All Forum Posts by: Jacoby Atako

@Stephen Diakos what age did you start?

@Roee Hazut

There's a REALLY good BP podcast with Spencer Cornelia (look him up on YouTube). He has the exact same thoughts as you and invested in two flips out of state.

He actually found two great deals, built his team, etc, but a series of problems that really only happen out of state, ended up losing him like $50k.

There's a really REALLY good book called "Building Wealth One house at a time" that explains why you never need to go out of state also. I'd say research the potential pitfalls to find ways to avoid them going out of state, and exhaust your options in your neighborhood first.

I just came across them as well and agree that the terms they offer look suspicious.  Here is the website.  Apparently they have an office here in Las Vegas, which is where I am so I may head over and check them out.

https://fundingstonellc.online

My reasoning behind asking was that I was already going to have the tenant regardless.  If the deal had gone through, I would have had the tenant for several years no matter what, so if this option was legal, it would still be worth the time investment even if it took years.  I was just trying to understand if it were legal or not.

@Marian Smith

I'm a little confused at the equity/loan side you're explaining. This is a standard off market sale. The house was free and clear until about a year ago ago when she got a reverse mortgage that bleeds her equity and pays her $400 a month.

I'd be purchasing in cash and paying off the reverse mortgage balance which is currently about $50k. Total purchase is $127k. Is there some sort of legality with the owner selling outright and then becoming a tenant?

@James Hamling

I appreciate that. I hope I get everything I deserve as well. Should be fruitful

@Marian Smith

That was a question I wondered, but from everything I looked up, the section 8 applications only asked about income. She would net about $75k. So having that in her account would likely make her ineligible if it's not solely based on income.

@James Hamling

Haha, did I come across you in some other situation? First off, I handle her home insurance. There's no fiduciary duty. No financial advice.

Second, do YOU know what equity stripping is? A quick search validated literally NOTHING about your point. I'm confused at which part you think is illegal. Buying a house at a good value? Renting back to the previous owner? It her being on social security? She's been on social security for nearly 15 years.

Her family already knows about the deal. They actually did advise her to try to sell for more and she brought that up to me. I told her I'd be happy to pay more, but then I wouldn't be able to allow her the low rent we agreed on. After doing the numbers, she declined and initially decided to move forward with our original contract.

I'm starting to realize you have NO CLUE what you're talking about.

@James Hamling

I don't know. I feel like my attorneys advice is more valid. But I'll trade a like at "equity stripping."

@James Hamling

I'm just so confused at the details you're cherry picking. I guess it's easy to arm chair quarterback when you have limited facts. I'll leave it at this, the goal was for her to STAY in the home. You weren't there when she cried to me about thinking she wouldn't be able to keep her house because she was living hand to mouth. She has a $5k credit card bill and a $10k car payment that is eating her up. She has a reverse mortgage that will likely eat up her equity in the same time period and she was planning on trying to get another $50k loan on her property. You weren't there when she wanted to invite my wife over for dinner to get her on board with this arrangement.

Again, what you don't know makes it easy to judge...which is fair, I posted this with questions. But comparing me to Hitler? Jesus