All Forum Posts by: Mark Radford

Ehhh.. car note, no car note. I've done 'em both.

Bought the high mileage beater for a few grand and just dealt with inevitable repairs because I dug the brand and model.

Financed the late model to drive without worry and be fancy for a bit.

Don't have a problem with either because my customers (tenants) pay for these things.

Don't really stay in cars more than a few years anyway because I like, and want to drive, different stuff!

I would vinyl plank over them. I don't disagree with the folks saying leave it as-is or paint over it but if it were me... I would present a decent product to my customer. IF ONLY for the selfish reason that if it's between my rental and the landlord down the street with decent floors, I'm probably losing the tenant to the house without the weirdo floors. I used to refinish floors on those little 1940's bungalows too. Not anymore!! I saw the light! And honestly no one gave a damn about my hardwood floors I worked so hard on. Vinyl plank can get wet, you can scoot furniture all over it, and if a pet soils it, well, it's not the end of the world.

10 minute drive. And from there they are a two minute walk from the others. Two are next door to each other. It all came together by happenstance and I'm glad it did.

It's a seller's paradise in Indy. Properties are pending in 72 hours with several above asking. In midtown I think this is speculation based on news of the now funded rapid transit busline and development of small commercial nodes along its route. I'm in a holding pattern for now in that area. Not saying it's overpriced but property taxes are HIGH and there are many 100+ unit new apartment buildings popping up everywhere competing for those rent dollars. My value proposition is you get a yard and a garage with my "house", park at your front door, a certain degree of privacy, etc. Then again, a good deal can present itself at any time but it better be a helluva deal! My 2 cents.

We are close to the top for multi-family in Indy. I'm seeing 3/1 duplexes in areas you want to be in (SOBRO, Fall Creek area) going for well over 200k, ones that need extensive work at 150k+ and shells at 75 - 99k. I'd advise to have a local partner bird-dog for you.

Agree with above. All that pretty equipment is worth practically nothing.. save for an affixed exhaust/Ansul system. To most operators looking at resto space it's their only big cost savings and that still might need to be reconfigured to their concept. Restaurant tenants more concerned if they're on the hook for roof, rooftop HVAC, parking lot surfacing, striping, etc. I've leased space where landlord repaired/replaced above and we were charged back.. other times lease language stated landlord was responsible 100%. 

Keep in mind dealing with resto tenants is risky because if they get into trouble the landlord will always be the LAST to get paid. Labor, vendors, and taxes will always get paid ahead of LL, usually in that order.

Hmmmm. That's a good question because it was 13 DEGREES BELOW ZERO in Indy the other morning and I continue to ask myself why I remain. But to answer the question simply, Indiana is affordable and dare I say... semi-comfortable living, even for those with modest means. It's half a day by car or a couple hours by plane to roughly half the country, landlord friendly and easy to start a business here amongst other things. Township and private schools are ok and the decision-making people are generally accessible when you need to get things done. The red tape isn't as burdensome as I hear it is in other places. We have a couple pro sports teams and lots of college action to enjoy. When they win.

There are some challenges to living here and it certainly has its share of problems but since that's not the subject at hand I'll save those comments for another thread.

Should have sent letters/talked to my neighbors. Buyer for my first duplex lived next door. Roughly a $8400 lesson.

Depends on who you rent to. There are newly licensed physician couples that want a house close to the hospital, in a good neighborhood, with nice amenities, and can afford say, 3k in rent who'd appreciate nice kitchens, baths and yards. They have high incomes but a lot of debt. Maybe they don't want to add a mortgage to that right away. Perhaps they're in transition and plan on moving in a few years to permanently settle in another city. Tenants fresh out of college or grad school with a $800 rent budget are a different customer and I'd adjust accordingly. Regardless I like to harden the property enough for NO PHONE CALLS.

I'm very thankful for the site and have learned quite a bit. The overall goal seems to be the same for most people: Buy low, sell high, hold with minimal headaches, stay ahead of the taxman, use OPM where you can, etc. I stay in my lane and comment on what I know which is the city I live in and my experience as a residential landlord and small business owner. Where I can learn is the acquisition and financing wizardry I read about. And from that I must separate who knows what they're talking about and truly passing along useful information and who just likes to see their name and comments in print. That dynamic is found in any business category.