All Forum Posts by: Darron Chadwick

I guess it would help if i read all the posts----- I thought Bill was talking about leveraging , which in my opinion is not a good idea. - but oooh I like the hard money loan idea 4 25k loans at 6% = yummy

I can tell you what we are doing with 114k in Indiana.
I would forget the stock market until after the election, you could always ladder some bonds not a great return on that though
in our case
we are in the process of buying 2 rental properties one is a duplex with an accepted offer 87k with rental income of 1400 per month and the rest is being put down on a triplex with an accepted offer of 65k with income of 1350 per month. I'm not a fan of the 4 25k loans, I have a few friends that went that way before, only to get bitten when renters moved out plus I'm a little more conservative in my investing approach

good luck

thanks for the help all. we originally planed on just buying 1 duplex with the exchange funds but identified a triplex , a quad and a duplex during our 45 day identification period. We are now on our way we have an accepted offer on the triplex and in negotiations for the duplex. I can't thank you folks enough for changing my thinking

ill keep you all posted as the process get completed

Uwe K

In Central Indianapolis, Code enforcement employees are paid hourly workers that drive around looking at properties that have been called upon by someone (usually in the neighborhood) normally Code enforcement won't just act on a property if they see a violation during a drive by (too much paper work for them ) they have to focus on the Property in question since a complaint has been filed the paper trail has started then ---- yes you usually get a letter , then if more complaints get filed you as the property owner will start visiting court on a monthly basis ( I can tell you it is a complete nightmare) Until THEY (H&H) deems you have done what they feel is the correct fix for the situation. to give an example in my situation I was order to board up windows on a second floor apartment building (while doing renovations, workers every morning would remove the new boards and re-install them every evening until the work was complete) also lets not forget that these boards had to be painted the same color as the building

I have learned that if you get H&H on you should get a listing of ALL violations and get them done asap H&H has a ton of power and have the ability to fine you and in extreme instances seize property.

We had 2 properties in Down Town herron morton area 16th & central area
we were constantly dealing with H&H, after speaking with Jason Dorphlien of H&H. I found that we were be targeted by some people in the neighborhood. Jason gave me a list of the neighbors complaints some were legit and some were just crazy like (weeds in a flower bed) H&H won't do anything about weeds unless they are over 12" tall. He explained that the city is cracking down but most of the time it is the neighbors that get them rolling. I owned Downtown for 20 years and I can tell you that once I started focusing my deals outside of the loop H&H no longer bothers me I think they are to lazy to drive that far.

These would all be free and clear According to our 1031 I have to spend 145k or more, so we have been looking in our local area but have started to look at smaller towns outside of the Indianapolis area just trying to stay close that seems to be my comfort zone for now thanks for the help

so here is another way of thinking or more questions just a true newbie here. So we have named 3 properties 2 witch will not work the third is a duplex currently rented rents are 795 and 850 asking price is 160k. we have done the duplex route before and it was good for us but our Financial advisor suggests spreading the money around like getting 3 duplexes for 175k and hiring a PM to take care of the proprieties any ideas on this strategy

Phil

Sorry to hear the struggles you are going through. My current home was a short sale that we purchased about a year and a half ago. we made the offer on April 30 2010 and finally took possession Aug 30 2010. Since our home sold before we took possession, my wife and I and 2 young children spent 3 of those months living in a hotel while trying to struggle abandoning a short sale purchase. I can only say that there are many knowledgeable folks on here, many who helped guide me through the process and I am great full for that.
While the process is a Royal pain in the A___. For me the end result has been amazing.
If you stick with it I'm sure you will find it very rewarding as well as educational

Guys, yes we have an exchange facilitator helping us. we identified 3 properties 2 ended up being short sales and didn't want to chance it and the 3rd is over priced has been on the market for 280 days we made a cash offer 17% below asking with no acceptance, yes I know the clock is ticking. Our facilitator says get out there and find something or else we will be looking at a taxable event. our funds are currently being held by Chicago title. I was just curious as to other ideas of investment properties, I know we have to purchase a like property but wasn't sure if it has to be a duplex or can it be a retail or commercial property or can we purchase single family homes to rent out, I think the latter is probably off limits

I just looking for different stratagies

hey all not sure where to post this question
We recently sold a duplex in downtown Indianapolis using 1031 currently looking for like properties in northern suburbs of indy, but could entertain other ideas. We are still new to the investing thing and looking at getting more involved in it. any ideas?