All Forum Posts by: Jake Rhodes

Does anyone have experience paying down their loans with HELOC or Liquidity Line money? Ive been seeing and hearing of some options to pay these notes down quickly but haven't heard any of the downsides yet. Has anyone done it?

Congrats on your progress to this point. Once your income increases and becomes steady, you will be in a great position to passively invest. I would highly recommend "House Hacking" with a 2-4 unit building. Live in one unit and rent the others.  

This will get your beak wet and allow you to learn while living for free or close to it.  

Indiana isn't super sexy, but it's consistent and cashflows...

• Rental Property Investor
• Crown Point, IN

Off Market Multi-family property in Gary - Lincoln St, Gary, In

Asking Price: $135,000

Property Details

Number of Units: 3

All Units Occupied: Yes

Lease Type: Month-to-month

Rent Rates and Unit MixUpstairs Unit 

Rent: $720/month 1st Floor Unit (2/1)

Rent: $790/month Basement Unit (1/1)

Rent: $780/month - 2nd floor (3/1)

Total: $2290/month

Section 8 Rent Potential

Total Potential Rent: $3,500/month combined

Utilities and ExpensesElectric: Each unit individually metered, paid by tenants.

Common area meter: $50/month (paid by owner).

Gas: Separate meters for each unit, paid by tenants.Basement does not use gas.

Water/Sanitation: Paid by owner.

Water: $90/month

Sanitation: $90/month

Water Heaters: 2 water heaters feed all 3 units.Top floor unit has its own water heater. Basement and second floor share a water heater.

Total Monthly Expenses for Owner Common Area

Electric: $50

Water: $90

Sanitation: $90

Total: $230 / month

Jake Rhodes for access and more info 

Off Market Multi-family property in GaryLincoln St, Gary, In

Asking Price: $135,000

Property Details

Number of Units: 3

All Units Occupied: Yes

Lease Type: Month-to-month

Rent Rates and Unit MixUpstairs Unit (3/1, Second Floor)

Rent: $720/month1st Floor Unit (2/1)

Rent: $790/monthBasement Unit (1/1)

Rent: $780/month

Total: $2290/month

Section 8 Rent PotentialTotal Potential Rent: $3,500/month combined

Utilities and ExpensesElectric: Each unit individually metered, paid by tenants.

Common area meter: $50/month (paid by owner).

Gas: Separate meters for each unit, paid by tenants.Basement does not use gas.

Water/Sanitation: Paid by owner.

Water: $90/month

Sanitation: $90/month

Water Heaters: 2 water heaters feed all 3 units.Top floor unit has its own water heater.Basement and second floor share a water heater.

Total Monthly Expenses for OwnerCommon Area 

Electric: $50

Water: $90

Sanitation: $90

Total: $230DM 

Jake Rhodes for access!

@Chintan Sheth - Crown Point is defintely a nice rental market with higher rents.  

This development is in the works and will have Approximately 200 homes that will be strictly rentals.  They have a few of these developments around the country and this one is being built right off I-65 in Crown Point.  It's definitely going to add a lot of rentals to the area that may compete with your plan.  

https://www.canvasatcrownpoint.com/

I live in the area and am happy to chat or answer questions if you need!

@Matthew Pennington is the guy for Indiana 

 HI @Amanda Davi - We're in Indiana.  What areas are you investing in?

@Gurvinder Singh -- We are in NW Indiana and are very active with Single Family & Multis in the area.  Indiana isn't super sexy but the cashflow and low barrier to entry is.  We would be happy to connect and find what is a fit for your buy box.  When is a good time to connect?  

We know them well.  I actually have a few properties with them myself.  Let's chat soon!