Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Chanda B

Chanda B has started 2 posts and replied 12 times.

Great post!  This sounds a lot like the nightmare (minus a lawsuit) I had with my own personal residence.  There is so much to learn from going through a total rehab, especially when you are new to the process.  Glad it didn't scare you away...Me, I think the nightmare scared me into NOT trying to pursue what I used to think was my dream...

Post: Indianapolis area CIREIA

Chanda BPosted
  • Indianapolis, IN
  • Posts 16
  • Votes 0

Thanks all!

Post: Indianapolis area CIREIA

Chanda BPosted
  • Indianapolis, IN
  • Posts 16
  • Votes 0

Hi all,

I live in the Indianapolis area and am starting to think about potentially becoming a private money lender...I'm going to have to brush up on what the current state of real estate is as I haven't looked into the markets, etc in a while...

My current question is related to CIREIA...Can anyone tell me what the 160 fee to join includes other than a monthly meeting and discounts at some stores?

Post: Suggestions Needed: How Can I Purchase a Home For My Mother

Chanda BPosted
  • Indianapolis, IN
  • Posts 16
  • Votes 0

Thanks Angel, I'll have to research an equity share agreement to see how the mechanics of that would work.

Post: Suggestions Needed: How Can I Purchase a Home For My Mother

Chanda BPosted
  • Indianapolis, IN
  • Posts 16
  • Votes 0

Carlos, I haven't seen much in the way of in-laws quarters around here, but definitely something to think about if I could find something that wasn't over the garage since she can't do stairs. Thanks!

Post: Suggestions Needed: How Can I Purchase a Home For My Mother

Chanda BPosted
  • Indianapolis, IN
  • Posts 16
  • Votes 0

Thanks I'll take a look at the Homepath option. Anyone else that has suggestions for financing options when purchasing a bank owned/HUD property that will be a buy and hold, I'd greatly appreciate it.

Post: 203k

Chanda BPosted
  • Indianapolis, IN
  • Posts 16
  • Votes 0

Minimum 60 days...

Post: Suggestions Needed: How Can I Purchase a Home For My Mother

Chanda BPosted
  • Indianapolis, IN
  • Posts 16
  • Votes 0

If I can get a 50-60K home in good shape, I can help her out with the additional amount needed for the payment & insurance as it wouldn't be much. Already ran the numbers and the payment wouldn't be much more than the 420 she's paying now. And I like the idea of owning the property vs. her risking something else where the rent will inevitably go up. We did look at section 8, but unfortunately the list has been closed since 2006 and they can give no indicator as to when they will open it back up. I'm still looking for alternatives, but was just wondering if there were any ways (that I hadn't already thought of) in which I could get the financing for a bank owned or HUD property...

Post: Suggestions Needed: How Can I Purchase a Home For My Mother

Chanda BPosted
  • Indianapolis, IN
  • Posts 16
  • Votes 0

Jon, I love my mother, but I'd probably end up in a mental institution if we lived together. She would need an apartment with a carport or garage because her car leaks in the rain/snow and she can't do stairs. There aren't many apartments that are in decent areas that will rent that low. She's spoiled now because she is currently in a single family home and this is the first time she's ever lived anywhere other than an apartment or mobile home and now she says "I just can't do an apartment." I really need to find her something cheaper than even the 420 because it's over half her income and she can barely make ends meet. I tried looking at retirement communities because her health is poor, but they are incredibly expensive. My mother has a very tough personality to deal with and always finds the negative in everything. She gives up at the drop of a hat, so it's really an uphill battle, one in which I have to do all the legwork because she has already been defeated in her own mind and is content to just sit there and wait until the landlord raises the rent to an amount she can't afford and be forced to be evicted. I'm trying to be proactive while she works in a reactive state which is what got her in to this financial debacle in what should be her golden years in the first place. Sorry for being so wordy.

Post: Suggestions Needed: How Can I Purchase a Home For My Mother

Chanda BPosted
  • Indianapolis, IN
  • Posts 16
  • Votes 0

Thanks Chris but I know that would not be an option with bank owned properties and that's the only way I can get her into a decent neighborhood, without having to do a lot of work, at an affordable price.