All Forum Posts by: Dalton Dellinger

I am not very familiar with properties in Evansville, as I just have the one fourplex on the west side and it is under property management. Some better people to ask about the market in Evansville would be @Derrick Powell, @Casey Spivey, @Andrew Bowlds @Taylor Morrow@Taylor Morrow

@Taylor Morrow

@Taylor Morrow@Taylor Morrow

Check out J Scott's books, The Book on Flipping Houses and The Book on Estimating Rehab Costs. Chances are, the costs associated with the book aren't 100% accurate for your area, but they are a good guideline to make offers from. As you get more experience, start studying material costs at your local home improvement stores (whether mom-and pop or "big box"  stores),and work with more contractors, you can change out J's numbers with your own. In the back of the Estimating Rehab Costs book is a spreadsheet. I typed it out word for word and refer back to it when wondering how much something costs. Hope this helps!

@Darius Boockholdt pm me and I can give you some phone numbers of wholesalers in Evansville!

 There is a meetup the second Tuesday of every month. You can find it in the Meetup app under Ohio Valley Real Estate Investment Club. Hope to see you there!

@Riley A Holzmeyer I'm currently working on my first flip in Vincennes. I also have a full-time job on the weekends. Send me a message and we can work out plans to meet up sometime soon.

@Riley A Holzmeyer you are definitely on the right track when it comes to thinking about different ways to analyze a deal, even as a house hack. I admire you starting at such a young age too. I started when I was 22 and I thought I was young lol.  I am currently house-hacking a duplex in Oakland City (about 30 minutes north of Evansville). If you want to connect sometime I would love to give some input on my experience. We will have been here for two years in November.

I agree with everything everyone has said. My advice that hasn't explicitly been said would be to make sure you refinance into a conventional loan while you still live there. That way you got the lower rates of an owner occupant AND you can get another FHA loan to do your next house hack.

I recommend doing as Scott Trench has been and doing multiple house hacks, especially before you have a wife and kids. My wife (then-girlfriend) was on board to move into our duplex, but now we're married with a baby on the way. She wants more than anything to move out and get "our own house". 

Good luck man and happy investing.

I am not sure if they would lend all the way in Evansville, but I have made contact with a bank in Vincennes, IN that will send an appraiser out oce renovations are complete and allow you to put a line of credit on a house at 65% LTV with no seasoning period. This can be transformed into a higher LTV once their 6 month seasoning period is up.

To me, this is a great strategy to do your first couple of deals as long as there is a high enough margin. There is also no limit on the number of lines you can have because they do not sell their loans or lines to Fannie Mae or Freddie Mac. Maybe there is a local bank in Evansville offering this kind of program? 

Have you tried Field and Main? They are very investor friendly. They will do a loan for purchase and renovations up to 80% LTV if your credit score is above 680. I don't remember if they had a down payment amount or not. Just some thoughts!

Good luck and happy investing!

It has a full basement and the bathroom and kitchen share plumbing on the same wall. I'm worried about putting the new vent up through the roof but I will do tons of research! Thanks

Hello BP. I am working on my first flip. I have tried calling 6 plumbers in the area over the course of two weeks and only one of them has called back/answered the phone. I've come to the conclusion that I am going to do the plumbing myself.

That being said, I have the main sewer line coming up out of the floor in the basement. It then goes into a PVC Y pipe and then back into a cast drain/vent pipe. I'm wanting all new drain lines. Should I replace every from the roof vent down with PVC or should I try to salvage the cast pipe? Any and all input is appreciated. Thank you!

Thank you all for your input and different perspectives. I have some things to think about and will talk to him after this project is completed about how he wants to proceed moving forward.