All Forum Posts by: Deryk Kennedy

Nice to see more people in the area, I look forward to hearing more from you.

Thanks for the feedback. From my own research, for Indiana, it does appear to be a sole operator for Property Management, one must:

Have a Broker's License, which requires (1) year as an active licensed real estate salesperson.

Which in combination requires a fee, at least 2 exams, a year of experience, and a few courses.

That much I understand. It appears that this process may not be the best way to get the ball rolling. 

Are there any specific opinions, recommendations about Property Management, specifically for SFH and small multiplexes (duplexes up to quads)?

I initially tried posting this in the Indiana Discussion forum, but it wouldn't allow it.

I am, and have been, working on getting into REI, but have been dealing with a significantly bad case of Paralysis-by-Analysis.

In an attempt to start treating, and eventually curing myself from, this horrible sickness, I have decided to get my foot in the door by working as a small scale property manager in the S. Indiana area. Primarily focusing on the tri-county Indiana area north of Louisville, KY. 

I have done some research on the necessary steps to officially get into this field, but through discussions with Realtors & wannabe Realtors, I now feel more confused than I had previously. 

It is my understanding that some laws have recently changed that greatly altered the process for obtaining licensing. I know of a few individuals who had significant issues with the process to the degree that they had taken nearly all their course work but were then told that due to changing laws they would have to start over.

I would like to get advice from you all regarding both the field of Property Management, in general and specifically in Indiana, and in the licensing and additional requirements that I may, as of now, be unaware of to professionally perform in this arena.

NOTE:

I am currently unable, financially, to make this my primary day-to-day job, so will have to work it around my current career that represents 10 hrs/day during the week. It's understandable that this greatly reduces my opportunities.

I'd like to thank you all for your comments and questions and hope that this thread will be of assistance to others wishing to develop their knowledge in this specific area.

I am currently looking to make connections, and hopefully develop mutually beneficial relationships, with local handyman who are affordable and have flexible schedules to assist me with multiple rentals in Clarksville, IN.

Any recommendations would be greatly appreciated. No work is immediately necessary, but due to scheduling it is impossible for me to solely handle any repair needs that may arise.

Thank you all for your time and assistance,

Deryk Kennedy

I wasn't particularly sure of it as a first investment. I see other opportunities, with a little higher cost, that would lead to a non-MH property that includes the land. I was trying to get as much information as possible to give an educated reason for not going forward with this deal. I would rather have a claim to the property, rather than just the structure. Thanks for your response, it solidifies my position on this property. I may take a closer look at MH properties once I have more experience and capital, but it does not seem to be the best option for me at this time.

I am new to RE and have been approached by one of my 'partners' with information regarding a possible property that is up for sale. I don't currently have all the information, I plan on getting a look at the property sometime after the holidays. What has been hinted at is the following:

• Listed for 3 months ($24k)
• Seller mentioned being willing to drop to $18K; 'Partner' wants to counter with $10k.
• Possible Description (Not Confirmed):
  • 3 Beds & 2 Baths
  • Carport, 2 Sheds, & 2 Decks
  • Sunroom & Fireplace in living room
  • Rented for $334 + Electric
    • (This is low for non-MH properties in the area [~$750], but I'm not sure if it is normal to be that much lower)
  • Motivated Seller

I would like to know, if this property is in decent shape, whether or not it would represent an intelligent investment. Depending on the purchase price and repair needs, we will primarily be looking at it for Buy&Hold.

I would like to expand on this question, hopefully not stepping on the OP's toes:

Would it be a legal scenario to have one of your renters assist you in the rehab of other properties, and their pay being 'fee remissions' or something similar from their own rental costs?

@Stephen Underhill I am new to RE and am interested in the answers to many of your same questions. I could be wrong here, and if so I hope I am corrected, but the structural problems you have mentioned for the property you are most interested sound pretty serious. The fact that you have visual, diagonal cracking throughout the entire house means there are significant problems with the foundation. One of the primary causes would be settlement in the foundation. This can sometimes cause simple, frustrating issues with doors not closing properly or changes in the size of wall openings.

As this settlement becomes a greater issue, you will begin to see micro-cracking in structural walls until they become visible by the naked eye. I am not saying that you couldn't possibly fix the property and prevent the next step, which is structural collapse. Unless someone corrects me on this, I would say to avoid the property unless you'd be willing to buy it and tear down the house.

@Trent Waggoner, Glad to see you on here and looking forward to hearing what you learn on these forums. I've enjoyed meeting people on here, during my short time here, and have already begun looking into the plethora of information offered here. Many recommendations have been given to me regarding external reading material, and I would like to pass on one of those recommendations that I have already started taking advantage of; read Rich Dad, Poor Dad.

The little I have gotten into this book has already changed how you look at the current world we live in and the financial environment we have to learn to navigate. I wish you the best, and look forward to discussing with you the vast knowledge shared here and elsewhere.