All Forum Posts by: Noel R.

Any updates?

Quick bio: 36 married with one kid. Own my home in Petaluma, California with 160k owed. Have solid stable career with pension, wife is independent contractor our combined income is 100k +. Inherited a chunk of money a few years back and have been taking my time trying to determine what to do with it. Currently maxing out all pre-tax retirement accounts and feel like I could keep on working and living and all would be ok. Big problem is I cannot collect full pension till 62 which is another 26 years. The other issue is the money I have sitting in a savings account not working for me.

Been listening to podcasts and reading forums and books. Still havent really hammered down and started crunching numbers and analyzing deal after deal. To be honest I like my job and have a relatively stress free life and not sure I want to go full board just yet. If I do decide to get after it I am leaning MF and am actually attending a free REMentor seminar this Wednesday on the topic. 

Lately, I have turned my focus on Turnkey.  I am leaning towards pulling the trigger on a 50-70k turnkey in the Midwest for cash flow. I think this might be a great way to get my beak wet without placing a ton of burden on myself and see just what real estate has to offer. I am looking to hear from anyone who has purchased a turnkey property in the last few years as well as any turnkey providers who fit my numbers. 

Thank you for taking the time to read through my post and provide your feedback.

TL/DR: 36, life is good,  have a chunk of cash and am thinking about getting started with a 10-20k investment in a turnkey property in the Midwest that cash flows and I can buy and hold. Thouights?

The dust finally settled and we agreed upon 365K. My brother is finally moving out and now it is time to do some work on the place and get moved in myself.  My next dilema is investing money in fixing the house up knowing it does little to nothing to increase my property value though I plan to live here till I meet my maker.

Property is located in a booming market in Sonoma County, CA where there is currently a shortage. Problem is it is a 2200 sqft mobile home  in need of major work and likely not eligible for a conventional loan. After home/well/septic inspection the home was appraised at $335k. The value is the land though with approximately 30-50k the house could be lived in comfortably. 

Here is my bind, my sibling wants to sell the house to me at a valuation of 390k. Assuming I can take over the current loan of 160k I would need to pay him 115k cash and my monthly mortgage would be 1200$. Is the risk worth the reward? Ideally I would take over the mortgage do some inexpensive patch work and save save save. Then when the time is right I could completely demolish the mobile and build my dream home.

Thoughts?

What happened with this one?