All Forum Posts by: Chris Sukala

Ok so what would you do if you were us. Supposedly my sister in law (and kids, husband) could be losing their house. We have been down this road with a friend and was burned. So I will ask just because it's family. We we're toying with buying a house adequate space and have them rent it. We both have mixed emotions about this. If we did this, it would have to treat it like a tenant landlord relationship but for some reason we will end up to be the bad ones. They also do not know we own rental properties. It's not that we want to keep it secret, we think their will be some animosity towards us, so we keep it too ourselves and my immediate side of the family. However we do not want them to be in the streets if they cannot get a place to rent. I do not want them to take us down also if they cannot make rent while we are trying to create our own success stories. We will not offer but was going to possible tell them, yeah we bought a house in the hopes of fixing it up and renting it out. Plant the seed then if they come back and ask to rent it, we would tell them this is strictly business and you would abide by any rules that a tenant would have too. Thoughts?

Camron Cottam well we have had some similar responses. I have listened to one of the podcasts of Brandon Turner. I loved it. In fact I just received his 2 books on "Rental property investing and rental property managing that I am getting ready to read. I figured do what is best for you and who cares what others think. Good luck!

Would love to add another SFR and possible a duplex.

We have 2 SFR 2/1 we are renting to younger professionals. We are looking at another SFR 2/1. If they are in a good area can rent pretty quick. We haven't tried any 3/2 yet. To me you start getting into 1200-1500 a month rent people will start having excuses. Just my two cents

@Kyle J. No you are right completely. At first my thought process was just getting a equity line with a check book and use what I needed. Of course after I posted this I thought to myself, Self what are you posting this for. Getting a fixed rate is better then prime plus 1. I do not see a delete button so It is posted. Thanks for your input though

@Brent Coombs Well you are correct, I do not know what I was thinking Ha Ha. I answered my own question in my post. Better interest rate.

Ok so I called my banker up and asked to get a cash out on our second property. We purchased it last year paid cash free and clear. I originally was told that I could not do anything for a year due to the fact I would only get 70% of what I paid for it. So I waited till this 1st which would be 1 year. I was told that no-one offers a cash out or equity line on investment properties. She told me that I could get 70% but it would have to be a loan on the property. Is this true?

I purchased the house for about 31k did a remod and hopefully looking at about 75-85k. I put about 25k into it. I know that equity is prime plus 1 so in the big picture a loan would be more beneficially. My idea is to get the equity and purchase another property. Have one pay for the other.

Wow very cool. I also look for the biggest POS. A friend that helps me from time to time. Asks what is there a website

@Frank S. will do. Like I said this is not my property, however I just wanted to help these people out

@Frank S. Ok so there are codes and obviously different cities have different views but if she does not have he on next week I'll have her check.   

@Matthew Paul most definitely. And like I said I am not hearing the whole story more then likely. He did supply them will space heater so he made a conscience effort to keep them warm.