All Forum Posts by: Grant Anderson

If the lease ended July 31st it has only been 17 days of the 45 days so they still have time to keep the security deposit and requested funds from them.

Hello,

My wife and I recently bought and rehabbed a duplex in Indianapolis that we live in. We are looking to building a garage with a unit above it to increase the rents received. We would like to do this with some type of a second loan. We estimate we would need about $90,000 to complete the garage and some additional landscaping items we wanted to do. Does anyone know of a lender that does this type of loan? Thanks for your recommendations.

Hi everyone,

I recently purchased a duplex, rehabbed it, and then moved into one of the units. I am looking for recommendations on a loan broker to do a cash out refinance on the property. It is in Indianapolis. We need someone that can think outside the normal box to get us approved because both my wife and I are self employed. Additionally we rent out the other unit and an additional unit we created via AirBNB. Does anyone have any good lenders they would recommend? 

Both off these look like a good BRRRR opportunity.

Hi all,

We were supposed to close on a property in Indianapolis yesterday. The property is a short sale so the bank needed to approve the HUD statement but didn't until it was too late to be able to close yesterday. The sellers agent wants us to sign on Monday but backdate the closing documents to Friday so they don't have to wait for the bank to approve a new HUD statement and delay the closing even more. It doesn't sound right to me to backdate a closing statement. Has anyone ever done this before?

I would caution you on keeping your owner occupied house and turning into a rental unless you plan to sell within 2 years of moving. If you have gained equity and sell it as a personal residence you may not have to pay capital gains tax. If you sell it as an investment then you may have a hefty tax burden. Also, you should look at the return on your equity. I believe that California market will stay stagnate for the next few years, therefore the equity could have been spread out over more properties spreading your risk and increasing your return on that equity. We are currently selling all of our California properties for more cashflow in Indianapolis. 

Nathan,

The issue with refinancing it is that you potentially give up the tax free profit, unless you have lived in it two of the last five years prior to selling, I believe. Th option of creating an LLC is that you may be able to your LLC at current market value taking advantage of the tax free profit, consult a tax professional. I understand not wanting to sell the property but if you take a $50,000 gain you should be able to purchase two properties right away with the $50,000 then BRRRR them and potentially buy a third.

Hey everyone,

I recently spoke with a representative from AltA Financial in regards to a loan for our primary residence. They have many different loan products and was wondering if anyone has had experience using them in the past.

Thanks!

We have done a couple 1031 exchanges over the past couple years replacing properties that we sold from about $250,000 into 3-4 properties in Indianapolis. The only issue we find is being able to locate that many deals in the allotted 45 days. In a 1031 exchange you have to use all the cash you receive and replace the loan to avoid all taxes, so it really depends on how much you would be selling the current property for. If you are selling it for more than $250,000, it may be difficult to find the number of single family properties needed within the 45 day timeframe. A multi family property may be easier to find.

I am looking for a property manager in Indianapolis that handles apartment complexes with 50-100 units. Does anyone have a recommendation?