All Forum Posts by: Craig Sloan

@Edward Grove I'd suggest you should form an LLC to hold the property and get a personal umbrella policy. It will cost a little more but should offer better protection.

@Brian Alvarado are there currently tenants in place or will you be filling the other units?  If there are tenants in place there should be an existing lease, if not you will need one.  If you need one you could check with the closing attorney or you could ask other investors or real estate professionals in your area who they would recommend as a good real estate attorney.  If you know other investors you could ask them for a copy of their lease but I would still have it reviewed by a competent real estate attorney. 

@Ardranae Byer I have a bit of a clarifying question. Are you doing this personally or do you have an LLC or some other entity to hold your properties? That may have an impact on the options available to you. If you don't have an entity that offers asset protection you might consider starting one. It sounds like you have worked hard to build your portfolio, you should have some protection for your assets.

@Char Tovar I'd suggest doing a refi or the HELOC. If you have a property now that is cashflowing and has equity access the equity to purchase more properties. IMHO you are wise to look into Multi-Family.

@Claire Rosenberg if you're thinking of markets that aren't too far from you I'd suggest Lafayette, Ft. Wayne and Indianapolis.  You can find MF under $175 in each of those markets.  There may be others that are closer to you that I'm not as familiar with but those would be my suggestion. 

@Jeffrey Boman are you still looking for suggestions?  Just came across this post.  What type of property are you looking to invest in?  I live and invest in the Ft. Wayne area so I may be able to offer some insight. 

@Tricia O'Brien just came across this post.  Do you still need input?  I live in Huntington county and would be happy to help.  

@Ben Petersen some may disagree with me but I say go ahead and make your offer.  All the seller can do is say no.  If your agent doesn't want to or won't submit the offer find one who will.  Sometimes you'll wind up with a great deal because you weren't afraid to try a low ball offer.  

@Charles Trimmer it has already been said but don't underestimate a W2 job.  It can give you income to invest and help you move to full time investor status much more quickly.  Try to find a job that will help you learn the industry, network, read, listen to podcasts and find out what niche you want to be in.  That's one of the great things about real estate.  There's a lot of ways to play the game.  Good luck.  

@Carl LaPiedra you've gotten some good advice.  If you haven't taken the time I would encourage you to think about what you want to accomplish with real estate before you jump into your first deal.  I'd encourage you to create a life plan and think deeply about what you want and how real estate can help you get there.  I used to do some coaching with teacher's who wanted to start their own business.  I had an exercise I had them go through similar to what I'm suggesting for you.  I'd be happy to send it to you if you're interested.  Real estate is great and it can change your life.  I'd encourage you to plan your life then plan your investing to fit the life you want.  In the E-Myth Revisited Michael Gerber talks about successful people actively creating their lives while others just kind of float through life.  Be active, create the life you want and use real estate as the vehicle to get you there.  Good luck.  Let me know if I can help.