All Forum Posts by: Dan Perrott

I have in the past.  I just called their number and they handled it over the phone.  This was at the end of last year though...

All of my properties in Indy have been above 1.7.  My latest B&H last year was over 2.  It is possible in the Indy market to find properties in better neighborhoods above 2.

@Max Briggs - We are extremely patient.  We do 1 deal every 2 years or so.   In our case, waiting has been a good decision.  It has enabled us to purchase and rehab properties with cash instead of borrowing.  We are creating a solid cash flow for retirement.

@Max Briggs - In order to find the 2%+ properties, you have to be patient.  Most of my properties exceed 2% which leaves a comfortable margin.  Happy investing...

Been there done that.  I had an 8k bill for this repair which were roots under the house into the sewer line.  It had to be replaced from under the house to the street connection.  

Sewer lining will work but overtime, the same issue may popup in another location.

I periodically treat the sewer line with copper sulfate, which will kill the roots.  It is used in septic systems to help treat root issues in the septic fields.

@Steven Segal I use TrafficMaster Allure available at Lowes.  Easy to install and very durable.  Look up this in bigger pockets for the discussions around its use.  I have completely eliminated carpeting in my units.  I have had it in my units for about 5 years without issues.  Previously, I laid 12x12 porcelain tile down but this is easier and cheaper.  I do my own rehabs and I have been able to lay 800 sqft+ in a day without a problem.  

@Max Briggs  it sounds good but be aware there are more costs than just the mortgage.  Does it include the property taxes and insurance?  What are you setting aside for future repairs (roof, appliances, flooring, property management, etc)?

Using rough numbers income/investment your property seems that it will do fine.  1200/73000 = 1.78.  In my investment area, I focus on having all of my properties above 2.00.  This is a rough investment ratio estimate tool and does not work in every investment area.  I am assuming that Ohio is very similar to Indiana.  Calculations between 1.00 and 1.25 are very close to break even in the Indianapolis areas that I invest in.  (Note that it can change by neighborhood within an area).  I manage all of my own properties.

Note that this is not legal advice or accounting advice.  You need to consult with professionals in your area with their investment expertise.  

@Justin Strange -welcome to bigger pockets.  I have multiple duplexes and SFHs in the NE Indianapolis area.  Depending on what you are looking to do, there are solid opportunities out there.  Be patient and do your homework.  Let me know if you have questions about the Castleton, Geist and Northern Lawrence areas.

A bad credit score does not tell the entire picture.  When running the credit, you should be able to see the source of the bad credit.  We do not accept if it is for landlord/tenant lawsuits, late payment history, past due amounts to utilities, large credit card balances - basically anything related to housing or mis-management of finances.  What we do look at and consider is bad credit related to 2 items - Medical and school loans.  These 2 items will take down a credit score but do not necessarily reflect the credit worthiness of the applicant. 

We have the same credit score rental criteria but we do take into consideration down to 550 if the situation dictates.

I am not offering legal or accounting advice.  I offer my response as my opinion as you may need to consult professionals.

If you take care of your properties, this is not an issue.  It is $5 to register all of your properties.

The law was put into place to take care of properties that were not maintained and had become burdens on the city.  

In my opinion, you need to take responsibility for what you own.  Property registration is the way that Indianapolis is having the owners be responsible.