All Forum Posts by: Corey Frank

@Leopoldo J Tamargo hello Leopoldo! I am in the same boat, brand new/not brand new haha! Looking at your report it seems like a good deal to this newb! As long as you have the 60k upfront to put into the deal ! 😁

1 Vote

@Peter Morgan Are you using a Hvac repair company or a handyman? Will the company wave the diagnostic fee if you have them do the work and buy the parts through them? Can you ask them what a brand new Hvac unit will cost (unit and labor)? Compare the warranties (of the replaced motor or the brand new unit)

1 Vote

@Jaron Walling That is for sure. I am far from interested in that as well.

1 Vote

@Michael Carbonare Wow that sounds like an amazing journey. A fun journey. Thank you for that.

0 Votes

@Michael Carbonare how do you personally, or how did you (when you were a new investor) get our of your comfort zone?

0 Votes

@Jaron Walling do you mean cashflow is hard to find now days in these markets? or cashflow is hard to find when holding long term?

0 Votes

Originally posted by @Jaron Walling:

@Travis Franzoy These are all wonderful things and once you get the itch real estate investing gets exciting.

"Analyze 100 deals" - This is a key ingredient for investors and I advice you to slow down, build a spreadsheet or two in excel, and make it simple enough to change the numbers when new deals show up. This is how I determined where and when to buy my first property. I never walked a property without running the numbers ahead of time. It changed my mindset and removed the emotion of being a home owner. My agent at the time just unlocked doors but didn't attempt to change my mindset towards the property. I told them flat out I was looking for distressed/value add properties and nothing else. Price __ + renovation __ + rental income potential __ = YES or NO. Walk the next property and repeat.

You want to flip? Learn the renovation process, budgeting, and material costs. Rental? Know the local rental rates, what cash-flow looks like, and get comfortable managing people. Without that knowledge it's easy to buy an investment you never wanted.

Good luck man!

As a very new investor this information is very valuable! What are a few things you include in your spreed sheet?

1 Vote

Originally posted by @Gaetano Ciambriello:

You cannot purchase an investment property with less than 20% down, so you do not have to worry about PMI. Prior to February, you could purchase a SFR with 15% down.

One way to get around this is to purchase a new primary home each year with 5% down (and PMI) and then rent out your old residence. It requires moving every year, but can be a great way to pick up $5MM in assets over 10 years with only ~$250k out of pocket for down-payments.

Are these federal regulations that no bank can let a buyer put less then 20% down? What about LTV?

0 Votes

@Nick Dunin I am very interested about this. Do you have a lot of equity when buying the property perhaps? Is the LTV 85/15?

0 Votes

Hello! What makes you interested in investing in Flint Michigan? When I first looked into Flint, I saw how drastically the population has declined in the last 40 years. Year after year the population has lost 50% since 1970. And the population is still declining. Do you have an endgame plan for when you want to sell if the population keeps decreasing in future years? Perhaps you have a plan that will work for those metrics 😄

0 Votes

All Forum Posts by: Corey Frank

Corey Frank has started 10 posts and replied 143 times.

Post: [Calc Review] Please help me analyze this deal

Post: Replace or Repair HVAC

Post: Our initial roadmap for starting out

Post: Our initial roadmap for starting out

Post: Our initial roadmap for starting out

Post: Our initial roadmap for starting out

Post: Our initial roadmap for starting out

Post: Is using PMI good for real-estate investors to lower down payment

Post: Is using PMI good for real-estate investors to lower down payment

Post: Does anyone have experience investing in Flint MI?