All Forum Posts by: Kyle Cuppy

Evan and Jeff,

Evan there is only going to be 18 people living there. Not 28. Sorry if that was confusing. I have $120K saved in cash right now. I would have 10 people live there including myself for the first 18 months while I complete the basement and convert the old community room into two bedrooms. There is no addition, its just completing the home and maximizing the speace that is already there. Then once the rehab is complete I would have 18 move in and the ship would set sail if that makes sense.

My name is Kyle Cuppy and I live in Minneapolis, MN and am looking for a mentor or even meet with other people who are buy and holding properties; or flipping properties. Please let me know if anyone is interested in getting together and allowing me to pick their mind. I have been doing research for 5 years, read several books and am looking to buy my first property this year. Thanks so much in advance.

I would say get your degree and work full time and have RE as a side gig until it produces enough income for you to quit your job. That is what I am doing and I am 27 years old working in banking and stashing cash while I wait for the right opportunity. I am a believer in having options vs only one route.

I am looking to buy a property, live there and rent out. I am asking for other peoples opinions if this is a good deal and why. The house layout is more like a frat house meaning lots of bedrooms or potential bedrooms with a shared community space, kitchen and parking spaces. Here is what I know.

Current Numbers

$500*8 (tenants) = $4,000 monthly income; $48,000 annually; All expenses would be paid by the owner

unfinished basement

What I believe they could be after the first 18 months of owning the property. The property would need about $30k of capital to fully build out the home and maximize the space. I would try to do as much of it as I could by myself.

After 18 Months

$550 for 2 person rooms * 10 people = 5,500

$600 for single person rooms * 8 people = 4,800;   Monthly rental income 10,300; Annual $123,600

-  All expenses would be paid by the owner. Roughly $40k a year (includes the mortgage and property taxes)

My purchase price is $470,000. I am currently looking to go through a credit union, but am looking at other options that could be more stream line versus a bank route. Any ideas?

So the current manager has 8 people paying him $500 per person ($4,000 per month in rental income). He told me to put my best foot forward for a purchase price. I was thinking $460,000 max. The way the home is ran financially is not with that, but the home is in a hot real estate area. Taxable value is $560,000. 

I have a plan to get 18 people in the home roughtly at $550 per person, but it would take at least 12-18 months to get the house completed. So the first two years may only have 10 people at $550 once I own the home. Make sense? I just want to make sure that I am not over extending myself to put me in a bad position. 

Hey Bigger Pockets community. I need some advice...

I am looking to buy a single family home that has 8 completed bedrooms. The house is unchanging rent at $500 when it should be $575 to $625 and this price is all inclusive. The basement is unfinished and there is opportunity to create more bedrooms in the future if the house was fully completed. My problem is that I have $120k saved, how much of your savings would you keep on hand based on this short description? I am thinking keep $25k on hand and I would have to put the rest as a down payment.  

I am trying to get an purchase offer on the table by the beginning of March. Any other advice or thoughts would be greatly appreciated.