All Forum Posts by: Collyn Bennett

All helpful! It does seem that the DSCR option and/or a partner to help secure financing are the best options.

I do have 2 years of tax returns for both my rental income and my business. Until this year my business was a side business, so I was less focused on the bottom line income. One more year and I'll be a "normal" borrower again in the bank's eye. 

Mid 2022 I listed my first short term rental. It is a detached garage that I converted into a guest house. I designed the floorplan, finishes, and even did almost all of the renovations. This place has been almost 100% booked since.

I'm well over 200 reviews with an average rating of 4.99 stars. I've even had a couple guests comment on how they will now start visiting Indianapolis because they found my place.

I've been very surprised with the amount of love my place has received, and now I'm looking at how I can apply the same ideas to more properties. I tried going it alone with hard money on one property, and for a variety of reasons that deal didn't work out as I had hoped. 

What would be your advice on how to expand my portfolio from here? I'm self-employed so traditional financing is limiting factor.

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@Nathan Williams interesting question. I don't know the answer to it, but I am also curious.

@Conte Cuttino I agree with Todd. I saw during the corona shutdown that Marion county has the potential to come out with laws that are driven by a large population mindset and aren't necessarily favorable to investors. Earlier this year many businesses in Marion county had to stay shutdown while the businesses across the street in a different county could be open. Not that this current situation happens often, but it does show how future laws/ordinances within Marion county could vary quite a bit from the surrounding area.

@Jason Ma good point! This could easily be overlooked, especially for someone not used to the temperature swings in the Midwest.

@Jason Powell does the HOA have to know you're renting the room and not just living with someone? If you had a family member living with you it would essentially look the same to the association, but my guess is they wouldn't cite you for living with a family member.

@Matt Gigli I just sent you a connection request. I live in Indianapolis and think I could be helpful to get you started in this area.

@Luis Moreno no local meet ups that I know about, but I would also be interested!

@Matthew Passano I live in Indianapolis. The bad areas are primarily localized to a few specific areas. In general. You can think of Indianapolis as a target with three rings. The bullseye, the areas close to downtown, are nice. The next ring is not so nice. Then as you get further out it gets nice again. This is a generalization, but it is fairly accurate as you drive from downtown to 465 in any direction.