All Forum Posts by: Cody Swainston

Awesome thoughts everyone! Thanks. 

@Chris Mason No I haven’t talked to a lender yet. I’m actually a lender myself...but I do agriculture lending so it’s a little different than a traditional mortgage lender. I’m not super familiar with that side of things. Probably best that I go talk to some lenders in that world and see what they expect. 

Hi guys,

I don't have a lot of cash - at least not enough to put a 20% down payment on most properties. I know that if I had a good deal, I could easily partner with someone. But I'm having a hard time locking up a deal because most agents are requiring pre-approval before I can even put in an offer. I realize this is a numbers game...more offers = more deals. But I feel like I need a pre-approval to put in an offer, and I need an accepted offer to get an investor and/or bank financing. Any suggestions on how to go about that?

@Phillip Lanier Awesome input and advice! Thank you!

@Marc Middleton 

@Clifford Paul

@Aaron Taylor

Thank you all for your input. That’s very helpful! 

Hi guys,

My wife and I live in a rural area (pop. 2,500) and are surrounded by mostly smaller towns. We do have one city near us with probably 50,000 people and then of course we have Indianapolis.

Up to this point we have being targeting larger areas. However, I have found a few properties in some smaller towns that, in terms of cash flow at least, look like really good deals. I am talking about towns that have between 8,000-15,000 people. I am finding duplexes and single family homes for under $60,000 that I believe would provide a 20%+ cash on cash return and a couple hundred bucks minimum cash flow each month. 

Is it crazy to buy in these areas? Most have slight negative population growth (-1-2%)  however, these towns are all within commuting distance of Indy. I know I likely wont see a whole lot of appreciation (if any) on properties in these areas but part of me feels like there is some real potential to make some money over a 10-15 year holding period, especially if I can knock $10-15k off the asking price. For a beginning investor, it seems like a low barrier to entry way to get the ball rolling. 

Thoughts? 

@Dana Walker This place really is amazing! A wealth of knowledge! Thanks for the welcome!

@Ritch Bonisa That's good information. I have been through Shelbyville probably 100 times but just never was quite sure how to feel about the place. Like anywhere, I'm sure there are good parts and not so good parts of town. Seems like its continuing to grow. I might have to look at that market a little harder!

@John Leavelle Thanks for the response! Appreciate it!

Hi guys,

Wife and I have found a potential duplex house hack. Just trying to decide the best way to quantify a “good deal.”

On a pure rental the metrics are pretty easy. To me it gets a little fuzzier on a house hack where I’m living in part of it. Is it good if the rent covers your mortgage? Or is it only good if there’s free cash flow after the mortgage payment? Thoughts?

I guess my initial thought was I’m not planning to stay there forever. So maybe just analyze it as if both units were rented out and if it’s a good deal it’s probably a good deal with me living in one side. 

Amy thoughts/guidance appreciated!