All Forum Posts by: Casey Oberg
Casey Oberg has started 1 posts and replied 4 times.
Post: Post your available tickets HERE
- Rental Property Investor
- Buena Park, CA
- Posts 4
- Votes 1
I’m looking for one ticket, if anyone has one that can’t make it please let me know 5628337846. If anyone isn’t able to make a day, I’d also be interested in a possibly buying the day you can’t go. Find an excuse or a way!
Post: Oregon property, refinance or other option?
- Rental Property Investor
- Buena Park, CA
- Posts 4
- Votes 1
Quote from @Taylor Rhodes:
Quote from @Casey Oberg:
Hi everyone! Hopefully an easy question here but first some backstory:
My mom inherited her parents house, completely paid off and just appraised for almost $500K. She and her brother share it, he wants out, and my mom wants to keep it.
I told her that maybe she could take a cash out refi to buy his half and everyone is happy. She’s worried about the mortgage outstripping what they are renting it for which is $1950. I thought if she gets 70% she would be able to give him his money and have almost $100k (which I think she should use for more properties but she is uncomfortable with) for any unexpected repairs or if there is a difference of a few hundred in the mortgage to rent.
Is this the best way to go about it? And if so what avenues would you look into for the best rate?
Thanks!
Casey
Hey Casey, I think what you outlined is a good option.
Does your mom want to keep it out of sentimentality, or is she truly trying to use this home as an investment vehicle?
If she is using this property as an investment vehicle - selling could be a more desirable option as she could put the money to work in a slightly better investment property (for return purposes) while at the same time, getting her brother out.
It’s a bit of both I suppose, my grandparents built that house brand new to their unique specifications. So she loves that.
But she also enjoys currently getting rent for it, as well as having it as an option to move to down the road. But I do think she wouldn’t mind parting ways with it for the right numbers. I just don’t think she would invest with the money, she might by a primary residence as they currently rent but that would be about it.
Post: Oregon property, refinance or other option?
- Rental Property Investor
- Buena Park, CA
- Posts 4
- Votes 1
Hi everyone! Hopefully an easy question here but first some backstory:
My mom inherited her parents house, completely paid off and just appraised for almost $500K. She and her brother share it, he wants out, and my mom wants to keep it.
I told her that maybe she could take a cash out refi to buy his half and everyone is happy. She’s worried about the mortgage outstripping what they are renting it for which is $1950. I thought if she gets 70% she would be able to give him his money and have almost $100k (which I think she should use for more properties but she is uncomfortable with) for any unexpected repairs or if there is a difference of a few hundred in the mortgage to rent.
Is this the best way to go about it? And if so what avenues would you look into for the best rate?
Thanks!
Casey
Post: What's stopping you from buying your 1st investment property?
- Rental Property Investor
- Buena Park, CA
- Posts 4
- Votes 1
@Salvatore Lentini My current predicament is purely financial. Had to ruin my credit to stay afloat during quarantine 1 and 2 (here in California). And of course down payment money. I found an awesome 6 unit for 52k, and another 32 unit for 950k. But I just don’t have the money as the first would need to be a cash/hard money and the second, I don’t have the investor network built yet. I want to start with the bigger one but I really just want to get started, period!