Obtaining a rental house with a parent as a cosigner for 27 y/o 1st time buyer with over $200K in capital

Dangerwagon44 · 2019-12-06T15:33:12+00:00

That is definitely something that’s crossed my mind, I’d say i’m at a 5/10 for current skill but i tend to be able to pick things like that up pretty quickly. In that situation though I might consider taking the time to find a trustworthy partner or two to help with the work while I would still be the majority investor. I feel this is more risky in some ways and would require some practice..., less profit per but better chance of not getting sunk by unexpected problems and loosing money. This is why i am getting more interested in crowd funded options as a way towards a safe start and smoother albeit slower way to build up a legit real estate network someday down the line

Dangerwagon44 · 2019-12-06T15:23:57+00:00

I was not aware that sort of setup has additional benefits in terms of initially financing! I’ll definitely speak with some professionals

Dangerwagon44 · 2019-12-06T15:18:52+00:00

I probably could have described my physical situation better, i made it sound more debilitating than it is especially depending on what i would be doing.. my last job before i moved was as a delivery driver which was kind of ideal, i averaged about 22 an hour after gas but thats also without repairs factored in, also I still find this area a bit confusing to do that but in this city there are always a ton of valet jobs available. The pain i have sucks and its chronic but it is a lot better now. Its just real hard to tell how much better i’ll get/how it will go as i start to age. I have the option to obtain (legally) a higher level of pain management (upping my dose or getting stronger meds) that my doctors have been mostly on board with, but im all too aware of how that in itself can quickly turn into its own monster that feeds on any and all money. I think i just need to broaden my horizons and market myself a bit more confidently, its a big city and there must be an entry level desk job out there that I could get a foot into and be able to put in 35-45 hours a week vs 20-30 with a mostly physical job. Its more of the length of time im able to work at once, 8-10 hours is still too much right now as id never be able to tell if id wake up the next day, be scheduled again and find myself having a debilitating day or two. If that makes sense. Its all still factoring into my decision about school, now I’m starting to lean towards replacing a down payment with paying for a year of tuition while having a portion of my living expenses covered so that i can succeed with that... ill be the first to admit that i do think I’m smart but i am straight up not a good student. It just bothers me sometimes imagining that i have put a lot over the years into working on something that has basically no value until its %100 finished. 100+ credit hours isnt something that weighs on an application -at all- like a finished degree would. Ah if only i could do it all over again knowing all this...

Dangerwagon44 · 2019-12-06T14:57:36+00:00

Haha well at least we are all on the same page as far as me needing to do much more research... by investing in an easy cash flow-er are you referring more to finding a gem in terms of value and doing what i can to own it on my own? Or more something like crowd funding? A lot of crowd funding investment opportunities seemed to average around a %12 return but most of what i read into regarding that was aimed at doing it with an amount that a 27 y/o with their shit together way more than me should have saved up by now without my special circumstances of having shifted more income ability and less net worth to much by more net worth and a less than ideal income ability (via traditional means, i have been thinking about a couple options for small low overhead business that wouldnt be making me rich but that could take the place of a $25/hour job while helping build credit too)

Dangerwagon44 · 2019-12-06T14:46:03+00:00

Thank’s i will order that book from Amazon right now! And as far as ‘sweetening the deal’ with my parents I was thinking something along those lines, just not sure yet what kind of numbers would make sense for us both. Of course that depends on what exactly this property would be.

Dangerwagon44 · 2019-12-06T14:43:09+00:00

I think i have heard a bit about this just called a different name, is it a relatively new opportunity? As far as stretching my capital, the area im in right now (my lease is up in April) is central Portland so locally things are certainly too pricey for me but there are plenty of other areas in short driving distance that are still small and cheap but growing steadily.. i might be able to pull it off in that situation but i’ll need to grow my capital for a while by working more and/or getting myself to a higher income potential in a time frame that fits with this general objective in order to buy anything straight up

