All Forum Posts by: Cody Godfrey

@Rachel H. Thanks so much!! We’re crossing our fingers!

@Jack Martin greatly appreciate the advise Jack!! Keep your fingers crossed for us!

Our company is on the verge of acquiring a total game changer mobile home park that I’ve been working on for over a year now...

We are meeting with the owners on Wednesday 7/17 who have three almost identical offers on the table. They’re giving each offering party the opportunity to sell to them as to why we should be the ones to acquire their park.

Any advise from anyone that’s been in the situation before would be greatly appreciated!

@Michael Odugbesan I appreciate the advise! We have a relationship with a good credit union in our area started so we would most likely use them. We do not have an LLC for this property.. sounds good regarding a separate account for the property. Should we ‘pay ourselves rent' or, just feed money into the account as needed?

@Ginny Kim Hi Ginny, I think they are now offering that service again. Listen to the beginning of their most recent podcast.

My wife and I are under contract purchasing our first property. It is a triplex where we will be house hacking and living in one of the units.

My question is, would it be wise to open a separate bank account and run everything property related through that account or, do we use our personal account for everything?

Just curious as to everyone’s experience/opinions.

Thanks in advance!

My wife and I are under contract purchasing our first property. It is a triplex where we will be house hacking and living in one of the units.

My question is, would it be better for us to open up a new bank account for all property related transactions or keep it in our personal account?

If we open a new account, do we "pay ourselves rent" or not?

Just curious as to everyone's experience/opinion and what seems to work best.

Thanks in advance!

@Kiera Underwood hi Kiera. There are better deals out there but their in bad places of town that might not rent as much and not near as nice as this duplex. It’s the nicest duplex on the market currently and is in a great location. Those who think I’m paying too much are experienced and onto bigger properties than duplex’s so that’s probably where their thoughts are coming from I think. Plus 200-300 a month isn’t worth their time.

@Dion McNeeley thanks Dion. I agree at this point it’s about saving money as opposed to renting and gaining the experience.

Thank you!

@Scott P. Appreciate your input Scott! PITI would be about $1550. Rent from unit that we would rent would be 995 (which is still under market but an 80 increase from what they're currently paying) and my side could rent for 945.

As I mentioned I would strongly consider adding a third bedroom to the other unit if the current tenant is to move to increase rent as well.

Thank you!!