All Forum Posts by: Shawn Holsapple

All good advice above.

Don't forget, if you're changing jobs, you won't be able to get a loan for several months or longer. So, if you have any equity in the current home, you could get a HELOC before you move to help fund you upcoming Indy deals...

Don't worry...the deal of the year comes by every week!

Keep looking and keep networking, you'll find another one soon.

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...

Sounds like your dad it too nice!  2 years vacant and he still doesn't want to fire the PM...I'm swinging the axe after 2 or 3 months myself.

Don't be afraid to shop around as mentioned above as well.

Yes, you should be able to PM anyone on BP by connecting first with them.

@Grant Edwards - ahhh, these deals look so sexy on paper!  I've tried [and tried] to make them work always swearing I'd never do another old property again - and now I don't .

I've been old asset free for over 3 years now and don't plan on falling off the wagon.

The age, low rents, non tenant paid utilities, etc. will be a nightmare.  Plus, small multi unit properties are very hard to keep occupied in the MidWest as an added bonus...

All you need to make it worse is if the tenants pay weekly with cash!

Welcome to BP @Adam Reyher!

All good points above.

IMHO - you don't need a huge buyers list [especially in our current sellers market].  I've found that if you can't sell your deal - then you don't have a deal!

I personally buy over 150 SFH homes annually and fee free to add me to your buyers list.

In the mean time, networking is invaluable and you MUST go every month, after month for it to pay off.  That coupled with some activity here on BP should get you started.

Welcome to BP @Nir Levy!

I'm a broker, rehabber, landlord and very active wholesaler.

Please let me know how we can help you!

Sorry, I've fired all the contractors in the Indy Metro area!

I'm convinced that there are no "good" contractors left...

@Kelly Sanchez I've been a myhousedeals user for 4 years now.  I've bought 1 and sold several via the platform.

As said by @Dustin Ruhl, it's an open platform and nothing is vetted.  "Trust but verify" all the numbers provided and be sure you are dealing with the actual owner/seller.

All good points above.

I have sold them several properties with no issues.

Feel free to PM any of the locals on here and we will be glad to give you our opinion of the property in question.