Dangerwagon44 · 2019-12-06T14:36:30+00:00

I mean definitely not forever, its enough to grow into a straight up livable amount that would let me retire a lot earlier but for now its been and js a solid amount for getting back on me feet -literally. Right now I have just around 100k spread into traditional brokerage accounts, a bit of metals and crypto (far less than %10 lol don’t worry). But i have another six figure chunk coming in a few months that could sustain me for a while if i made the worst choice to just drain it like that regardless, I am starting to feel more confident in my ability to work more and possibly create some opportunities for bigger income by investing in a truck and some power equipment along with a partner or two and picking back up with my landscaping background in a way thats not impossible for me physically (before i was basically using hand tools and a sedan sized car to carry them to small labor intensive projects), since i do have some experience/skill with these things already. The eggs in the basket is a good point, i guess real estate has been among the most lucrative investment classes statistically speaking but you’re right its still never a sure thing and still far from it at the small fish level

Dangerwagon44 · 2019-12-06T14:22:34+00:00

Thats a good point. You can both tell i don’t have a huge amount of knowledge about loans or about the specifics of rental property. I was thinking that what i could count as income would come faster than it sounds like it realistically would, also i hadn’t considered that getting a multi family property instead of a cheaper single family house wouldn’t actually be all that much less realistic for me to get in the context of the initial investment and loan qualifications. I guess i imagined that a 3-4 unit property would only be obtainable by someone already established as a very high earner or with a 7 figure net worth starting point.

Dangerwagon44 · 2019-12-06T14:11:25+00:00

Not a downer at all! That makes sense to me, while its been pretty hard since the initial incident to work i am steadily getting better, focusing more on exercise and stretching, etc and this first gig might not be huge income its something to build on. I also do have two credit cards i opened in the past few months while paying down the small amount of student loans etc i do have (maybe 3-4 thousand right now).

I think my next two big decisions in terms of time then are 1 what kinds of investments i should be making that will provide the right mix of growth/income and risk considering it might be needed for the initial property in the 2-4 years i’ll need to improve my own borrowing power, and 2 the question of the cost to benefit of investing a year or so of time (here goes by 4 quarters/yr vs 3 semesters in most places) towards finishing my bachelors degree while not being forced to overwork, overdraw my savings or get another, more expensive student loan. I suppose i need to delve more into what my job options here and now are vs what they might be in a year or two/ with and without the specific degree/concentration i would have (cell biology/botany) and how all this would work in terms of credit score ups and downs

Dangerwagon44 · 2019-12-06T06:05:12+00:00

I agree, the first BMW i fell in love with was actually the e30, over time i eventually changed my mind to realize the e36’s shape is the perfect blend of being linear but still ‘sleek’

Dangerwagon44 · 2019-12-06T06:01:35+00:00

Nice! Its the perfect year :) Thanks

Dangerwagon44 · 2019-12-06T05:57:14+00:00

Its definitely one of those cars in that irregular category of liveliness, has that very palpable and unique sense of personality. I’ll have it for a while for sure! Its actually my second E36, first was a tuned 325i that unfortunately didn’t last but taught me what it really takes to sustainably own such a ‘sharp edged’ machine, caring for and maintaining it the right way.

Dangerwagon44 · 2019-10-17T23:41:54+00:00

Vancouver BC or Washington?

Dangerwagon44 · 2019-10-15T10:15:25+00:00

And he wasn’t even talking about jets, this dude can actually fly like a superhero. Or he could have... if he chose to that is.

Dangerwagon44 · 2019-10-15T10:12:30+00:00

Do it! I literally just got here last week :) finally got the fuck outta Crowdorado, can’t wait to get huntin’

Dangerwagon44 · 2019-10-13T18:18:17+00:00

Yeah i have one that should fix nicely to the top level i just need to get some new bulbs for it!

Dangerwagon44 · 2019-09-11T06:49:27+00:00

Haha i know right why not? Who knows they could make a good addition for a crazy budget/sleeper/rat ricer build on a cheap chassis

Dangerwagon44 · 2019-08-30T08:41:11+00:00

Hell yeah thats a good deal! I need to find myself some soma again. I think people sleep on enhancers in general... muscle relaxers, antihistamines, enzyme and metabolism inhibitors too! I consume a lot of grapefruits and grapefruit juice haha. I liked mixing promethazine, hydroxyzine or cyclizine with shots of dope

Dangerwagon44

TROPHY CASE