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All Forum Posts by: Conner Bland

Conner Bland has started 9 posts and replied 31 times.

Post: Please help me figure out if this deal is worth moving forward on

Conner BlandPosted
  • Flipper/Rehabber
  • Indianapolis, IN
  • Posts 31
  • Votes 19

@Joshua Klein nicely done! Taking calculated risks and making deals is better than not doing anything! Hope this one is a gem for you! Keep grinding!

Conner

Post: How to get started in Real Estate investing the smart way

Conner BlandPosted
  • Flipper/Rehabber
  • Indianapolis, IN
  • Posts 31
  • Votes 19

@Brett Mason - Education and Networking. Find someone that’s doing exactly what you want to do and find a way to help them so that you can learn their systems and processes. If you have some cash, education and the network, I’d start by BRRRRing.

Just my lame thoughts for ya!

Happy investing!!

Conner

Post: Something you wish you knew at 21 years old

Conner BlandPosted
  • Flipper/Rehabber
  • Indianapolis, IN
  • Posts 31
  • Votes 19

@David Morad I would beat myself over the head to find and buddy up with a good and creative real estate lender. So much of investing is dependent on having a strong relationship with lenders that starting really small at 21 and proving to them that you are a great risk over years and years will make things a lot easier when you’re looking to throw gas on your investment fire later on in your career. Lender, broker, contractor and accountant. Find good ones and buy them as many lunches over the next 10 years as you can!!

Post: Please help me figure out if this deal is worth moving forward on

Conner BlandPosted
  • Flipper/Rehabber
  • Indianapolis, IN
  • Posts 31
  • Votes 19

@Joshua Klein just my humble two sense here, but it can be easy to go broke buying good deals. Numbers look ‘good’ in theory, but pushing the value up $33k with only an $11k rehab on a property $100k or less seems too good to be true. Plus, the headache you could potentially bump into may not be worth the couple hundred bucks you’ll end up with per month assuming they even pay at all. I’d say for your first deal, hedge your downside and find something with less steep potential downsides.

Just my thought!

Conner

Post: First Deal Flopped...Now What?

Conner BlandPosted
  • Flipper/Rehabber
  • Indianapolis, IN
  • Posts 31
  • Votes 19

@Renee Yarbrough Great attitude! Hard to swallow our mistakes and keep grinding, but I love that you're trying to press through it! That's definitely half the battle!

My advice would be to keep a huge, long-term perspective in mind when doing individual deals. If you keep in mind that you're going to do 100 deals in the next 10-20 years (or whatever your goals are), you're most likely going to have 10 flops and 90 winners. This just happens to be 1 of the 10 flops. It stinks when sometimes the first few deals are the bulk of the 10 flops you're going to have, but if you keep your huge, long-term goals in mind, it makes the individual and momentary losses more manageable and even expected!

Real estate is super forgiving and you can always come back from a flop if you keep grinding!! Keep your head up and save that bag of chocolates for the next time you're watching Marley & Me! =)

Keep grinding!

Conner

Post: Using short term rental income to qualify for mortgage

Conner BlandPosted
  • Flipper/Rehabber
  • Indianapolis, IN
  • Posts 31
  • Votes 19

@David Rutledge As with most contributors here, good lenders will consider Schedule E. The challenge with wanting to using Schedule E as your primary source of income will be balancing whether to take write-offs or not. On one hand, you'll want to write-off as much as possible to push that Schedule E income as low as possible so that you pay Uncle Sam as little as possible. On the other hand, you'll want to not take write-offs so that your primary source of income, Schedule E, is as high as possible to look better in the eyes of a lender. 

I'd just say consider that lenders look for a 1.3 DSCR (debt service coverage ratio or total monthly income/total monthly debt service expenses) or better to lend. Make sure your monthly Schedule E amount, is at least 130% of the total monthly Debt Service expenses you're looking to incur. As long as you're at 1.3 DSCR or better, write-off everything else you can.

Hope that's somewhat helpful for you!

Best of luck!

