All Forum Posts by: Rick Rascoe

Hi Jared, it's great to hear your investing is going so well! 

I forgot to ask; which REI club?

Welcome David. I live in Rensselaer, and invest in thw Jasper county area. I am pretty new to BP, lots of great info.

Hoping to come over and meet you guys Saturday.  

I would like to know if anyone is familiar with either of these two markets. I am looking at possible holds for rentals, sandwich lease options, and fixer lease options.

     Thanks Shawn! That's actually the conclusion I came to. I talked to the C.U. yesterday and they said I could get a 70% second (yes a second and I have no first!) I planned on trying to use that $40-49K to either buy two to four properties creatively with little money down or to buy an easy fixer for another lease option property. As for the old house I planned on selling it on a 3 year lease option, medium option fee,  a little higher than average rent with some rent credits. If they exercise the option OK, If they don't OK. Either way I win.

     I know some people advocate staying away from lease options; I wonder if it is because some investor's are very unscrupulous with their customers? Even Marc Garrison once told me that he would sell on a land contract, not a lease option. I think it is a great way to have less management headaches and to build capital, as you have stated. That also gives me time to try to find a good team of people to work on future properties. I made the mistake of trying to do it all myself before, and that's not fast enough.

     I did look at a cheap property this week, but I would have had to wholesale it, and that makes me nervous (afraid I'd get stuck with it). It was very small and had a lot of issues. I called a guy from Kentland once and I think fixer uppers is all dealt in. He bought them ragged, never touched them, and re-sold them. He told me he did quite well in that business.

     Thanks again! Have a great day!

Thanks James!

Thanks for the input Brian!

Hi everyone, My name is Rick Rascoe and I am new here. I formerly studied sheet's program, and read many others like Garrison. I did a couple of deals a several years ago, eventually blew it, took a long time to lick my wounds and realize I need to get into real estate again, but with more due diligence and patience. I need to get busy because I am 49 and don't want to work in the mill till I die.

   The question: I still own the home I previously lived in free and clear. It was sided before I moved out, has been re-painted inside, and has been recarpeted. There are issues like; temporary steps to the porch; a bank will likely say the roof needs replaced; the heat is electric baseboard with a pellet stove in the living room (could remove it). 

Do I:

1. Keep it and rent it out (yes I am willing to be a landlord)?

2. Sell it on a 3 year lease option for top market price plus 2 years appreciation ($71600) and the rental income ($600 - $700 mo.)?

3. Sell it for cash ($60000) and use that cash to use on creative deals on other properties?

I would like some of your input. I have sat on the property for two years (that's ALOT of lost income!)

4. Rent and pull money out. This is the option I think makes more sense, but the two financial institutions I spoke with only lend on your main home.