All Forum Posts by: Corbin Marcotte

@Casey Roman you have many options. Have you read the book on long distance real estate investing? The Mid west offers many great investment opportunities with often better returns than the coast. If you can get connected with an agent that has a lot of investment experience they should be able to connect you with a complete team to invest remotely such as insurance, contractors, inspectors, etc. Just make sure that agent puts their money where their mouth is and tells you when and why deals don't make sense. You want someone looking to build a long term relationship not just sell you one ****** deal and split. In Tulsa Oklahoma 100k goes a long way! 

Well, Im not sure you can both buy a house with the FTB setup unless you are an owner occupant on both properties (living Separately). In Oklahoma  where I am from you can only use those loans on your homestead not investment properties. There is potential for getting different loans that may have lower down payments, such as some commercial loans. 

Great goal! I started when I was 16 and bought my first flip. I am 26 now and If I could start over again the #1 thing I would do is go to more meetups, CONSISTENTLY. I have raise many a $$ and found many a deal by just being consistent in local meetups. It takes time to build the trust and support from others so I would start asap and go as often as humanly possible. Even start a meetup of your own. 

Interesting post. Thank you for sharing. I'm in Tulsa and have the same feeling about this market. Industrial plants, office space, retail space, are vastly going unoccupied right now. I would still love to own some commercial (other than my current 6-plex) But now does not seem the time to be the landlord of some of those places. Everyone needs a place to live but their place to work may be turning into a computer in their residence.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $95,000
Cash invested: $35,000

Flip house We got and are almost done with. hope to have it sold within 45 days. Plan to sell for $210,000 and clear 60k profit

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

The numbers made sense

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

An agent brought it to me and said the seller wanted to just break even and if I could pay her 2k in commission then I could get it for 95k

How did you finance this deal?

Private money partner

How did you add value to the deal?

Remodel, electric, kitchen, Hvac, floors, paint, siding, landscape

What was the outcome?

We will see soon.

Lessons learned? Challenges?

This is my easiest property I have done and Having hourly workers really helps improve my rehab cost.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes.

@Kevin Mehner

@Ryan Marrs do you have a recommendation for one?

@Tara Ballenger the one I am working on now is an 8 unit that we are converting to a 6 unit. I am a broker as well so I call owners direct and use my network of brokers, wholesalers, property managers, and other investors.

@Tara Ballenger I Brrr small apartments right now. I have flipped. It is challenging to find a deal that the numbers work on but then resale market is very strong so there are plenty of buyers on the back end. It is very competitive and any listed house that needs work typically sell at numbers that don’t make sense to me.

@Tara Ballenger my area is 2 mile radius of downtown tulsa.

Now is the time to decide. I’m down to the studs and have to tell the plumber by tomorrow if I’m going with gas or electric stoves. The project is being tuned into a 6 unit (all 1bed/1 bath) that half will be air bnb and the rest will be long term rental. Which is more cost effective?