly for 8 years and maybe 6 months depending on appraisal. Needs a ton of work, but I am hoping it appraises for as low as possible. Thinking $40,000. I have the money to do rehab, hopefully $10,000-$12,000. Also want to add SQFT by enclosing the porch and adding another bedroom to the front apartment (would this be worth the money it would take to do it?). Hopefully after all that the new appraisal comes back at around $68,000-$75,000. I have 3 pretty strong comps supporting that. Then looking to take 75% equity out and find another deal. Would rent the plex out and cashflow for around $600-900. My total investment would be the small down payment ($1,000-$2,500) and the rehab ($10,000-$12,000 with porch addition and bedroom $15,000). 

Any tips or opinions?

Well not really so new.. I have been listening to podcasts, reading the forums, and reading the BP books for a little over a year now. Cannot get enough of BP and @Brandon Turner , you are a boss in my eyes! Haha, but on a serious note I have really been swimming in the information you and BP have provided. Love it and cannot thank you enough. I have so many of your books and cannot begin to tell you how valuable they are in my eyes. I hope everyone that sees this purchases the BP books because they are so informative! 

Really just wanted to say hello to everyone and wish me luck! After a little more than a year of just soaking information and reading until my give out, I am finally investing! Taking over my Grandmothers Triplex on contract. Looking to use this Triplex to start BRRRRing. Would love all the tips and "I wish I would've" I can get.