All Forum Posts by: Cory Cox

@Brady Bulmanski - Congrats!  It truly seems like a never ending race on getting that first tenant in there with the purchase, rehab, listing, screening, etc.  Soak in the moment, go celebrate, go withdraw the 1st dollar from that transaction and keep it somewhere...I promise you will want to look back on this moment in the future and reflect back to the emotions you are feeling now...ESPECIALLY when you get that 2a phone call haha!

Best of luck in your future endeavors, if you need any help feel free to reach out!

Cory

@Kyle Tipton - I guess I missed that, sorry about that.  Truthfully as far as the market is concerned I'm not too familiar with Cabot specifically.  As you stated, LR/NLR are the big areas in Central that have a lot of players in it.

I do know that @Dustin Lavender is in the Searcy area and he may be able to shed some light on it.  I know they aren't exactly neighbors but I figured it's kind of a Conway-Russellville vibe that we have.

I'll keep my ears peeled and I got a couple other folks that I can reach into the chest for and see if I can get you connected with them in the future.

All the best, Cory

@Christopher Neal - DM me tomorrow and I have a couple guys that I have spoken with about 203k loans in LR (I'll have to check my notebook).  I never went through the process with them fully as I went a different route but he seemed very knowledgeable and willing to answer all my questions.  I believe he had a contractor list that works with 203k loans as well that he can send you.

All the best, Cory.

@Kyle Tipton - What exactly are you looking for in Cabot?  I saw you were just wanting information but I didn't see your exact questions.  I'm in the Conway and LR area with my rentals but I know a couple people that may have some insight if you had some exacts.

@Hadar Orkibi is right tho, MF is the way to go in my opinion. Besides a duplex, I only have SFH and would love to have more MF in my near future. Cabot is a smaller town so the MF sector isn't as booming IMO.

Reach out if I can help with anything

@Randy Hamric - Good points by both @Zachary H. and @Rachel Fazio.  Me personally, I have more of a conservative approach as Zachary stated but that's me.  You may have one like Rachel and thats great as well.  Maybe use a hybrid approach and go to MULTIPLE banks now and say this is what I want to do....tell me your thoughts.  Be nice, check in with them and be on their mind constantly for the next couple weeks/months while you get your feet wet in RE in one way or the other.

Sometimes, getting thrown to the fire will make you learn it a lot faster/better knowing you have 0 coming in every 2 weeks.  In dire need (which you sound like you are pretty checked out already) you will respond greatly.

My definite advice, take a deep breath.  Take a long weekend off.  Do something cheap that just lets you reflect on your situation.  A bad situation right now doesn't reflect a bad life.  You've done what you have had to do to get your 100k in equity in your house and provide for your family.  A "dead end" job is obviously soul crushing but you may hate RE worse than cars....tenants are exactly the best and you HAVE to respect them or they can cause you worse harm than someone pulling into a car lot.

Just a thought.  Best of luck to you and if you need anything, let me know!

@James Bobo - That was very well put by @Nathan Gesner  A lot of good tidbits in there for you.  I'm in the Conway area and have a few connections that are here and in LR.  If you haven't filled this role yet feel free to reach out and hopefully we can get you set up with someone.

@Brady Bulmanski - As @Stephen Tonguis mentioned earlier Cozy is your best bet on the screening/collections.  I'm slowly getting everyone out of my PO Box and making them go more online.  Younger generation obviously prefers it but not always the case.  The times of running by the post office to open an empty box is very frustrating.  Cozy emails you when they schedule and also when it is expected to hit your account.  Very friendly.

As for your lease, I would get a lawyer just to look it over IMO.  I have one that doesn't charge crazy numbers and keeps my mind clear dealing with this stuff.  This isn't something to skimp on as you can lose everything in a hurry.

Feel free to reach out if you have any other questions, I'm in the Conway area mostly.

@Austin Griffin Welcome Austin.  I'm in the Conway area but I have a lot of ties in the Central Arkansas area dealing with RE if you ever have any questions or someone to get in touch with.

I didn’t.  I went a different route on my last one but if you are just getting started the 203k route is a great way to go.  I believe that guy I spoke about ^ had a list of contractors that are already approved through their program.  They know the in’s and out’s of it already which makes it very easy to navigate.

Keith Carlson.  Premier Lending.

I can’t type out his number on here...

I worked with him in the beginning but our deal never panned out as I went a different route.

Super nice tho!