All Forum Posts by: Christy Brinkruff

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@Michael Glist

Thanks Michael. It will end four months after I purchase it.

@Gloria N Gear

Thanks Gloria!

I think I found a good bank to help with my current deal, but I’m always looking for more options for the future. 

Have you ever heard of the First Bank of Berne?

They are offering 4.4 with 25% down, but I can use any amount it appraises above the purchase price as part of my down payment. Hopefully the appraiser will give me a legit amount based on comps and not just the purchase price.

Purchase price $176k. Off market home. Market value $215k. Current renter pays $850. Market rent $1600.

I'm a newish investor looking to scale in Indianapolis. After purchasing 3 short term rentals, my DTI is in the 60s. I would like to purchase a rental property in Hamilton County Indiana (near Indianapolis). I'd love some advise on banks that might loan to me. I'm assuming they would be portfolio. Do I need to stick with commercial now or can residential portfolio deal with my DTI? I've tried a few credit unions and now my credit score is 15 points lower from credit pulls. I'd like to narrow in on best chances banks before another credit pull.

The best I've found so far is 25 year loan at 5% with 25% down. I would really like better terms/less down payment. 

Please add me to the email. Thanks!

Thanks for the advice everyone. I honestly have been very disappointed in myself that I haven't moved forward on this property yet. But, I listened to the Real Estate Rookie Podcast today with Tony J Robinson (E 37), and he is in the exact same situation as I am. I pivoted and started buying short term rentals in Pigeon Forge. This home in Indy fell to the bottom of the list because things were going so well in PF (too many bridges??). Anyway, I appreciated his insight that he was getting rid of his flips after finding the same STR opportunity and I appreciate all of the advice here. Leaning towards wholesaling and continuing to scale in Pigeon Forge.

I am new to this and would appreciate advice from those who have experience. Earlier this year, purchased a home with great bones actually in the neighborhood where the show Good Bones flips a lot of their homes, Fountain Sqaure in Indianpolis. The home is currently a 2/1 and have about $145k in it after cleaning it out, replacing the roof/soffits/gutters. The home next door is a 2/2 and sold for $307k earlier this year. It is almost the exact same floorplan, but they converted their attic. I have great plans to convert the attic to make mine a 4/2. I was hoping to have the construction underway by now, but my contractor ghosted me. While I was looking for another contractor, I was sent another great investment opportunity and used most of my renovation money on it. I should be able to save up enough to start renovations in January. I'm trying to figure out if I should fix & flip, fix and rent or just wholesale it and move on to other opportunities that interest me more. I think the renovation will be $80-100k and it should rent for $2400-2600. Pro and con list below (as I see it).

Flip Pros: Major market home shortage - would sell instantly, Should be able to make a good profit, Fairly quick money

Flip Cons: I hate dealing with contractors, a few months of construction, not a long term wealth strategy, I hate dealing with contractors

Fix and Rent Pros: Equity, long term wealth, good rental market, one of few 4 beds in the area, great hipster neighborhood

Fix and Rent Cons: I hate dealing with contractors, I've never been a landlord and am nervous about it, it's not convenient to where I live. 

Wholesale Pros: Quick Money, Cash to invest in other opportunities that I love and have mastered, I don't have to deal with contractors, I can just be done and move on.

Wholesale Cons: I love the house (oops), I love it's potential, I need to learn to landlord at some point, inexperience with wholesaling

I'm a real estate agent in Indianapolis. My go-to inspector is Scott Surette of My Indy Inspector 

http://www.myindyinspector.com/

He's been inspecting for decades and provides excellent reports and advice. 

Thanks Mike! I appreciate the advice.