All Forum Posts by: Shawn Holsapple

I prefer local credit unions & State banks. I have 20+ loans with no issues. I also have sold several single properties from a blanket loan. Since each asset is appraised individually in the beginning, the bank just takes off what I've paid from the original amount. I then pay this amount at closing and the rest I can keep.

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Yes please!

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Originally posted by @Shawn McCrillis:

@Shawn Holsapple would you mind sending over to me the property managers you like? We have a property on the east side (class C). Having some issues with who we are using now.

Thanks

PM Sent

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I have a home at 43rd & Lesley.

Don't forget the "Zestimate" is usually way off. The Zrent, however, is usually accurate.

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Originally posted by @Dan Gatens:

@Shawn Holsapple

I am looking for someone as well, cannot figure out how to private message you. If you could drop me a name, would be much appreciated!

Thanks,

Dan

PM Sent!

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Originally posted by @Amy Greger:

Originally posted by @Shawn Holsapple:

Welcome to BP @Suzi Pawloski!

1st - be sure you REALLY want to buy a duplex in the midwest - I have beat that horse to a pile of sludge already in several posts.

2nd - IMHO - you should at least have a LLC created by a competent real estate attorney and don't do it yourself online. A good CPA can only tell you so much about it - don't forget, their job is to be your bean counter and not your legal council.

3rd - Get lots of insurance, both coverage on the asset you buy and an "umbrella" policy to cover anything that the main policy doesn't cover. Like the attorney, find an insurance broker that does LOTS of investment properties and not just your local Geico agent...

4th - Use the BRRRR stratagy. Buy it, fix it up and refi with a local State Bank or Credit Union to pull out all/most of your investment and then rinse and repeat.

5th - Take action! Don't let all of this discourage you. You must keep moving forward, if when you get knocked down and it sucks.

Just my two cents...

Hi Shawn,

What did you mean by #1 - be sure you REALLY want to buy a duplex in the midwest? Can you send links to the posts if you have discussed already.

Thanks!

Amy

IMHO - "most" older, inner city duplexe's are tough to keep running profitable here in Indy. They are tough to keep occupied and have higher CapX expenses due to their age.

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Welcome to BP @Joseph Ali!

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Welcome to BP @Zachary Clevenger!

I live in Greenwood as well & have turned a few wrenches in my time.

You're in the right spot and on the right path.

- it's always good to see another Hoosier utilizing this great site!

Of course, you need to read The Ultimate Beginners Guide to REI here on BP

If you haven’t already, please read/listen to these books ASAP!

Rich Dads Cash Flow Quadrant

Rich Dads Increase your financial IQ

The Real Book of Real Estate

The ABC’s of RE Investing

The ABC’s of PM

Rich Dad RE Tax Advantages

The 10X Rule

The E-Myth

The 4 Hour Work Week

BiggerPocketsPodCast -I hear #136 is exceptional!

1 Vote

One of my personal rules for Sub2 is a good fixed APR rate on the current loan. 12% isn't a good rate - even with decent cash flow, the high APR would kill the deal for me.

The $1k rent on a $67k ARV property sounds high as well. One of those numbers is off - hopefully the ARV is low.

Just my thoughts...

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All Forum Posts by: Shawn Holsapple

Shawn Holsapple has started 10 posts and replied 1200 times.

Post: Great 'buy and hold' property in Indianapolis for sale

Post: How did you get financing after your 4th property?

Post: Eagledale Neighborhood in Indianapolis

Post: Indianapolis Property Manager Recommendation

Post: Help with possible turnkey in Indy

Post: Indianapolis CPA

Post: Indiana duplex purchase

Post: Hello from Houston, Texas.

Post: Hello from the Indianapolis (Greenwood/Center Grove) metro area.

Post: needing help with subject 2 in Indianapolis