All Forum Posts by: Aaron Van Curen

@Josh Gosnell Hey Josh! Those kind of sites could be a great way to find opportunities easily. Personally, I would only recommend people to those sites if they are looking for a place to "park" their money. If you are looking to grow an active portfolio for (early) retirement and/or want to live off of the income then I would recommend reaching out to people in the markets you're interested in. I would say I'm a little more old school and like to form relationships with my clients on a personal level just so that I can completely understand where they are coming from and what their goals are. I'll shoot you a PM and if you'd like we can talk more about what to look for in key partners and whether or not you'd be interested in the Fort Wayne market.

Reach out to @Drew Wiard about getting plugged in to our monthly meeting! He should be able to satisfy your addiction...I mean passion of real estate!

@Tj Henderson I’ll DM you. I’m a Keller Williams that specializes in investment properties like these. 8/9 of my units are in Lafayette. The issue here is that all of these properties are sold off market so you will not see any (at least good deals) on the market.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $170,000
Cash invested: $42,500

Fourplex located near downtown Lafayette.

What made you interested in investing in this type of deal?

It would provide a great opportunity to househack.

How did you find this deal and how did you negotiate it?

I found it through a personal connection that I have with a local property manager. It was priced right so there was not much negotiations needed.

How did you finance this deal?

My father and I partnered on the deal.

How did you add value to the deal?

I cleaned out the basement and upgraded the washer and dryer.

Future: I will be knocking down a wall in one unit to created a bigger kitchen and have an open concept to the living area. In the same unit I will upgrade the bathroom. There is also potential for a fifth unit in the attic which will turn this property into a commercial property so that I can have it appraised based on the rents. I can also add small storage closets in the basement to rent out to each tenant for extra income.

What was the outcome?

Not finished.

Lessons learned? Challenges?

Grow my network to find more off-market deals.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a licensed real estate agent. I used Carrie Johnston from Approved Mortgage here in Lafayette. She works fast.

@Rhyna Orillaneda disclaimer: I am licensed real estate agent in Indiana with a focus on investment properties, I have a small property management company, and I invest myself. I will have 9 or 13 units by the end of the month depending on how my due diligence goes.

Anyway, Lafayette is a great market. I think West Lafayette is saturated. There is potential in Indy if you can find the deals. I have 14 off market units in Indy and 14 more coming up in Lafayette if you want to know more about them.

I believe Lafayette is the perfect market because we are the connection between Chicago and Indy, we have a diverse work industry including automobile, health, different types of manufacturing, and we have the massive research department of Purdue on top of the school itself. We are expected to grow from a population of 75k to 100k in only a couple years.

I am working with several clients on the west coast so I’m familiar with your needs. Feel free to DM if you have any questions about the market here in Indiana.

@John Miller direct messaged you

I would call Purdue Federal Credit Union as a local bank, Centier Bank if you are looking for a larger established bank, or my personal favorite Carrie Johnston from Approved Mortgage who is a mortgage broker so she will work with all types of banks to get you the best rates. I have used Carrie for buying both of my duplexes in Lafayette. She was fast and very responsive, even through text. 

I would not recommend PHM because they are generally more geared towards people who want to build their homes. They do not focus on investors interests unless you are going to be developing a neighborhood.

@Josh Levan Hello Josh, I am a licensed real estate agent and property manager in Indiana. I currently own one rental in Fort Wayne and decided to pivot into West Lafayette and Lafayette area because it is much more stable and has a diverse workforce which prevented the area from being heavily affected in 2008 (I am also a student at Purdue University but have been in real estate for 3 years). I would love to talk to you about partnering on some deals in this area if you are willing to take a look at investing in this location versus the bigger markets (which I find to be over saturated and heavily effected by downturns). 

I am apart of the Cheryl Butcher Team at Keller Williams if you would like to look into my teams experience.

https://www.cherylbutcher.com/

Welcome to BP!

Seller financing is great if you can find it but as mentioned above, it can be difficult. Sometimes trying to dive into real estate can be difficult in general. With your background as a carpenter, you may be able to find part time work with someone that is rehabbing houses in the Fort Wayne area. Someone like that more than likely also owns rentals or knows someone that does. Good way to network with people that not only will help you knowledge wise but may even partner with you on deals in the future. 

Whatever you do, keep up the great work!

Do it. Pros: Tenant pays your mortgage You live for free or at least very cheap Helps you build a relationship with a bank for future deals if you do financing Gets the first deal out of the way so you're not scared to keep going. Cons: Have to live next to a tenant Will be hard to separate yourself as the landlord (only matters if you want to be seen as the "manager) I'm sure others will have things to add too.