All Forum Posts by: Cory Cox

Investment Info:

Single-family residence buy & hold investment in Conway.

Purchase price: $113,500
Cash invested: $10,000
Sale price: $145,000

First house! I lived in this house for 3-ish years and renovated it while I lived there. Most of it was just updating all the lighting, paint, etc. Since the housing market has rose so quickly I decided to put it on the market for reserves. Will be closing on this 12/4/20. Very happy with the result of this one and it got me started! I planned on keeping this to add to my portfolio and it would be a nice cash flow opportunity but I believe the cash is king with the current environment!

What made you interested in investing in this type of deal?

This was basically just purchasing my first property to live in. I had always lived in apartments and wanted to buy my first "home". I knew it was in good shape and just needed to be updated. Keeping it as a rental for many years was the plan but I'll take my cash now and move to the next project! I will always cherish my first!

How did you find this deal and how did you negotiate it?

MLS. Agent/Friend closed this with me.

How did you finance this deal?

Conventional Loan - Bank

How did you add value to the deal?

Updated throughout. Flooring, LED lighting, Granite, etc.

What was the outcome?

I had a full price offer in less than 24 hrs! Their financing fell through and the following weekend when I put it back out there I had another full price offer! Happy day! Will be closing on this in a couple of weeks with minor repair requests.

Lessons learned? Challenges?

Just owning a home and taking care of all the repair requests yourself. Knowing what to actually do and not do and what will add value later on down the line. It's hard because you want to do it ALL but it just doesn't always make sense from an investing perspective. It was cool to sign that dotted line and I have kept the snowball rolling since!

Investment Info:

Single-family residence buy & hold investment in Conway.

Purchase price: $113,500
Cash invested: $10,000
Sale price: $145,000

First house I ever bought! I lived in this house for 3-ish years and renovated it while I lived there. Most of it was just updating all the lighting, paint, etc. Since the housing market has rose so quickly I decided to put it on the market and got a full price offer! Will actually be closing on this 12/4/20. Very happy with the results of this one and it got me started. I planned on keeping this to add to my portfolio and would be a nice cash flow opportunity but I believe the cash-out is king with the current environment!

What made you interested in investing in this type of deal?

This was basically just purchasing my first property to live in. I had always lived in apartments and wanted to buy my "home". I knew it was in good shape and just needed to be updated. Keeping it as a rental for many years was the plan but I'll take my cash now and move to the next project! I will always cherish my first!

How did you find this deal and how did you negotiate it?

MLS. Agent/Friend closed this with me.

How did you finance this deal?

Conventional Loan - Bank

How did you add value to the deal?

Updated throughout. Flooring, LED lighting, Granite, etc.

What was the outcome?

I had a full price offer in less than 24 hrs! Their financing fell through and the following weekend when I put it back out there I had another full price offer! Happy day! Will be closing on this in a couple of weeks with minor repair requests.

Lessons learned? Challenges?

Just owning a home and taking care of all the repair requests yourself. Knowing what to actually do and not do and what will add value later on down the line. It's hard because you want to do it ALL but it just doesn't always make sense from an investing perspective. It was cool to sign that dotted line and I have kept the snowball rolling since!

@Ronald Coriolan - What are your goals?  

I'm in the Central AR area and we have nice cash flow here but the appreciation just isn't the best.  If you are looking for appreciation in the state, I would look more NW AR near Fayetteville.  Walmart area up there is booming right now.

Good luck!

I usually do construction loans for all my investments.  I'm around +/-6% for most of my loans.  Something to consider is what will the real estate world look in February?  I would much rather be in good standing terms with a bank that WANTS you to be able to sell/rent it instead of dealing with a hard money lender and having issues finding financing if it runs past the 6 month mark.  If you have plenty of reserves on the back end you would be fine either way but just something to consider.  Good luck!

Investment Info:

Single-family residence buy & hold investment in Conway.

Purchase price: $90,000
Cash invested: $5,000

Single Family Home near Downtown Conway. This house was a pretty simple one and went very easily. The bones on the place were all in great shape but just needed updating. New paint, flooring, counter tops, appliances, etc. I was able to get the rehab on this done in a little under 9 weeks and got it rented pretty quickly. There are beautiful hardwood floors under the LVP flooring and once I decide to sell, I will most likely give the buyer the option on what they want to do. Awesome house!

What made you interested in investing in this type of deal?

I had just finished a great duplex and I had the itch! This one was perfectly located close to the downtown area as well as positioned within a mile of the 3 major universities in town. It has a large shop in the backyard that I will eventually finish out real nice into maybe a mother-in-law's quarters once I decide to sell. Great cash flow.

How did you find this deal and how did you negotiate it?

Agent referred this to me from one of his friends that was needing to sell.

How did you finance this deal?

Construction Loan - Bank. Purchase/Repairs

How did you add value to the deal?

Just a solid update throughout. The bones on it are in real good shape so it's just a matter of bringing it up to date and making it shine!

What was the outcome?

Great outcome. Happy with this home and this will be a fantastic sell down the road. I have honestly thought extremely hard on moving into this place but I like the cash flow too much. It will be a nice home for many years/people down the road.

Lessons learned? Challenges?

This one went extremely smooth actually. Cute little house.

Investment Info:

Single-family residence buy & hold investment in Conway.

