All Forum Posts by: Casey McCoy

Thanks @Charley C. great advice. Thank you. What do you mean by head in parking? (I understand the concept that they pull in head first but are you talking about parking spaces basically off the street direct?) Just trying to picture what you mean. I appreciate it! 

We just acquired a 6 unit building on a half-acre lot, in an awesome location. There is a ton of yard space on this lot and we took the trees down so we'll be relandscaping around the property here and there. The current parking lot has parking spots for 8 cars and the streets are wide here so parking on the street isn't an issue and some tenants currently park on the street already. 

I originally thought about putting a gravel parking area along the front/side of unit D back towards A as there is a curb cut for a drive and 2 units are lower level and the entrance is on that side of the building (cost would be about $5k range for it but would be more of a ). 

I also thought about potentially placing about 8 small storage units to give the tenants a place to rent for an extra fee for their extra stuff.

Do "dog park" areas or private fenced in areas for tenants vs common open yard space see an increase in rents typically? 
There is a large park about 2 blocks away and is in a very walkable neighborhood close to everything in the city (of about 180,000 people) 

Do you have any rules that you have to add in value in this different way? 

My goal is to make the property as attractive as possible for high-quality tenants (as we're doing a full redesign to all the units over the next few months) to stay with as little turn over as possible taking away the majority of their reasons for moving (or as much as we can with a return) 

Any help would be awesome! Thanks in advance! 

Unit location overview

Welcome James! Stoked to have you here and in real estate! Let’s get together soon, would love to hear your story!

Hey Tinley! That sounds very exciting! I’ve lived in Evansville my entire life (with the exception of a stint for the military) , invest here and also sell real estate here. I’d be glad to sit down with you and help you come up with a plan that fits for what you’re looking for. When I was in college (at USI here) I bought a 4 bedroom house and rented the rooms out to pay for the mortgage so that I could “live for free” if you go that route we definitely need to talk because I screwed that up every which way you could. So you have that route and if you were planning on living there could get a conventional 3% down deal or 3.5% FHA. Either way it sounds like you’ll need closing costs paid by the seller (that’s actually not uncommon in our area and range about $3,500-4,500 in that price range) or you could get into a multi family property. At that price point it’ll probably be a duplex/triplex and potentially a house conversion multi not a purpose built. Sort of depends on what your goals are for afterwards. I always tell everyone its way easier to get “into a deal” than exit one so thinking about who would come in to buy it after you is key, after all if the person we have to attract to come buy the asset is someone who lives in San Diego and going to school here and wants to invest in real estate, by way of example, we may be waiting a bit for that. Obviously the numbers have to make sense and it has to cash flow but thats all pretty easy to figure out. The quick and dirty I use is the BP numbers so easy you can do them on a napkin. Super pumped that this is on your radar and you can start this journey! It’s life changing!

Welcome to Springhaven. This is truly a trophy property, purpose built 7 unit building with prime real estate on a .26 acre lot 1 1/2 blocks from the D1 University of Evansville zoned R-4. This property has been fully updated; new roof, windows, all units have ductless mini split HVAC units for low utilities that lead to long term tenants! Refinished original hardwood flooring! Off street parking and a 6 bay garage (new owner could tear down garage and build a 4 unit property as well), new sump pumps, 2 washers and 2 dryers (with the option to increase revenue through coin operated laundry). This property has 7 units: Unit A,B,C all on the main floor with D,E,F on upper floor and G is on the lower level. This property is under professional management and is turn key with an opportunity to increase revenue. Call Casey McCoy 812-760-6576 for more information. 

Listing Link

Thanks @ravi P. much appreciated! That is what I'm finding as well. I've found this https://www.ajmadison.com/cgi-bin/ajmadison/ROE.html but would certainly love to get the appliances regular. Sourcing the manufacturer hasn't been fun. I have noticed the two tenants that are in there both have another normal size fridge as well in their units but unfortunately this is about all the space we have to work with in each unit for kitchen as they're all along a wall. 

What’s your goal? May be able to help a bit more if I knew that.

hey guys started investing back in June and have 3 units currently. I’m curious, we just put an 8 unit under contract and it has some old school kitchenette all in one units originally made by Dwyer. We have limited space as it’s a couple effeciency apartments mixed with other one beds and a potential 2 bed. Any help on how to better layout these old kitchenettes would be appreciated. We budgeted for them all to be replaced with new kitchens

yeah the BRRRR certainly adds a bit of complexity to taxes. I've used Tax-in-house in the past as they specialize in real estate agent taxes but now with the investing arm I'm in process of looking for one here myself!

Great advice above, you don’t want the seller just putting someone in there right before you close just to “do you a favor” depending on where it is in Evansville you should be able to fill those pretty easy and I’d rather screen based on my criteria than someone that is exiting.