All Forum Posts by: Gabe G.

Good question. I really dont know what the situation was.

It certaintly doesnt have tenants in there now.

its in good shape, except for some odd flooring.

I have a contract for my third property, this is lower end than I am use to. It's in zip code 46224. Indianapolis. Not the greatest area, but not a war zone, seemed like a quiet neighborhood with multiple types of people.

3 bedroom 1 bath, 1100 sq ft. HVAC new in 2012, new roof, newer water heater, updated windows, vinyl exterior. House could possibly use some new flooring, but really doesn't even need that, virtually move in ready.

Purchase price $42k

Estimated rent- 730-750 a month.

Taxes - 1200 a year.

Insurance- 500 a year.

Expect 400+ in gross cash flow, expect expenses to run pretty light, considering all big items are nearly new.

Thoughts?

Tips on lower end rentals?

Thank you!

Only problem, around here in the indiana area. Owner-financed deals I have found, are for the lack of a better word "dumps"

I am trying to stay in C+ or higher neighborhoods to eliminate problems.

Seem most owner finances are in like D areas.

Jon,

Yes I am aware of the 6 month requirement. So you are saying basically once you reach the 2 yr mark of being a landlord(verified by tax returns)

You can use a signed lease on your most recent property and they will take gross rentX.75 - debt service and do you another?

And this can be done through most banks, that sell to fannie or freddie?

That's better than what I originally thought.

This is a question for people that have gotten this point.

I am a new landlord, just started in august of last year. I currently have 2 properties that have gross cash flow of around 500 each per month.

I want more. But I am running into issues finding financing.

Most bankers have turned me down. I make 40k per year through a w2 job, and have a primary residence/mortgage as well. One of my properties is on my 2013 tax returns for part of the year, but shows a loss because of depreciation.

How do I expand from here? Do I really have to wait until I have two years tax returns on both properties? If that's the case that means I can really only add one house every 2 years.

Any help or info would be appreciated.

Thank you

I misspoke, one is saying she deserves it all, the other is saying they are owned half.

I think I have enough info to go back to them, and know what to put in my lease in the future.

Well that would be ideal, with that being said, both are claiming they are owed half. I am wondering what is the legal way in Indiana of dispursing the security deposit. When one persons check paid, but both people are on the lease?

Thank you,

If I took a security deposit, that was from one of the tenants on the lease.

Two people signed the lease. When the security deposit is returned, do I cut two checks, to both tenants for half, or just to the person that wrote the check?

What is the proper way of doing this?

Thank you

if i did end up writing a new lease.

I will make sure I get their copy of the lease as well as a signed statement from him indicating he wants off the lease, will not be living at the premises, and has no interest in the security deposit.

Still havent decided.

They just signed the lease in early march.

He is not paying child support to any of the kids, as they are not his.

I haven't decided 100 percent yet, as he is still living there and looking for another place.