Purchase price: $90,000
Cash invested: $5,000

Single Family Home near Downtown Conway. This house was a pretty simple one and went very easily. The bones on the place were all in great shape but just needed to be updated. New paint, flooring, counter tops, appliances, etc. I was able to get the rehab on this done in a little under 9 weeks and get it rented pretty quickly. There are beautiful hardwood floors under the LVP flooring and once I decide to sell, I will most likely give the buyer the option on what they want to do. Awesome house!

What made you interested in investing in this type of deal?

I had just finished a great duplex and I had the itch! This one was perfectly located close to the downtown area as well as positioned within a mile of the 3 major universities in town. It has a large shop in the backyard that I will eventually finish out real nice into maybe a mother-in-law's quarters once I decide to sell. Great cash flow.

How did you find this deal and how did you negotiate it?

Agent referred this to me from one of his friends that was needing to sell.

How did you finance this deal?

Construction Loan - Bank. Purchase/Repairs

How did you add value to the deal?

Just a solid update throughout. The bones on it are in real good shape so it's just a matter of bringing it up to date and making it shine!

What was the outcome?

Great outcome. Happy with this home and this will be a fantastic sell down the road. I have honestly thought extremely hard on moving into this place but I like the cash flow too much. It will be a nice home for many years/people down the road.

Lessons learned? Challenges?

This one went extremely smooth actually. Cute little house.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Conway.

Purchase price: $75,000
Cash invested: $2,000

Scary Duplex! First ever deal! I was out exactly $2k out of MY cash and that was actually a tip to the GC for the awesome job he did! Found a mis-represented duplex walking distance to a college and bought it. Used bank financing for the purchase, repairs. After this I was completely hooked! I will most likely keep this for another 5 years and then 1031 into something else down the road. So happy I took the leap!

What made you interested in investing in this type of deal?

My first ever deal! I had been studying for months and ready to jump in! This was brought to me from an agent friend from high school and she was awesome! Negotiated awesome for me and I hand the keys over to an experienced GC in the area that we still work together today! He helped me through the process and I still have it!

How did you find this deal and how did you negotiate it?

MLS. Agent brought it to me because I told her I was looking for getting started in rentals.

How did you finance this deal?

Construction Loan - Bank

How did you add value to the deal?

Just brought everything up to a high standard of living. Updated inside/out.

What was the outcome?

Awesome deal! I still have it today and the turn over on it is so easy. I will always love this one!

Lessons learned? Challenges?

Becoming a property manager. This is what dipped my toes into the water and taking the PM role. Even when speaking to older people it was a challenge in the beginning but I have stepped into that role well as I have become more skilled. Great confidence booster and helped me along the way to what I have now!

Investment Info:

Single-family residence fix & flip investment in Conway.

Purchase price: $110,000
Cash invested: $110,000
Sale price: $230,000

Complete gut job. I got a foundation bid of $2k before I bought the house and it ballooned north of $20k. I was able to save a few dollars throughout the entire process on a few select items as well as sheer sweat equity put in which made it manageable. Definitely not a great preforming investment but I was able to learn a ton from this investment and how/what/who to listen to which will benefit me throughout my investing career. It turned out to become a beautiful home near downtown Conway!

What made you interested in investing in this type of deal?

It was a complete redo which intrigued me as I could learn it ALL in one big swoop. Sometimes, I like to just go head strong into something and jumping in is the best way to gain knowledge quickly.

How did you find this deal and how did you negotiate it?

Off market deal from agent.

How did you finance this deal?

Construction Loan - Bank

How did you add value to the deal?

Everything. It needed it all.

What was the outcome?

Not a good return on investment at all. Knowledge wise it was a huge helper moving forward.

Lessons learned? Challenges?

Knowing who/what to trust is a big one with this one. Don't always take 1 person opinion on things. Do your due diligence on the front end and don't rush into a deal. There.Are.Always.More.Deals.

Investment Info:

Single-family residence fix & flip investment in Conway.

Purchase price: $110,000
Cash invested: $110,000
Sale price: $230,000

This one was a complete gut job. I got a foundation bid of $2k before I bought the house and it ballooned to north of $20k. Absolutely a gut punch in the beginning but kept on pressing on. I was able to save a few dollars throughout the entire process on a few select items as well as sheer sweat equity put in which made it manageable. Definitely not a great preforming investment but I was able to learn a ton from this investment and how/what/who to listen to which will benefit me throughout my investing career. It turned out to become a beautiful home near downtown Conway! Would I do it again....I wouldn't because I have gained the knowledge I need now moving forward!

What made you interested in investing in this type of deal?

It was a complete redo which intrigued me as I could learn it ALL in one big swoop. Sometimes, I like to just go head strong into something and jumping in is the best way to gain knowledge quickly.

How did you find this deal and how did you negotiate it?

Off market deal from agent.

How did you finance this deal?

Construction Loan - Bank

How did you add value to the deal?

Everything. It needed it all.

What was the outcome?

Not a good return on investment at all. Knowledge wise it was a huge helper moving forward.

Lessons learned? Challenges?

Knowing who/what to trust is a big one with this one. Don't always take 1 person opinion on things. Do your due diligence on the front end and don't rush into a deal. There.Are.Always.More.Deals.