All Forum Posts by: Micah Cook

 Definitely! Feel free to shoot me a message 

Hey, I love the SB/Mishawaka/Elkhart area, and I'll continue to invest here, I just need more deals! I come across Indy pretty often but haven't pursued them. 

I currently invest in northern Indiana (South Bend area) and I am looking to start in the Indianapolis area. I've come across quite a few deals but haven't investigated since I don't currently own anything that is out of the area. I'd like to hear from those that have or currently invest out of state/area and have dealt with not being able to walk through each property and dealing with maintenance. 

Feel free to reach out if you are in Indy or have tips/deals/connections in the area!

Welcome to BP!

I did my first flip in South Bend in 2017 and it was an absolute disaster but you learn so much very quickly! 

My advice would be to take action in some capacity, whether that be shadowing an investor or just asking any questions you have

I'm also here in Indiana! Hard money, creative financing, or traditional financing should be viewed as different tools that you can use; try not to worry too much about finding one, singular way to finance every deal.

For example, if you are buying an off-market deal from a family member, you may want to see if you can use traditional financing or creative financing since there's no competition and you'll get the most attractive/flexible terms.

On the other hand, if you see a newly listed deal on the MLS, you may want to look at hard money since it can fund quickly like cash.

Hard money loans are more expensive so you'll want to plan your exit before you get in whether that be refinancing into a long term note or selling the property.

Hope this helps!

Hello BP!

I've been trying to strategize and plan ahead regarding my investments and managing my portfolio. I'm 26, but I want to be sure I'm on the right track. I've got about 250k of equity spread across 5 SFHs that I've acquired in the last year. I feel that I know the local residential market well and have a good grasp on purchasing solid SFHs. 

I know it doesn't hurt to continue to purchase solid homes at below market value in good neighborhoods but, I'm thinking about strategies to scale in a more efficient way. It seems the return is great on SFHs but inefficient in terms of scaling

I don't envision myself one day owning hundreds of SFH but I'm interested to hear what you'd do in this situation:

Continue to purchase good SFHs and hold?

OR "trade up" and get into larger investments to scale faster and more efficiently? 

Thanks!

They can be a great tool to use if you don't qualify for full doc investment loan. The downside is that the rates and fees tend to be higher which can eat into your cash flow. 

It's awesome you're wanting to get started in RE! I'm an agent in Indiana and this seems to be one of the most common reasons why a buyer can't get pre-approved. The only quick solutions would be to purchase in cash or find a cosigner (who could also be a business partner). When I got started five years ago I pitched the house flipping idea to a family friend and funded my first deal that way. When you can't get pre-approved you'll have to get creative but it can be done!

Hope this helps!

I second this. I'm an agent and I've had a few cash buyers tell me that that plan to pull their cash out of the house once its closed. In this market, cash has a big advantage (quicker close, no appraisal, no lender hold ups). There's been a few sellers that have accepted cash offers that are 5-10k less then the conventional ones. Hope this helps!

Started making my first offers on properties at 19, but I was 20 when I got my first flip.