All Forum Posts by: Corby Goade

We use BrightInvestor for this kind of stuff, really excellent platform and all kinds of valuable tools. 

FHA will require that you occupy one unit within 60 days, so you can't renew that lease.

What kind of W2 tax relief do you need? You'll need an savvy CPA to walk you through that process. There are a lot of strategies and much of that depends on what type and how much income you have. 

I'd be willing to bet that there are plenty of small time developers in your market who would be happy to trade knowledge, experience and equity for your experience and services. 

I'd be going to every real estate meetup I could in your area and buying lunch for anyone doing infill and find ways to partner and learn together. 

You're in a really great spot to add value to a developer and build your own portfolio along the way- best of luck!

Just because a property is on the MLS, that doesn't make it a bad deal. Most of the BEST properties I've purchased have been on the market.

The inverse is also true- there are plenty of awful wholesale/off market deals out there too. 

You don't have to do creative financing necessarily, and don't write off properties just because they are on the MLS. Learn your market thoroughly and zoning, etc to be able to quickly determine ARVs and highest and best use.

You can always door knock, send out mailers, cold call, etc. There are deals everywhere, but the idea of a foreclosure or auction being the best way to buy a property is long dead. 

Not a fan of paid mentorships. Most of them are scams- best case scenario, they charge to a ton, you find deals and they pay you a pittance for bringing those deals to them. 

Find a local person successfully doing what you want to do and offer to work for them for free in exchange for experience and guidance. And the actually DO the work. No better way to learn than get your hands dirty with someone who is already successful. 

You can quit your job whenever you want, but it'll change the types of loans you can get. 

You'll need at least a couple years of being self employed with solid, reliable income to get a conventional loan, which is typically the least expensive type. 

However, you can always get a DSCR loan if your deal works- but you'll still need a down payment.

There are always creative finance options too- owner carry, partnerships, private money, etc. 

Anyone can make it in REI, but I find most people think it's easier than it actually is. They see influencers on Instagram selling mentorship and making it look easy, but it's a grind in order to get started and it's usually stressful and not pretty, but it gets easier and easier the harder you work.

If you are a high wage earner, you are wasting your time chasing cash flow in the midwest. All of that work in order to find a property with a little cash flow and modest appreciation is not a good use of your time. 

Trying to dig up your own deals is at least a full time job- the ROI on it doesn't really start to materialize until a year or so in to full time plus efforts.

If you are making good money, you should be focusing on two things: tax mitigation and long term wealth building. You can do that by buying B or better properties in growing, desirable areas. 

No, they probably won't cash flow in a traditional sense right away, but you'll put much more money in your pocket using tax mitigation strategies that you'd ever get from cash flow on SFH in the midwest.

As those properties grow in value and become more and more desirable, you'll be building up a very nice nest egg that will pay off in spades 10 years from now, and you'll be making money all along the way. That's where generational wealth happens. 

Best of luck!

I know you mentioned it here- but why not just ask your realtor or broker? I find newer investors are leery to work with agents because they think they will take a piece of their deals in some way, but those relationships can be super beneficial to everyone. 

A good real estate agent has access to way more deals than the average investor, tap in to that resource and help each other win. 

To answer your question directly- you might explore some third party software- brightinvestor is a great platform for this type of data. 

This is a great strategy for building capital, don't get me wrong, but it's not really investing. Flipping is a job and you only make money if you are actively working on a flip.

Long term buy and hold is where it's at. As much as I love this strategy, I'd be re-deploying all of the proceeds in to long term buy and hold investments and start building a tax free nest egg for my family for generations to come. 

Just cashing out and buying a boat might sound like more fun, but it doesn't create wealth like holding property does. 

Real estate is almost always the best option. If you are in it for the long haul, just looking at cash flow and appreciation is short sighted. There are SO many more benefits, especially as your income goes up and the process becomes more and more passive. It gets better as time goes on and the cash flow is the least profitable piece of the puzzle. 

That's okay though, more for the rest of us!