All Forum Posts by: Mitch Casey

@John Warren that's very interesting. I have been doing my due diligence with lenders here and am finding out that unless you purchase a property all cash upfront, they will only refinance 75% on the loan to value after 6 months. So, you have to sit on the property for 6 months. So, at that point the cash flow the rent generates each month is crucial right to cover your costs and not bleed? 

@Simeon Miller most interested in obtaining properties to rent. Most interested in the long term cash flow. Yes, this is what I am beginning to learn, but obviously a lot of experienced investors have advised to try to execute your first properties locally. I have been trying to network with individuals that could help me with out-of-state opportunities. Any suggestions/advice and best ways to go about this?

@Randall Weatherall this is definitely true here. I have come in contact with 3 properties so far that would fit the bill for BRRRR but on day one they have multiple offers and sell like you were saying. So, we are trying to get creative with property opportunities and what we can do effectively.

@Chris Purcell for sure. Trying to start developing those connections and network to get on those lists.

@Henry Lazerow that's great feedback. I am definitely pivoting and broadening my vision on what can be realistically done. I'm most certainly not opposed to leaving a few thousand in deals if it means we gain equity on the home and have either a positive cash flow or breaking even.

@Henry Kaldenbaugh great points as well. We will definitely continue to turn up those rocks and see what we can find. We will just try to be as prepped as possible when they do show up.

@Kyle McCorkel thanks a ton for this! super helpful. Obviously, just getting started and trying to learn the tricks of the trade and most certainly am beginning to learn things here and there. I will take those acts and put them into action!

@Tyler Bushey absolutely. I will as well. Going to push for that.

That makes a lot more sense. Definitely helpful! So, I need to aim more for the 80% rule in a market like this right now?

@Jay Hinrichs yes this is the issue as I'm sure you are seeing it in OR and NV (west coast locations). As for the building new homes, definitely wish this was a feasible option for me because I see the potential in the SLC valley, but again just starting and restricted in other channels.

However, I definitely am looking into the multi-family unit properties because the upside with those here in SLC make a lot of sense.

Appreciate you taking the time to respond and for your feedback.

@Mark Fries great insight. I really appreciate it. I'll start practicing those strategies and hope to find some opportunities with it.

Appreciate you taking the time to respond and send advice.

@Frank Wong very good point. That is definitely what we are looking for are those projects that require more cosmetic upgrades than anything. That is just where I was having a hard time seeing the value of those upgrades helping us to meet the new ARV we needed to be at.

1. Good point as well. Will definitely keep looking and try and make connections with those who can forward me properties that aren't as publicly available.

2. Most definitely. We found two properties that would be pretty good this morning and they both already have multiple offers. So, seems that there are quite a few individuals trying to achieve the same strategy in this market.

3. Noted. Will most definitely look to get some easier properties to get our feet wet.

Much appreciated with the feedback. We will look to get a few singles before we swing for the fences!

@Jay Hinrichs totally agree! Definitely don't want to dabble in the out-of-state game until we have more systems in place and experience! I was just curious if that was one of the only options for a market like ours.

But, after more research and discussion, I just need to get on lists and in contact with those who have properties not readily available to the public. 

@Justin K. this is also great insight! I really appreciate it. This is definitely a hybrid mindset I will be taking into the future property assessments! 

I would be totally for hitting those numbers you discussed above because you would be getting back your investment in roughly 22 months while retaining the home and future cash flow! That's great and definitely what I would be hoping for.

@Mike McCarthy that's a great point! I definitely agree and am not opposed to not getting all of my cash back out especially if the cash flow pays it back in a respectable timeline. 

It just comes down to leaving as little as possible in right?