All Forum Posts by: Ryan A Rodriguez-Wiggins

@David M. and @Michael Carbonare - super helpful! Thanks for the additional detail. This makes sense. I'll leverage my standard lease agreement and look at purchase option templates online. I'll build in a buffer/ spread for the costs and risk, and then I think we should be okay.

@Michael Carbonare - that's great to hear re: 100s of lease options. Any resources you can point me to or suggest that I review in terms of structure?

Yeah I hear you on family and business. Generally try to avoid that as well. That being said, likely going to do so anyway as I feel pretty confident about being able to make it work. Just trying to structure it in the best way to minimize the aforementioned risk.

Let's assume it wasn't my cousin. What's the best way you'd recommend structuring the deal?

Thanks again!

Thanks @Steve Vaughan! Super helpful, will reach out on that forum. Wasn't sure the best place to post this question.

Re: Digital Nomads - basically means we plan to be working remotely from the road moving around city to city while we still can before our jobs ask us to go back into the office :-)

Yeah, I think we can probably work out something similar where we split the cost and definitely avoid realtors.

Thanks @Steve Vaughan! I wouldn't say I am new to real estate, just the rent to own structure. This would be my 5th property.

The back up plan is actually for us to move in, since we are currently selling our apartment and plan to be digital nomads for a bit. They are also selling their current place, so will have a decent chunk of change once that closes.

The high cost around closing are my biggest concern. Any suggestions...?

Hi All,

Does anyone have experience with structuring a rent to own deal? I am looking at purchasing a property for my cousin for her and her family to rent while they rebuild their credit. Goal would be for me to purchase it now. Rent it to them for a few months, then sell it to them.

Appreciate any thoughts / guidance here.

Thanks!

Regards,

Ryan

Hi All,

My cousin is selling her house and can't afford to put a down-payment on a new house until they close. She has two young children, one of which is on the autism spectrum, so moving twice would be difficult for them.

I'd like to help out and purchase a place that they like, and then once they close on their sale, have them purchase the home from me.

Market where they want to buy is super hot, so a contingent offer won't work. Any ideas on how I could structure this and avoid paying realtor and closing costs twice?

Wholesale, hard money loan to her. Etc...?

Thanks!

Hi BP Friends,

Need some ideas on a deal structure and apologies for the lengthy post. Basically I am trying to buy a place for my cousin, and then sell it to her, but I want to avoid paying closing costs and realtors twice. Plus we should make a little on the deal for the risk (she's cool with that lol).

So here's the deal. Shes selling her house in June, but doesn't have the money for a down-payment until they close. Also the market is so hot in CT that places are flying off the shelf so she can't do contingent or time it right. She's got two kids (one who is on the spectrum) and for them to sell and move to a rental while they try to buy is insane.

My original thoughts were just buy a place for them, then sell it at a slight premium, but after closing costs thats probably a lose / lose. Thoughts?

Could I do a wholesale strategy, personal loan, co sign (which i don't want to do because it limits our other investment opps, etc.)?

@Zach Westerfield

Thanks Zach! Super helpful. Good to know about the clock restarting, that sucks, but I guess it is what it is lol. Yeah, we fully intended to live in the property when we purchased it, but weighing our options now, given there have been a number of changes in the last six months, I'll spare you the details ha.

Yeah, our original loan was sold within the first two months. Now refinancing with the bank who bought it.

Hi All,

We recently bought an owner occupied two family unit, with 3% down as we were in the process of selling our apartment. The apartment still hasn't closed yet, and we are tired of paying the PMI, so we are refinancing the owner occupied to lower the payment and get rid of the PMI.

We would love to take advantage of the low interest down, owner occupied strategy, and do this a few times. Anyone know if we refinance does that start the 12 month "clock" again?

Trying to do everything by the book.

Also, if we did an owner occupied and decided to travel for a few months or be digital nomads, is it okay to rent out that unit temporarily, assuming we aren't applying for another primary residence mortgage

Thanks!!!

Also, it might not be a "ran out of cash" issue but more of a cash flow / timing one. With COVID a lot of city offices have been extremely backed up, so the permitting process can be super slow. If you buy the property hoping to fix it and rent it in a month, just heads up I would factor in double the time you think it will take when you run your numbers. That way you're not sitting with a property waiting around for weeks and can't do anything.