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All Forum Posts by: Jaron Walling

Jaron Walling has started 40 posts and replied 4124 times.

Post: should i sell my duplexes?

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,176
  • Votes 3,851

@Beth Chambers What is the strategy here? What are you're long term goals with REI? Owning a campground or renting houses?

Sounds like a mix of opportunities provided you fix it up better than "poor" condition. I'd think you have snow bird traffic and retires looking for prime places to stay during the winter but that's very location dependent. It's tourism strategy. If so I'd lean on that and maximize the piece that creates the best ROI. Sell or demo everything that doesn't align with your goals.

Post: Investment property location

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,176
  • Votes 3,851

@Trevor Halama You need to get more narrowed down on your search. Indy can be street-by-street in most areas. Lots of different price points based on neighborhood, street noise, investor activity, or lack of it. 

Post: Partner With A Contractor On A Flip. I Don't Understand

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,176
  • Votes 3,851

The majority of contractors do not understand REI, running the numbers, or strategy.

Sorry to say but it's time to lawyer up.  

Post: Getting Your Spouse On Board

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,176
  • Votes 3,851

@Simon Delony Why are you renting? 

You could buy a distressed deal, add some value (as a team), and refinance when interest rates are more favorable. 

Post: Can I BRRRR and House Hack?

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,176
  • Votes 3,851

@Evan Cruz The first property I bought was a BRRRR/house-hack combination. I choose that path because it was the fastest way to build equity and to cut my living expenses. It's possible especially if you already know someone that wants to live with you. My brother rented a room for 2 years. Remodel took 5-6 months. Found deals and paid cash for everything. I also planned to hold this property for long time. Ended up moving and renting as a LTR> cash-flow play.

For BRRRR type deals you want to work in reverse. You have to know the market and ARV. Without it you can't find/buy/create a deal. My first property was distressed, cosmetic+ rehab but it qualified for an FHA loan, 5% down. I looked a 7 properties all within 5 mile radius. Look in the "fridge area" C class zones. Contrary to what I read online my lender never questioned the condition of the property. People say FHA loans are more strict but that wasn't my experience. I believe it was because I had good track record with the the local lender, $25k cash in savings, and a property that appeared okay in photos.  

If you can find the right property, sacrifice for 6 months, it can absolutely change your life. My cost of living has be reduced on every deal since my first property. The American Dream is alive and well in this country but you have to make it.  

Post: Big opportunity, currently low on cash reserves

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,176
  • Votes 3,851

@Rick Zink You should lay out the numbers for this amazing deal. You'll get advice on which financing strategy makes the most sense. I could be wrong but I've always viewed HM as a "bridge" to get a rehab to the finish line. I'd not rely on one to fund the entire deal

Getting over leveraged in this market is a bad idea. 

Post: Sheriff sale auctions

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,176
  • Votes 3,851

@Zack Whiting We don't know your experience but jumping into auctions is not the easiest path for REI. You have to understand the market, neighborhoods, numbers, and realize the risks involved buying houses "sight-unseen". A lot of times you cannot view the property. Sometimes the property is owner or tenant occupied. There can be surprises and damage to the property. These are not simple challenges to overcome.

Auctions in our market they are dry. Can't say the same for yours. Not a lot of distressed sellers underwater on loans. Until that changes I don't see the advantage of attending auctions. This market is already difficult. Don't take my word for it thought. We're just clueless mid west investors not interested in buying bad deals. 

Post: Tenant keeps not paying on time

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,176
  • Votes 3,851

@Robert B Azimi If I'm in your shoes I'm meeting with the tenant in person to figure out what's going on. Just a none confrontational coffee meeting, "how's your family", what do you need from me so you can pay rent on time??  

You need more information. Late payment of rent is not a good sign. Do this before rent just stops, and you're a worse situation. Nobody wants that. Nobody wins if an eviction happens. 

Post: How will marriage affect my rentals

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,176
  • Votes 3,851

@Robert D. Sounds like you have some options which is great man. You're so far ahead of the game. Owning paid off property is every investors dream but it comes with responsibility, management, and budgeting. That's why I mentioned involving the finance/wife in a future deal. Everything is a team play and trust me it ain't easy. My investing "speed" slowed way down and it was for the better. 

"to a tune of $15k and thought that was insane to pay." - Absolutely insane. I love there YT channel and informative videos but dear god it's just a LLC! Drop in the bucket for you most likely but don't over complicate it. Set one up locally, review insurance policies, and call it a day.

Post: How will marriage affect my rentals

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,176
  • Votes 3,851

@Robert D. You should seek out and speak with a financial planner/estate attorney. Anything you own currently is not hers until you get married. When I got married I owned two properties (whoop whoop). My wife nothing but student loans and car debt. Together we bought a BRRRR deal, completed it, and got married soon after. It was a big test. Really established our finances and money goals. Money is the #1 killer of marriages. We have been married for 5 years and have since established a living trust and put all our assets into the trust. Any LLC we start in the future will be held in the trust. If nobody can see what's in a trust nobody will sue you.

You have three paid for properties. Leverage some equity and get into a deal with your finance. Get her interested in REI. That's what I was looking for when I got married because we're playing the long game! With our marriage and investing goals.

Worry more about your choice for a life partner and less about community property. 

"The franchise fees here would be $800 per LLC per year" - Don't sweat it. Put them all under the same LLC. Get an umbrella policy for the LLC if you don't think you have enough insurance on the rentals. That's what we did.

Cheers.