All Forum Posts by: Adam Sankowski

@Ryan Fox that’s awesome. Is this refi’ing our of an investment property aka brrrr? If so, Could you share which bank?!? Feel free to DM me if that’s better?

Hey @Sean McCluskey could you share which bank? 

Hey I'm an investor in the KCMO - Kansas City MO, Independence MO markets and wanted to see what people are getting for Refi rates?  Any recommendations on banks or lenders?  

Also what is the seasoning period these days?  6 months still?  And Is that from the time of the property close or from the time property being tenanted?  if the property is already tenanted is that waved or is that not the way it works?  Thanks so much for any advice for this refi newbie.  Very appreciate any info!!! 

@Joseph Robele is this 30-year financing or more like commercial terms with balloon payments? 

Hey @Curtis Robbins great post! Was about to post about the same thing- I’m following! 

This might not sound like the most scientific reason but it’s a legit cool city. When I was first looking for places I visited and was really surprised. Fountain square had a Brooklyn feel. There were breweries all over and separate bike lanes. For me, bike infrastructure is a big deal. Not just from a biking standpoint but bike infrastructure equals young people and it also equals a connected and concerned local government. 

Anyways, it’s just straight up a city that I would want to visit and hang out in. This might seem too loose of a criteria but if you want the hope of appreciation at some point the city has to make people want to stay there...  There’s a reason why some cities (cough Cleveland cough) lose people every year and some gain.

If you haven’t been to Indy go and visit!

Hey Zach, I don't know what forums you are reading but finding something that cash flows $100 a month in Indy off the MLS should be no problem. I promise I could go on the MLS right now and find 20 houses in Indy that fit that. Finding something to BRRRR, yes you might need to go the wholesaler route.

But if you've got 20% to put down conventionally you should be able to find $100 a month all day long. Now, you might not find this with properties above 100k but I find the sweet spot in Indy is 70-100K. Just make sure the rents are at least 1% of purchase price aka. 100k = 1,000 a month in rent. If you follow that you should have $100 a month no prob. I am probably a bit aggressive but I'm getting at least $200 a month off my two single families and duplex and I bought off the MLS.

And I'm talking about rent-ready properties that might need a touch of work but should basically be good to go.  A big part of whether they will cash flow or not too is how many repairs you have to sink into them at first or if you can get them in decent shape.  That's always a roll of the dice though. 

That's great that you're on the ground there too. I'd get an "investor-friendly agent" (no shortage of them in Indy) and just ask for them to direct you on the MLS to what they would recommend. Aim for the neighborhoods that are just one away from the "hot" ones... so instead of Foutain Sq. or Bates go for south Fountain, Garfield park, Emmerson Heights, edge of Grace Tuxedo, Brookside park etc.

And look for something for 80k that will rent for 850K.  Your good new investor-friendly agent should also be able to intro you to a property manager (which you might not need living there) but they should be able to give you good rental rates.  Also, if you're going to self manage then bam you're at $200 a month cash flow off a 1% deal right there.  Self-managing is going to save you the 10% that a good manager will charge. Indy is full of 1% conventional deal at 20% down- Don't let the forums tell you otherwise or make sure that they aren't talking about something else... 

Hey @Cliff H. no I decided against expanding into out of state short term with everything going on.  I hope that yours is going well! 

Great thread!  I'm an investor in Indy as well and recently bought a duplex with an empty lot next to it and thought the same thing.  

Or what about a modular/ tiny house route?  There has to be some start-up company somewhere with super cheap modular housing that goes up quick?  If there was ever the time to put up some very affordable units?  I've never tried permitting anything in Indy though... def. following this post! 

@Douglas Brown don’t beat yourself up here either! If the property was making money up tot his point then it’s not a bad investment! Just means you might need to do a bit more at turnover ms than others but a lot of people still invest in this area so don’t let it discourage you! Just maybe explore some other areas for the next one?

Have you visited Indy in person? It’s a great City!! Lots of cool safe and affordable areas. I don’t live there but now I visit at least once a year cause I’ve grown to really like it!