All Forum Posts by: Account Closed

Good work! That mortgage rate seems a bit high, was that a non owner-occupied loan?

I have used American Modern for vacant property in central Indiana. No hassle getting set up and low rates. I never had a claim so I don't know how the service would be.

In my opinion you should set up your LLC in California and register it as a foreign entity in Ohio or any other state you want to invest in. Some folks try to register corporations elsewhere but as long as you live in CA, CA wants their tax money.

Are you sure you want to set up an LLC at all? If this is your first investment property I would just buy it under your name. Insurance can cover any liability concerns and you'll find it much easier to mortgage versus a brand new corporation.

 I haven't heard this before but it makes a ton of sense. Good rule to follow. Unfortunately, in today's market houses in rougher neighborhoods (look at Lawrence for the Indy example) are being listed at that median so there needs to be more due diligence. 

Not sure if the inverse applies at the other end of the cycle or not.

@Mihir Bhimaraju How are things going with your southside rental? I have been interested in that area for a while. Any vacancy issues?

Welcome Ken! The deals are getting harder to find for everybody but they are still out there. This site has lots of good information on direct mail campaigns, that may be something that could work for you. There's also several Indianapolis wholesalers on here that can help you out. Best of luck!

Best of luck @James Dishongh. Supposed to be a beautiful weekend here in Indiana and I also think you'll be impressed.

@Ross Denman

Do you mind PM'ing me the credit union information as well? Thanks!

Got any interior pictures?

@Dmitriy Fomichenko

I would love to share some numbers! The purchase price for the 9 acres + barn was $110k. We owed about $77k on our primary residence. Both properties together appraised at $225k which was the low end of what I expected. So what we did was basically a cash out refinance on the primary residence rolled into the new property at 80% LTV. I walked away from closing with a check for $600 and collected the rent check (only $2440/year) yesterday.