All Forum Posts by: Aseel Yerunkar

PM me and we can exchange info to as well as set up a time to chat!

Hey @Joe Mathew. I was an out of state investor investing in Indiana for about a 2 years. I recently moved to Indiana and am now doing real estate full time. Lots of success to be had here, and also lots of cautions to take. PM if you wanna chat.

Thanks!

@Sanjana Lal Welcome to Indy Investing. Could you clarify your criteria a bit? "not looking for anything too adventurous" could mean a couple different things. If it means what I'm assuming it does -- some of those neighborhoods might be out of your risk tolerance. Fountain Square and Bates Hendricks are higher class areas but properties there are also at a price point where they don't make sense as long term rentals if you're looking for cashflow.

Bean Creek, Garfield Park, and even South Fountain Square are a bit rougher. I'd say more around the C class range. Those areas have great rental potential if you're okay with that risk tolerance and have a PM who knows how to handle that tenant class. If you're looking for B-A class rentals you might want to look outside the loop.

Rent ranges widely in all of those neighborhoods. Your best bet is to ask a PM for accurate rent estimates. Rentometer is also a good tool for general estimates.

Feel free to message me with any questions and good on you for jumping in.

@Devin Meriwether You will likely not find a Hard Money Lender in this day and age who will find a purchase with 0 down especially if you are a new borrower with no investing history. HMLs can definitely lend up to 70% ARV for which in this case you already seem to be at, but most want atleast some skin in the game even if you hit that mark.

Depending on how big the difference is between the profits of the wholetail and wholesale, you might not wanna waste the headache/money (that you might not have) trying to close on this with an HML and just assign it off to make your quick buck. If it is a significant difference, you can find an HML to cover most of the purchase and partner with someone to bridge the gap for the rest of the funds needed.

The other option is to find your very own private lender (essentially just a person that has a large amount of cash themselves) and partner with them for the purchase or try to convince them to lend you money their money for similar terms as an HML except they do 100% financing.

Either ways, run the numbers and weight out the costs and benefits. PM me if you need further help!

Hey @Shane Maddux. I normally invest out of state but I am from SoCal and was starting to look in to STRs in the Big Bear and Lake Arrowhead area. The big thing I took away from my research is that there is more and more coming into STRs in Big Bear. There are growing nuances and costs. For this reason I suggest whatever investments you look at you make sure that it also works as a long term rental and would make sense as a normal buy and hold. STRs profits should be seen as an amazing icing on the cake.

Thanks!

-Aseel

@Darren Rogers

Don't invest in Florida but I feel this issue is pretty universal. I had to go through 4 agents before I finally found a good one. Your best best is to know how to vet an agent before you commit to them. There's tons of articles on questions you can ask a agent as an investor before you hire them. Also ask for referrals from the agent of other investors hes worked with. I honestly believe for every 1 good agent there's 8 average-bad ones. Just gotta get on that phone and start interviewing people. Be ware of exclusivity contracts as well. 

Hope that helps. Hit me up if you have any questions.

Along with what was mentioned above, how good of a deal are you getting? Is a couple thousand over a old furnace worth losing the deal for? If so, then you back out. If not, and its still a good deal even after the furnace replacement costs, then I'd move forward and budget that into my repairs, or try to get some credit due to the condition of the furnace if they're not willing to replace it entirely.

Other thing is you might not necessarily have to replace it. If its an old furnace but its functional has been maintained regularly just let it do its thing. But obviously budget it into your CapEx and keep some reserves aside in case it does run into issues later and needs to be replaced.

Hope that helps. Hit me up if you have any questions.

@Gustavo Juarez 
Really depends on a lot of personal goals, and risk tolerance.

You have a couple options :

• If you are okay with taking on a challenge with a little more risk you can start trying to grow that capital stash even more and do an entry level flip.
• If you want something less risky but still want your money to not be immediately/fully tied up learn the ins and outs of the BRRRR strategy. Depending on your market you may or may not be able to do this for cashflow but it will still allow you to have a faster velocity of money. You might not be able to get all your money out the deal but goal is to acquire an investment property with much less than your traditional 20% down loan at the end after you refi the property.
• If you want something significantly more passive and don't mind letting your money sit in a deal for a long while you can simply buy a turnkey rental property.

• You can also House Hack. If you do not already own a house I, personally, would make this the first priority. It's very feasabile to house hack in most markets and greatly reduce you month to month living expenses while investing in an appreciating asset. In many markets you can essentially live for free and then some.
• If you do already house hack, I would  again personally take a portion of that capital and invest it in a rental/brrrr, and take the rest and flip a house and keep getting more capital to invest in more rentals.

Hope that helps! Feel free to hit me up for any questions.

@Dennis Yang I honestly think rather than trying to open up a chain of HELOCs with variable rates and interest only payments you're better of using the delayed financing refi option to convert your rental into a conventional 30yr fixed rate mortgaged asset which will give you back your original HELOC funds which you can then recycle and use for another cash purchase. A traditional cash out refi usually takes 6 mo of seasoning where as delayed financing is immediate. Hope that makes sense. Hit me up if you have any questions.

@Vernell D Watson

That lender is smokin something. I personally know people who are doing sub 100k loans with no issues. I think you just need to really explore some other options and start calling up every lender in your area. Delayed financing is usually pretty quick/immediate. The 6 mo seasoning is usually if you are trying to do a cash out refi on your equity thats been built up which is not exactly what delayed financing is classified as. Start calling up lenders and don't listen any one vendors opinion before you talk to at least 5-10 others.