All Forum Posts by: Jason Powell

I'm considering doing a house hack - renting out a vacant bedroom that I have in my 4br/2.5ba house. I have two kids, so I'm giving extra caution to this step.

Is anyone aware of any Indianapolis restrictions for house hacking (renting out rooms), or any other thoughts/recommendations that come to mind for this scenario?

Thanks for the info and the link, Nathan. 

@Ali Boone Great options and points of clarity you mention.

Naga, I'm leaning toward BRRRR over turnkey because of the greater profit potential, and because I finished the book on BRRRR (and want to apply it, and know someone who is doing it who can help guide me.

Leaning toward local because this is my first real deep dive into REI apart from my primary residence, and I want it to be close by so I can learn hands on. Also, my mentorship can be hands-on and close by as well, which I prefer. (Not to mention, Indianapolis is a nice market.)

Additionally, I'm considering househacking at the same time with the house I already live in, since I JUST got a vacant room. Perhaps using it as an AirBnb rental is at the the top of my list.

Using the BiggerPockets Intention Journal is helping me get out of analysis paralysis.

Next step is securing financing options and making offers from analyzed deals that already have great numbers.

Getting in the game!

@Alex McIvor Thank you for sharing this. This is very helpful to have this insight, and it's right in my back yard. Glad to be getting in the game!

This would be nice to be a part of!

@Matt Gigli I enjoyed reading David Greene's book BRRRR, and noted how he began to invest out of state by connecting with agents, investors and/or rehabbers in the market he wanted to enter. Perhaps, having someone with boots on the ground in the area that you want to invest in, who can verify your contacts, rehabs, take pictures and be an added layer of confirmation for you, could help ease your worries and strengthen your ability and confidence to invest out of state. Indianapolis is a blossoming market, and I live here.

 For me it functions as a task list, and a goal tracking/clarifying tool. I'm on Day 31 and I'm noticing that I've had to adjust my approach to some goals and tweak the whole structure of others. I'm learning my rhythms and what I can and cannot reasonably get done on a certain day, as well as clarifying what is really important to me and what I'm really after. And learning to focus on what will actually produce a result in my goal area, and not just spin my wheels. I love the journal!!

What is your experience with getting a HELOC (home equity line of credit) for the full 90% value of your home, regardless of mortgage? In other words, let's say you owned a home valued at $200k, and secured a HELOC for $180,000. Even though you still had a $150,000 mortgage on the property, you were still able to utilize 180k in credit (let's say for REI), instead of the traditional model (180k-150k = 30k heloc)? Anyone had experience with this broad use of HELOC without regard to mortgage?

I'm considering a financing option through a company called Fund & Grow. Have any of you heard of it? (They help you establish a business line of credit that you can use for real estate investing...)

I'd be curious to know your experience or recommendations with utilizing this type of financing and specifically your experience with Fund&Grow...

~Jason

Any recommendations of a landscaper (or gardener) who can do some light flower planting?