All Forum Posts by: Corey Doyle

Thank you Hamp, I appreciate you taking the time. I'm on that now. 

Ideally, I was hoping to find a local investor-friendly agent here on BP for Urbana. We'll see how that develops. 

In terms of seeking a loan officer and securing pre-approval, is it generally better to go through a smaller local lender opposed to a national one? I know this is generally the case with a BRRRR deal but I plan to keep the property as a long term rental, even after my one year obligation has been met. Ideally, rinse and repeat the process over the next couple years, as has been advised by the Legendary David Greene on the podcast.

I have considered that with my LA apartment but I don't think it would work. Plus, I have probably the best deal on a rate for an apartment in LA in the whole city. This is one of the factors that will allow me to do this. And, I'll be able to fully write this apartment off for business use, once I have the primary residence. So I don't want to rock the boat.

It's very reassuring to hear that my plan is "a great plan." I have given it a lot of thought and have listened to the podcast for a long time. I like to think of it all like chess, equal parts protecting my pieces as well as being aggressive on the board. Thank you again for the insight and feedback, it is truly very much appreciated. 

Hello BP Community!

I'm a long time listener to the main (OG) podcast and more recently the Rookie Podcast. I admittedly have not spent much time on the forums- for shame, I know, I know. Anyways, I'm getting ready to finally take the plunge and purchase my first property. 

I'm planning to pursue a duplex with the intent to house-hack. I plan to live in one unit with a roommate and rent out the other unit to a third party. The area I am looking to do this in is Urbana, Illinois. I have already been browsing the inventory in the area (via Redfin, no MLS access) and have narrowed down my search to a couple candidates.

I am also hoping to pick up an investment property in the area shortly after getting the house-hack squared away. As well as starting/taking over a vending machine business, operating and restocking a few machines. At least, this is the most ideal situation to help fill the one year term I need to fulfill my one year obligation at the primary residence. 

This Wednesday I will be meeting with a mortgage consultant through my local credit union. However, he has already informed me that they can't write the loan for me as I am looking out of state and they are only local to LA. That being said, I plan to take the information and knowledge I gain here to seek a loan (pre-qualification) through another source. 

So, out of state, I currently live in Los Angeles and I intend on keeping my apartment here for work purposes but I would like to make the property in Urbana my primary residence. This will also make my LA apartment a complete tax write off. Los Angeles is just too expensive to pursue a property in and quite frankly, squatters rights scares the hell out of me. The holding costs in LA could eat someone alive real quick and the dream of financial freedom along with it... 

One question I have, should I start making offers on these properties that interest me or should I secure an agent first and the offers go through my agent? 

Also, how much of an issue could it be if I maintain my apartment in LA but make Urbana my primary residence? 

If there is any other information I can provide, please feel free to ask. I'm extremely excited to finally get started in the real estate market, as I have mentioned, I have been a long time listener to the show. I am also extremely excited for any and all feedback this post might garner. 

I have also already discussed the majority of this with my accountant.

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Information that may not be relevant:

The roommate I intend to have is a buddy from college and he is looking to move to the area to be closer to his work. My thought is when my work gets busy and I need to depart Urbana for a little bit, I will have someone I know and trust to keep eyes on the property. But for all intents and purposes, I'll be self managing the other unit. When the investment property comes to fruition I will seek professional Property Management from there.

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Regards, 

Corey