All Forum Posts by: Jeremy Mundy

Check out BP Money episode 328 and the new book Lend to Live. Great information regarding PML. Thinking about becoming a lender myself and these have been quite helpful resources.

@Grant SwartzentruberI haven't heard about those units, are they off market listings or on the MLS?

I have had a rental property in Pensacola for over six years with Mark Downey and Associates. They have done a very good job keeping high quality tenants in the home. I would not classify them as "cheap" however. As with most services, you get your choice between two of three things: cheap, fast, or good. Rarely all three at once! My opinion is that they are fast in responding to tenant and owner needs, and they have done a quality (very good) job for us as out of state owners. Let me also add that the selection in tenant in the front end dictates many times the stress and property damages you will deal with. MDA has done a great job placing good tenants for us, and we have experienced very little (none really) by way of property damage by them. So while their services are not "cheap", I have been quite content paying a little more for their management services over time in small doses than serious money rehabbing the property upon a bad tenant moving out due to bad management. I'll also add that turn around services provided by their contractor are a little high also. I chose to take a week off work and do the work myself last time. I also had the option of getting bids from other local contractors if I had wanted to.  We had a couple of things I didn't get done and we elected to have their contractor do that work due to convenience and the speed. Just my perspective and personal experiences, hope it helps!

Welcome David! Great to see another member from our area here. BP is an absolute wealth of information and learning opportunities!

@Seth Hayes Thank you the info, that is definitely something I need to cover with the lenders I've spoken to and ensure we are both on the same page! 

@Grant Anderson Thanks Grant for the note, I have spoken to two banks that are willing to support above $50K loans. One via a commercial loan if I go the LLC route and another that has pre-approved me and will provide a conventional if I keep the property in my own name.

Great, thanks!

@Dustin Haviland Is that meeting every month on the second Tuesday? I have another commitment this evening but could put it on my calendar for the future.  Thank you!

Hello BP and Indianapolis area!

I have been looking into and studying the areas around Indianapolis, considering buy and hold rentals primarily.  My target is 3 bedroom SFR and possibly 2 bedroom+ duplexes in the "non-IPS school districts" surrounding Indy metro, such as Fishers, Franklin, Plainfield, etc. The target tenant would be longer term family/career minded folks. My idea is to use the BRRRR strategy with a starting budget of $70k provided by a HELOC, which would include purchase of the property, rehab, and holding expenses until cash out refi takes place.  

Our ultimate goal is to build a portfolio capable of providing $10k/month in net income once the properties are paid off and monthly expenses are covered, ideally within the next 10 years.  I would like to purchase a property and hand it over to a PM this year, with another two to three properties next year and so on.

I've already contacted several Wholesalers, and met with a GC and a PM to get the proverbial ball rolling.  I'm learning quite quickly my target properties and my budget could be quite the challenge to match up.  Any thoughts to let me know if I'm on track or need to make adjustments are welcome!!

Also, are there recommendations for REIA meetups or meetings in the Indy area you think would be beneficial given my goals?

Interested in Indianapolis homes. Please email [email protected].