All Forum Posts by: Account Closed

@Colleen F. We had been calling and texting her multiple times, but she finally responded after an email explaining that we were going to file if we did not hear back from her. We settled up rent + late fee and we will just see how next month goes. We will be better prepared should things not go back to normal.

Thank you all for your input! I will be sure to go post a notice on her door and only enter after 24 hours. 

I am in an interesting situation with one of my tenants currently. Their electronic payment did not go through and as a result, they have not paid rent for November. I have contacted them by phone/text and even left the 10 day notice taped to their door, and still no word from them. We continue to call/text regularly with no responses. My question now is, I'm starting to worry about their well-being. Am I legally permitted to enter their apartment after giving them notice via voicemail/texts? If not, how would you handle this situation prior to beginning the eviction process?

Thanks!

Thanks everyone, I will be sure to check out the next CIREIA meeting!

Hey Greg,

While I haven't used a Roth IRA before to purchase real estate, I have leveraged my 401k to come up with a down payment before. My 401k plan allowed me to take out approximately 40% of my money with a 4% interest rate a while back. A lot of people get scared at this prospect, but I think it was totally worth it because it allowed me to purchase 4 more units that return well above the 4% I was paying back on the loan. Just another alternative you may not have considered!

Hey everyone!

I was wondering if there are any investors in the Indy area, or outside investors looking into Indy that would be interested in a meetup? My wife and I currently invest in the area and are eager to meet others and swap stories. I've seen a couple prominent biggerpockets members out of Indianapolis so hopefully this will trigger a keyword alert for all of you!

Thanks @Jaclyn McClellan and @Samuel R. Harden! I will definitely look for some professional advice when setting up this venture. Appreciate your feedback!

A few colleagues and myself have been discussing the possibility of creating an LLC for house flipping in the Indianapolis area. Does anyone have any good suggestions for how we should go about structuring this kind of venture? We are looking to pool our money together and purchase properties for cash under the LLC and divide profits appropriately based on amount of contribution. Any advice would be greatly appreicated!

Thanks @Rodney Kuhl and @Louise A., I really appreciate your responses and thanks for offering your help!

Me and my fiance have purchased our first home, a single family home near downtown Indianapolis. We put 20% down on this home (~67k) and have recently been introduced to a very attractive investment property in the area. A duplex with approximately the same price tag as our current home.

We do not have much in liquid assets right now for a down payment on an investment property, which would probably require about 25% down. Can anyone give us some tips on how to accomplish this acquisition? I know there is a lot of hesitation for people concerning 401k loans or HELOCs. We are at approximately 80% LTV on our home so our HELOC would not be able to get us all the way to the 25%.

I know this probably just sounds like "Hey how do I buy an expensive house when I have no money?", but any advice would be greatly appreciated.

Thanks!