All Forum Posts by: Andy Wayne

Hello All!

My wife and I are getting ready to lease our house out. We have found three recent college grads that pass background & credit checks that we are interested in renting to. What is the best way to do a lease for this? They are three (unrelated) professional gals. The house is a 3 bedroom and they are planning to split the rent evenly ($550/person).

Do you have a single lease w/ all three names for this situation? Or would it be better to have a separate lease for each one? Also, does anyone have any recommendations for a good template for a lease?

Thanks!

Andy

Hello All, What are the thoughts on paying off a mortgage prior to buying my next rental property? I could have a rental ($35k owed) and my home ($103k owed) paid off in the next three years. Does this make sense to do prior to purchase our next rental property? I don’t want to be too leveraged...having two mortgages right now makes me somewhat nervous already. Thanks, Andy

Hi Everyone, I just closed on my second property of the year. And I was wondering for the people with multiple rentals, how do you have them structures from a legal standpoint? Right now, the properties are just in my name. But should they each be in an LLC? Should they have their own? I have about a 25% equity position in one and a 50% equity position in the other one, if that matters. Thanks, Andy

Hey Everyone, I just closed today on my first house...a 2 bed 1.5 bath in Broadripple Indianapolis. The house was originally a 2 bed 1 bath, but a 350 sq ft addition was put on (with the half bath). Here a couple of things that I have thought about doing to it... 1) Converting the half bath to a full and making the addition a 'master suite'. I would then consider living there and renting out the other two rooms for a couple of years to roommates. 2) There is a 700 sq ft garage/workshop (not connected) in the back. It already has plumbing for a sink and water hooked up. I have thought of converting this to a studio to rent out (or maybe rent the house and live back there). 3) Leave it all as is...update for $3000 paint and stuff and just rent the house. I got the house for $115k and as is would rent for $1300. Updated, it should rent for $1600-$1700. A studio in the back should rent for $600-$800 depending on how it was finished. Thoughts?! How best to approach this?! Thanks, Andy

Here is an overview of the features that I am looking for in a property. 

2-3 bedroom 

1.5-2 bathrooms

North of 56th street, east of Michigan road...preferably with the 465 loop. 

I am wanting something under $135k

Would prefer to have a garage.

Single family home, not looking for 4-plex right now. 

Thanks!

Hello Everyone,

I am currently in an apartment on the northeast side of Indianapolis. I am looking to purchase my first house in the coming months. I have had some experience in real estate (purchased 22 acres of farmland, rented it out for a couple of years, then subdivided it to keep 10 acres for a future home site). With my first house investment, I am looking for something to live in for 1-2 years and do some fixing up / renovating projects myself. The plan is to have a couple friends rent bedrooms from me during that time. After a year or two, I would plan to move out and rent the entire house out and move onto my next house (maybe rinse and repeat if it was a good experience). 

What I am looking for right now is a good realtor in the area. I have talked to some local ones (Castleton), however I haven't found one that I liked yet. I am wondering if anyone is or can recommend a good realtor in the area I may be able to work with. Any recommendations would be greatly appreciated!

Thanks,

Andy

Hello Everyone, I have a couple of questions in regards to some real estate that I purchased 2.5 years ago. First a little background...I bought about 25 acres of farmland adjacent to some lake property that is family owned. It was purchased with seller financing at 10% down and a 5% annual interest rate. I have since paid it down to where I'm at about a 60% equity position. The land itself is about 22 acres tillable split by a line of trees / brush (about 10 acres and 12 acres pieces). It's all currently as a single parcel of land. I'm interested in selling the 12 acre part of it so that I can free up the money for another real estate adventure (I want to keep the 10 acres for a future home site). The land is located in north eastern Indiana. So for my questions...how would I got about getting the land split? I have talked to the people I purchased the land from, they are okay with me splitting the land and selling part of it as long as they are paid back in full when the sale happens. Who would I contact to get it split? Would it need to be surveyed? Or could a previous survey be used? Cost to do something like this? I'm also wondering the best way to market 12 acres of land for sale...as it's pretty small for farmland. Any feedback would be greatly appreciated!! If anymore information is needed, please let me know! -Andy

Hello Everyone, I have a couple of questions in regards to some real estate that I purchased 2.5 years ago. First a little background...I bought about 25 acres of farmland adjacent to some lake property that is family owned. It was purchased with seller financing at 10% down and a 5% annual interest rate. I have since paid it down to where I'm at about a 45% equity position. The land itself is about 22 acres tillable split by a line of trees / brush (about 10 acres and 12 acres pieces). It's all currently as a single parcel of land. I'm interested in selling the 12 acre part of it so that I can free up the money for another real estate adventure (I want to keep the 10 acres for a future home site). The land is located in north eastern Indiana. So for my questions...how would I got about getting the land split? I have talked to the people I purchased the land from, they are okay with me splitting the land and selling part of it as long as they are paid back in full when the sale happens. Who would I contact to get it split? Would it need to be surveyed? Or could a previous survey be used? Cost to do something like this? I'm also wondering the best way to market 12 acres of land for sale...as it's pretty small for farmland. Any feedback would be greatly appreciated!! If anymore information is needed, please let me know! -Andy

No sir! I have had some offers for way more then I paid for it, but it's been from developers. So I have been cash renting it to a local farmer for about 3% roi per year.

Thanks for the replies everyone. It is raw agricultural land. I am just looking to basically split it in half and sell the second half as agricultural land. I'm not looking to put utilities or change any type of zoning so none of that will hopefully be an issue.