All Forum Posts by: Thomas Corley

@Jake Parsons

You are in a great spot! I would suggest partnering with someone that has the income to get good loan terms and also has a background of doing deals so you can learn as well!

Option 2 would be to find a market we’re you can successfully utilize the Brrr method. Find a market that the purchase price would be around $50k and then develop those relationships (Core 4) and then get after it.

Hopefully this helps! Good luck!

@Patrick Davenport everyone here is correct get the loan in your name and then transfer it to the LLC. Best of Luck!

@Erik Donough

Sounds like a great deal! Thanks for sharing!

@Amable John Aguiluz XIII

There is a lot of factors that would determine my opinion (job income, how steady is your job, how much exposure are you conferable with).

If you have steady income and your playing the long game I would definitely pull cash out and do the BRRR strategy! Money is very cheap right now!

@Brian Ray

I know I am a bit late to post on here but would love to connect I am an agent in PHX and can definitely help or point you in the right direction.

@Michael P. we used First Ohio Finance for lending they allowed 20% down because it was a single family investment property. 

The CoC of this deal is 10.6%.Let me know if you have any other questions?

@Bonnie Low I definitely looked at both those markets the big things that attracted me to Columbus was the positive influxes of people coming to the City and the growth of the City (new children’s hospital and rogue fitness expansion and other growth coming in) witch from my research of Cleveland and Toledo wasn’t seeing as much.

I guess to summarize my answer I chose Columbus because from my research I can capture appreciation and cash flow. Cleveland and Toledo are great cash flow markets but I wasn’t seeing as much potential in appreciation.

Thanks, @Niki White it defiantly is a hard leap but now that we got the first deal done should be smooth sailing! If you ever have any questions feel free to reach out! 

Thanks Remington! I ended up going into Columbus OH market.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $125,000
Cash invested: $25,000

My business partner and I were looking for a deal that meets the 1% rule which is definitely hard to find nowadays in the AZ and CA markets. We had to go to an out-of-state market in OH, developed relationships, and learned about the local market! We will be renting to Section 8 tenants in a C+ area.

Key Note:
When investing out of state, we found that visiting the city and creating relationships with realtors, property managers and contractors can hugely help you down the road.

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

Cash flow. We are seeing great appreciation in our local markets, but we wanted to diversify and invest in a cash-flowing market.

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

We found it through our agent, who found it on the MLS. Helps to find a rockstar agent send you deals that align with your goals.

How did you finance this deal?

We financed the deal through a lender on a 30-year fixed-rate mortgage.

How did you add value to the deal?

We did light renovations in order to get it ready to rent.

What was the outcome?

We found a positive cash-flowing property with stable Section 8 Tenants, and we are ready to do it again!

Lessons learned? Challenges?

If you are going to invest out of state go see the city before you invest and really develop relationships with your core 4!