New member from Evansville, Indiana

[Joe Weaver]

Short time lurker, first time poster here. Love the content and forums on BP. 

A little about myself, I have a background in sales and marketing (just moved to the tri-state area from Dallas last year), and I have decided to put my financial well being in my own hands. Got motivated by reading "Rich Dad Poor Dad" and "Cashflow Quadrant," and I have a decent amount of capital to get going. 

I have committed to investing in real estate and buying my first rental property this year. I would like to do the BRRRR strategy if possible, but at a minimum want to purchase a SFH buy and hold in my market.

I have networked and lined up most of my "team", now trying to establish a relationship with a local bank in town. 

The issue I have run into is with the banks, I can't find a portfolio lender that will do a 30 year commercial loan like the guys on the BP podcasts always talk about. I have tried a few of the local credit unions and smaller institutions to no avail (15 and 20 yrs are most common). Any other ideas? Am I missing something? Thanks!

[Account Closed]

Joe Weaver Welcome! I’ve always interpreted that when they mention a 30 year note on the podcasts they are getting conventional financing. In a podcast I listened to recently, Brandon said that he gets a conventional mortgage and then titles the property in his LLC after closing (they discuss the possible implications of doing so in that podcast).

I’m not aware of any local banks in Evansville that will do a 30 year amortization on a portfolio loan, so I’d be interested to hear if you find one.

Since you’re new to the area, I encourage you to take a good look at the property taxes and how they’re taxed differently for rental property in Indiana. For example, on one of my properties, the taxes went from $783 one year to $1,886 the next. Investment property isn’t eligible for deductions and is taxed at 2% compared to 1%.