Conner

Post: Advise Needed: Finding the Balance Between Risk & Reward

Conner BlandPosted
  • Flipper/Rehabber
  • Indianapolis, IN
  • Posts 31
  • Votes 19

@Account Closed Great question and love that you're working through this thought process! You can definitely take or leave my thought here, but this is what I may recommend: you should let your wife decide what you guys do as a family unit on a personal house. Primary residence is first and foremost a spousal security question, not simply a financial one. If she only feels comfortable putting all $110k into a personal residence, there's your answer. If she's ok with you guys buying a house but not utilizing all your capital, then you can buy a primary residence with some of your $110k and invest the remaining balance. With that remaining balance, I would look at BRRRRing houses as it allows you to take a smaller amount of money, in conjunction with traditional financing, and recycle it over and over to build a strong and safe portfolio of long-term rentals. If you're wife feels ok with whatever and happy to invest your whole $110k nest egg, I'd rent and then look to BRRRR houses using your cash as the purchasing tool which will allow you to buy houses a little cheaper and faster. I don't think it's quite enough to flip houses with, but could definitely be used to BRRRR or buy a few turn-key rentals.

When it comes to the personal house, I think whatever our wife feels most safe and comfortable with is the right answer. That will allow you to make sure she feels great about you investing in the future above and beyond your personal home.

Just one husband to another! =)

Best of luck my friend!

Conner

Post: 1005 Square Footage Error - Week from Closing - Any Advice?

Conner BlandPosted
  • Flipper/Rehabber
  • Indianapolis, IN
  • Posts 31
  • Votes 19

@Sadie Bynum I can only weigh in with my personal experience on this, but when we had this hiccup on a purchase, we sent two documents to the sellers. First was an amendment (not an addendum or counter-offer!) to the sellers that said "Due to the Error and Omission made by the seller, through the listing agent, of inaccurate square footage misrepresented by 1005 square feet, confirmed by 3rd party appraisal, the purchase price is to be $XXX,XXX." The second document was a Mutual Release Form. We told them they could choose which document they signed. 

Not sure if that's helpful at all for you, but missing 1005 square feet can definitely be the difference between a great deal and a money-pit deal. So sorry you've got this problem on your hands!

Best of luck!!

Conner

Post: Best markets to invest in Airbnb

Conner BlandPosted
  • Flipper/Rehabber
  • Indianapolis, IN
  • Posts 31
  • Votes 19

@David Rutledge Indianapolis STR's perform decently year round in the Downtown, Broad Ripple, Fountain Square and Mass Ave areas. There's a hotel shortage right now in Indy which is helpful for STR's with events like Big Ten Championship, NCAA Tournaments, Convention Season and the Indianapolis 500, but there is a huge push for building more hotel accommodations downtown right now, so STR's in Indy might not be a great long-term solution. See link:

https://www.visitindy.com/indianapolis-planner-new-developments

One market to take a peek at if you haven't yet is Asheville, NC. HUGE NOTE - you HAVE to buy outside the city limits. There's a full ban on non-owner occupied STR permits inside city limits. They are also very limited geographically in how much hotel building they can do because of limited space and mountainous terrain, so both of these things keep the accomodation supply from massive year-over-year increases that drive down your prices like we're seeing in Tennessee and Texas. There's also rarely a dip in tourism in Asheville, so demand stays very strong no matter the economic environment. You can purchase small 3/1 bungalows right outside the city limits for $250k-$300k and I know first hand that operators can generate $5,000 - $7,500 per month in gross rental incomes.

Might be worth some analyzing!

Best

 

Post: Would you BRRRR for $78/mo cash flow?

Conner BlandPosted
  • Flipper/Rehabber
  • Indianapolis, IN
  • Posts 31
  • Votes 19

@Nicholas Morgan You start with $0 and end up with a cash pile of $5,500 and a cash flow of $78/month - an ROI of infinity is by far the best return you can get. Plus, all that learning/information with none of your own money at risk is the cheapest education you can buy. I say "YES"!