All Forum Posts by: Corey Minard

@Thomas Hartman I think the best way to work through that challenge is have very strict pre-screening in place and clearly defined criteria (i.e. credit score, references, etc.) I'm not an expert in screening tenants, but I'm sure there is a forum out here that would help layout defined criteria.  I would be careful with talking to a property manager, that is definitely a good place to start as you build a relationship with one that you may want to use, but at the end of the day their job is to place someone, so having defined criteria that they need to follow will critical to your success. I would not rely on cars parked on the street because that can be misleading with people are materialistic and likely don't have a grip on their finances.  

@Thomas Hartman, this is a great question and something I've thought a lot about as I grew up in North Central Indiana.  I currently house hack in Indianapolis, but looking at doing my first deal in North Central Indiana largely because there is more bang for your buck there.  I'm attracted to these areas largely because there is a lower cost of entry to the market. The tenant quality that @Scott P. mentioned is something to be very cautious of as you evaluate locations. I'm considering a small town because of my connections there, but have already defined my rule that I wont do more than 5 deals because of tenant quality. Would highly encourage you to stick to the numbers and your criteria as you pick a market and begin to evaluate deals. Best of luck! 

@Jason Martinez

Congrats on the success Jason, I’m 26 as well, with a plan similar to yours, but because of Indianapolis market, I’m house hacking my first deal.

Best of continued success!

@Brandon Boyd congrats on the success! I've been house hacking for going on 2.5 years now in the south broad ripple areas and the financial benefits are incredible.  Has allowed me to force quite a bit of equity into the property.  

@Grant Anderson

Hi Grant! Welcome to the Indy market. Just sent you a PM with information.

Best,

Corey

@Kyle Morlan

Hi Kyle! Welcome to the BP community, you’ve come to the right place. I’m a relatively newbie myself. I’ve been house hacking in Indianapolis for two years now and it’s been an excellent way to get started. And a very easy way to start with little capital.

My advice on growing your knowledge would start with the following two books and then join as many BP webinars as possible.

1.) Brandon Turner’s book on Little to No Money Down - this will help you get creative in thinking since you mentioned you are limited in capital.

2.) Brandon Turner's book on The Beginners Guide to REI.

Lastly, set up key word alerts from your BP account for Indianapolis. As you begin to read the forums, you’ll start to see who the main key players are in the area.

Best of luck as you begin your journey, feel free to reach out with questions!

@Steven Denkers

Hi Steve! Do you own the properties free and clear? Seller financing may be way to market the investment that would garner more attention as you’d be appealing to a wider investor pool.

Hi John! While I'm a first time investor as well and have taken a similar approach as you in listening to podcasts and reading, I'm guessing you already come across BP's Little to No Money Down book.  If you haven't already checked it out, I can't recommend it enough! For me that has been the number one book I've gotten value from in all the creative ways to come up with financing my first endeavor.  Like Nick said, I would be very hesitant to touch your nest egg without at least exhausting or thoroughly evaluating all the other possibilities in your tool belt.  

@Jason Ma

Hi Jason, while I have not worked with them, I was recommended to them by my real estate agent as being one of two places she recommends.

On a personal note, Dan taught a real estate class at Butler University when I was in college and I thoroughly appreciated his approach to the class and the value he added. Because of that, when ready, I’ll be giving him the benefit of the doubt in reaching out to interview them for my business!

@Zach Hoereth

Hi Zach, thanks for sharing your previous experience. I find it interesting you are investing in tertiary markets an hour outside of Indy. Would you mind sharing the particular reason for that?

Those are markets I’ve heavily considered as a newbie but have been trying to understand why more investors are passing on those areas whether that be numbers aren’t rich enough for them, access to PMs, or some other economic factors that pose too great of risk to be an hour or so outside a larger market.

Would love to hear your thoughts!

Best,

Corey