All Forum Posts by: Frederick McCarty

Hey all. I'm looking at a duplex that's in an area where there aren't any other multifamily properties. I'm trying to determine how to determine the ARV of the property because the property needs repairs on both sides. The rents in the area range from $995 to $1200. I really want to rent one side and use the other four studio/ office space (for myself). I don't know if I should use an income valuation to determine value and if so should I use what the income is if both side were being rented? Are duplex rents equivalent to single family rents in the same area?

@Mark Durham and @Tom S. Good information. Thank you for your responses!

I hope this is in the right forum and I hope it's not an ignorant question? When purchasing on terms do owner finance payments help offset seller's debt-to-income ratio when trying to purchase another home? Basically, can it be claimed as "Other Income" by the seller?

Hello. When contracting a seller is it better to use state specific purchase agreement or a custom one? I want to use the Purchase Agreement template from Indiana Association of Realtors, but it appears they want to discourage it's use by non-members. I have a few different examples and wondered if a hybrid of them would be better? I've heard of issues with seller's being leery of signing documents/contracts that didn't appear original. I have no problem doing my own, but wanted to inquire before I waste time.

@Ken Yeung Thank you sir. I'm strapped in!

@Mike D'Arrigo Thank you for the support.  Do you get to come to the city often?  I'd love to chat.

@Noel R. thank you sir. i hope that's the case, I'm sure my nerves will calm down once I'm on the other side of my first deal.  I can't be as reckless as I was last time lol I have three people at home depending on me. As far as book, outside of every major leadership book these are the ones that stand out in my head regarding mindset:

The Power of Habit: Why We Do What We Do IN Business

Accidental Genius: Using Writing to Generate Your Best Ideas, Insight, and Content

The Two-Income Trap

Super Crunchers

and Algorithms to Live By: The Computer Science of Human Decisions (reading this one now)

@Ross Denman thank you sir I'd definitely like to touch base with you sometime in the near future!

Summary:

I am a new investor in the Indianapolis area looking to build relationships with all occupations, near or far, involved in real estate. I would love to meet people I can bounce ideas off, assist, or possible partner with on a deal or two. I’m not investor savvy (yet), but I refuse to be outworked in whatever mission I’m involved in.

Background:

I am a husband and father of two beautiful children. Passing generational wealth to my children and retiring comfortable (financial freedom) with my wife are two main goals driving my real estate investing pursuits. The byproduct of my goals is to provide quality homes for buy or rent to individuals. I also want to eventually get involved in commercial real estate.

Currently I am a supervisor in Accounts Payable. My background is data analytics. I'm ready to start building a real estate portfolio because I feel like my potential is being wasted (I'm a peacock, you gotta let me fly!)  In my spare time I like to debate any topic under the sun. I’m currently trying start a podcast it. I’m also doing photography and videography as a hobby right now. I’m sure looking for space to record a podcast and do video production was the final straw that made me want to get back into real estate. I figured paying for something I owned has far more potential than something I’m renting.

I am a “born-again” investor. In 2007-2008, I jumped in feet first and bought my first rental property. It turned out that it was a shady deal and I got the short end of the stick. I ended up doing a short sale on the property which I now regret. I was young when I attempted this the first time and suffered a lot of “concussions” due to all the times I bumped my head. I tried to do it all by myself and it overwhelmed me. Looking back there were a lot of valuable lessons learned. One of which brought me to here: Networking. I was talking with the owner of an AirBnB I stayed in about real estate and he suggested the BiggerPockets.com. After a year or two and finally attending one of the webinars I decided to join and go Pro. Now I’m here ready sitting with a little money to start investing, but I want to make sure I'm learning and earning the right way.