All Forum Posts by: Corey Stubbs

Hi John, I realize this is an old post but I thought it was worth still reaching out. I'm an Air National Guard recruiter that has been been investing in real estate in the Great Falls area for about three years now and I have been using an Adam Monroe for all my deals. He is a VERY out of the box thinker that loves to problem solve how I can make a profit on something almost as much as I do, if not more! I swear the guy seriously tosses and turns at night thinking how to get me a property that cash-flows. He's actually the reason I'm working on my most recent BRRRR as he came to me and showed me a listing he was about to put up, I put in offer on it within thirty minutes of my walking through the home. He is very good about recognizing cash-flowing properties and as you now know having been in Great Falls yourself by now, there is lots of opportunity to have a rental investing presence in Great Falls, MT.

If you'd like Adam's information feel free to directly message me.

My family's focus has been house hacking and flips and we are now moving into BRRRR and rentals. We plan on staying in Great Falls for about another year before moving ourselves to permanently stay in Hawaii. If you have need of help or suggestions on anything my background is working for the 219th RED HORSE squadron as a Structures troop for 10 years, in civilian contracting for carpentry and concrete refinishing, as well as property management just to name a few things. I know or have worked alongside a lot of people in the Great Falls area and can point you to some good people if you need. To be clear though, I don't do contractor work anymore just manage contractors, but I love to talk real estate and help others that do to.

Have a great day and enjoy revisiting a post from 5 years ago!

Hi David,

For a couple of years I was a property manager before getting into my own properties.  Some of the units I managed were duplexes and triplexes specifically tailored for people needing additional assistance or better suited living scenarios.  

I guess before reading further I should ask you the question of are you trying to have "wheelchair access" or are you trying to be able to market yourself as "ADA compliant"?  There is a difference.  If you want to make something "wheelchair accessible" be ready to have possible issues with tenants expecting ADA compliance.

The properties I managed included different features that were more tailored to a person that was blind, or mentally challenged, or someone in a wheelchair.   Every one of the units that were for people in wheelchairs had the lower cabinet countertops, wider doors, ramps if necessary, either a large space to wheel into for a shower or one of those side panel opening tubs, lower sinks in bathrooms, some had assistance swing arms for using the toilet (not everyone of the tenants required this feature and was quite expensive to order and maintain), washer and dryers that were spaced just slight to allow someone in a wheel chair access to both when both doors were open.  All areas were required to have the ability to turn around in their wheelchair if needed.  These are just some of the things that came off the top of my head as far as what attracted people with special needs to these homes.  Just because a place has a ramp does not make it ADA compliant, and on top of that every state has a little extra thing to add to ADA compliant homes.  I would start with looking up ADA compliance rules at www.ada.gov then checking with your state if they have anything additional say.  That will probably help you determine what you're getting yourself into for legalities and costs.  

Hope this helped and good luck!

As a fellow "incher" in life, this resonates with me.  Investing in real estate is the most fun, challenging, and hard thing a person can do because it requires creativity, passion, tenacity, and drive-some of which just dry up some days.  Having a network of people you can lean into for knowledge and resources is a must in keeping yourself fresh, and it goes both ways, for sure. The number one lesson I've learned so far on my journey is don't just recognize your network, give them your personal praise and see how you can be as big an inspiration to them as they are to you.  I used to have a business partner that would speak the world of me to his peers and mentors but would treat me personally like I was his dog that needed beat on the daily.  Obviously this relationship didn't work out.  I'm not saying look for "Yes Men" that won't challenge you, I'm saying praise and encourage the ones that keep you moving forward.  Good luck on your journey as you continue to inch forward!

If you know you're numbers are good I would go to either a credit union or a hard money lender.

Hi Kriskros Ruta,

There's a lot more questions that come along with this single question.  

What kind of deal is it? What kind of loan are you using? Are you paying interest only payments or both principle and interest?  Do you plan on fixing the property?  Are you trying to rent it out?  Can you carry the deal while trying to flip it?  Can you carry the deal while trying to rent it?  There are a LOT of scenarios and questions that can be coming out of this simple question.

Ultimately, the more you put down as a down payment on a property the more options you have for loans, lower carrying costs, typically better interest rates, but have less in your reserves.  By not putting more down on the down payment the more you'll have in reserves but the higher carrying costs, less options for loans, and typically less desirable interest rates.  

I highly recommend that if you're asking questions like this that you start in the Education tab not forums so that you can learn the simple practices first then use forums to discuss those practices further.

Good luck!

All of it.  Word of mouth is my biggest plug.  But no one will help you if nobody knows you have that need and nobody wants to help you unless you help with theirs.  Be involved with people and leads naturally occur.

Hi Jalon, and welcome!  I sent you a contact request.  Best thing I can offer you right now unless you have questions is plug into the upcoming webinar if you haven't already on how to buy your first, second, and third properties.  Also, my wife and I listen to the real estate podcasts religiously as well to hear how several other minds go about their investments.  Have fun and ask questions!

Good. Do the numbers make sense to do that? Try doing a BRRRR calculator to see if its worth while for you.

I literally was just talking with a family member of mine that is going through something very similar.  I referred them to this article.  It's stuff you probably already do or know but puts it into a neat step by step thought so you don't miss anything.  look it up and good luck!

https://www.apartmentlist.com/renter-life/splitting-utility-bill-with-roommates

 

Another thing to consider is going in on a property with another person.  Making your 10K and someone elses 10k go to work on a 100k property.  Never know until you look around and see who's in your area.  Only thing I caution in this, make sure you have a firm understanding going in on each-other's roles, responsibilities, and potential payouts. Just a thought.