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All Forum Posts by: Omni Casey

Omni Casey has started 150 posts and replied 264 times.

Post: My daughter's most recent BRRRR deal. Step by step Breakdown

Omni Casey
Pro Member
Posted
  • Investor
  • Posts 265
  • Votes 172
Originally posted by @Shannon Kosko:

You are teaching your daughter well!!! 

 Thank you Shannon

Post: My daughter's most recent BRRRR deal. Step by step Breakdown

Omni Casey
Pro Member
Posted
  • Investor
  • Posts 265
  • Votes 172
Originally posted by @Chris Niemeyer:

@Omni Casey I love everything about this post of yours! Kudos and congrats! As an entrepreneur and homeschool dad of four with 27 doors I want to do a lot more of this with my kids! Let's connect!

 Thank you Chris!  That is awesome.  With your kids homeschooled you have so many creative curriculum options that you can create for them.  Would love to connect. 

Post: My daughter's most recent BRRRR deal. Step by step Breakdown

Omni Casey
Pro Member
Posted
  • Investor
  • Posts 265
  • Votes 172
Originally posted by @Eddie Morales:

Thanks for sharing @Omni Casey. I’m hoping to be able to give my future kids an opportunity to experience entrepreneurship at a young age as well. This is very inspiring. Love it!

 Thank you Eddie.  I am glad to hear that.

Post: My daughter's most recent BRRRR deal. Step by step Breakdown

Omni Casey
Pro Member
Posted
  • Investor
  • Posts 265
  • Votes 172
Originally posted by @Jim Spatzenfeld:

Most lenders require 12 months seasoning, and a few at least 6 months seasoning, meaning they only lend based on your purchase price + repair bills, not the newly appraised value until you’ve owned that shack for at least a year.

 Jim - Great point.  It is important to have a good lender lined up to help.  There are many that will do it after 6 months and that is what I usually do.  First 1-3 months are renovations.  Then we rent it and collect mortgage free rent for a few months before we refinance.

Post: BPCON2021 Attendees - Let's connect!

Omni Casey
Pro Member
Posted
  • Investor
  • Posts 265
  • Votes 172

Can't wait!  I'll be there.  Love networking with deal makers.  Let's get some deals done! :)  I'm on a quest to buy 52 properties in 52 weeks this year so I NEED to buy a deal while I am in NOLA.  Who's in?

#BPCON2021

Post: My daughter's most recent BRRRR deal. Step by step Breakdown

Omni Casey
Pro Member
Posted
  • Investor
  • Posts 265
  • Votes 172
Originally posted by @Michele Jefferson:

@Omni Casey Thank you so much. You are an amazing and kind person.

 Thank you for the kind words Michele

Post: My daughter's most recent BRRRR deal. Step by step Breakdown

Omni Casey
Pro Member
Posted
  • Investor
  • Posts 265
  • Votes 172
Originally posted by @Danny Nguyen:

That's amazing - truly inspirational! :)

What would you say is the most effective method of finding good deals such as these?

 Danny, Thank you for the kind words.

In every area that I invest in I try to have a great Investor friendly Realtor that sends me on-market and off-market deals.  I connect with wholesalers.  I connect with other local investors.  Not every deal is a good fit for every investor so if you tell them what you are looking for, they will pass it on to you if it doesn't fit their needs. And I get a lot of deals from my property managers.  

Post: My daughter's most recent BRRRR deal. Step by step Breakdown

Omni Casey
Pro Member
Posted
  • Investor
  • Posts 265
  • Votes 172
Originally posted by @Etler Petit:

Thank you for the motivation.

 Etler, You are welcome.

Post: My daughter's most recent BRRRR deal. Step by step Breakdown

Omni Casey
Pro Member
Posted
  • Investor
  • Posts 265
  • Votes 172
Originally posted by @Chuck Webb:

Great story.  I just finished my fifth house and finalized the lease.    If you cash-out refinance, doesn't that bring down your cash flow?  If you pay all cash for your properties, you are not maximizing the use of your $.

Chuck, congrats on your recent deal! You are correct. Not every house would make a good BRRRR. You need the ability to raise both the ARV and the ARRV (After Repair Rent Value) high enough for the numbers to make sense after you cash out. But if you can achieve both, then you have the chance to get your money out of the deal and still own a great rental property that brings you a return even though you have no money left invested in the deal. That is why it is referred to as the infinite ROI. Once again, it does not work on every property...but it is beautiful when it does.

Post: My daughter's most recent BRRRR deal. Step by step Breakdown

Omni Casey
Pro Member
Posted
  • Investor
  • Posts 265
  • Votes 172
Originally posted by @Josh Ashford:

Thank you for this story. My family is just starting out on the "creating money" journey and have had several deals fall apart. I'm not discouraged because I know every no is closer to a yes and I don't want a yes on a property that isn't right :)

This is a reminder why we are going down this path. Why we analysis so many deals. Thank you :) 

Josh, Yes sir! Keep at it!