All Forum Posts by: Casey McCoy

Being that you have been in school on a traditional mortgage they count that as “time in the field” so you should only need one months pay stubs if you went to school for healthcare and get a position in healthcare. 

(If you went to school for like underwater basket weaving and get a position as a coal miner that wouldn’t work out the same but other than that you should be solid once you get the position filled) 

Also we have a connection with a lender that has some fabulous programs depending on what exactly you went to school for, it’s mainly for anyone “licensed in healthcare in the state of Indiana” happy to help make the introduction 

Hey Tyler the lender sort of depends on your scenario and goals and what you hope to accomplish and what you can do financially. Some lenders are better prepared on the more creative side (typically more expensive) and some will check the box for less expense and aren’t as flexible. Would be happy to jump on a 5 min call with ya to line out who might be the best fit for a lender partner for you and your scenario 812-760-6576 also happy to chat with you about what your goals might be if you want and if not no big deal on that. Just happy to help get ya to the right place for you to accomplish your goals 

Casey

That is definitely some promising steps! One thing I would ask is what kind of return are you looking for or how are you evaluating properties to determine if they’re a right fit for you? 

What are you looking for in a good management company? I know a few but depends on what you’re looking for really and what type of properties you have 

Hell ya! Nice addition to the portfolio buddy! Love those side by side duplexes! Congrats on the acquisition! 

Hey @Trey Nixon I noticed this question from a few years ago and was curious what you've navigated towards since this? We're looking at a similar situation currently

Welcome to this wonderful (and sometimes strange) world of investing in real estate. The best way to answer this question is to see where you yourself would feel comfortable around the city. Getting familiar with the city is step one so that requires driving, biking, running/walking <— (the best way to feel the neighborhoods). Ask about everyone you come in contact with what part of the city would they suggest to live and decide if they’re your end buyer (or renter). In general a lot of demand lies in Newburgh and Northside EVV though it is very hard to find anything that cash flows (and it doesn’t help that we currently only have 30 days of inventory in EVV, which means if no houses new came on the market we will be sold out of houses in 30 days, and only 15 days in Newburgh. We are currently at an all time low in inventory in our area, not in similar to basically every other market around the country currently. We only have about 200 houses on the market (and shrinking by 10-15/day and new inventory hitting the market is about 3-5 per day hitting the market). For comparison here 5 years ago we had 3-4 months worth of inventory and 800-900 homes on the market at any given time. So with this at this moment in time the area inventory might not even exist so it might need to be created. 

Getting very clear on your strategy will help a lot in your decision, inside of your strategy make sure you keep in mind your end goal, is your end goal cash flow or is your end goal paychecks from flipping?

Buy and hold long-term is a buying cash flow decision and flipping is buying a job decision. 

Sometimes you may need one to Fund the other and in that case you just have to work through your plan of what your end goal is on cash flow or flipping and then work backwards from there to determine your starting point. Begin with the end in mind always. 

When you say class a or B rentals, what does that mean to you? In terms of age of construction, amenities, price to purchase, price to rent? 

Congratulations on the acquisition! Super exciting! My go to guy for those items is Jeff Christian (812) 453-1372 give him a call. Him and his team are great at exterior stuff. They don’t do any interior but outside they can do about everything. In fact he’s putting a roof and gutters on for me today 

Thats exciting Cody, glad to have you here. What are you looking for in a rehab contractor? When you say large volume, what do you mean? What kind of properties do you typically acquire? (age, size, stud down, paint and flooring, etc). Looking for a GC or subs?

Hey @Ronald W. it would be great to connect. Would love to hear your strategy with that. Sounds very cool. I live and invest in the Evansville area (primarily as an agent) done several flips, rehabs and holds and love small under performing purpose built multifamily properties myself. @Tiko D. Blane send me those deals when you come across them!