All Forum Posts by: Joel Schafer

Hello everyone,

I'm currently building board of directors and investigating MHP deals in Indianapolis and the surrounding area, with a focus on mergers / acquisitions and holdings. Being that MHPs are new territory for me, I've been looking for an MHP veteran to seek advice. However, I've had a hard time finding other local MHP investors to collaborate with. It seems everyone I've meet have ascertained a more common residential niche versus MHPs.

Are there any local MHP investors in the Indianapolis area who might be able to help me out? Maybe do lunch or coffee?

Thanks!

-Joel

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@Shawn Holsapple:

Welcome @Joel Schafer!

"Subject to" is somewhat complicated or at least takes a little more time to do it right to ensure the seller is protected.

You may find a local attorney to help but I doubt it. I got my Sub2 training from a dreaded "guru" and local colleagues that have been through the process several times.

If you want to PM me your email, I'll add you to my buyers list so you can see some off-market Indy opportunities.

- it's always good to see another Hoosier utilizing this great site!

Of course, you need to read The Ultimate Beginners Guide to REI here on BP

If you haven’t already, please read/listen to these books ASAP!

Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!

Rich Dad Poor Dad

Rich Dads Cash Flow Quadrant

Rich Dads Increase your financial IQ

The Real Book of Real Estate

The ABC’s of RE Investing

The ABC’s of PM

Rich Dad RE Tax Advantages

The 10X Rule

The E-Myth

The 4 Hour Work Week

BiggerPocketsPodCast -I hear #136 is exceptional!

Wholesaling101 You Tube Channel

Kent Clothier – You Tube Memphs Invest channel

@Shawn Holsapple Pm sent, and thank you for the warm welcome! I've been absorbing as much as I possibly can, and I already have half of those books on my bookshelf, so it looks like I'm off to a good start. This site has been extremely valuable as well. Thanks for the links!

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Originally posted by @Jeff James:

@Joel Schafer, I have a hate/hate relationship with the Star so you are a better person than I.

I didn't go to the Marion County sale. At the sales I did attend there were plenty of individuals who were delinquent on their taxes, not just the evil corporate types.

I don't know what the solution is. However, for every company that was mentioned in the story there are multiple investors who are buying distressed properties, performing nice rehabs, and upgrading neighborhoods. But that story remains largely untold because it doesn't sell newspapers.

@Jeff James precisely. There are many indy BP members that have been successful at executing exactly that.

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Irongate inspection has served me very well for the few times I used them. They were extremely thorough, very professional, and provided a rather comprehensive and detailed inspection report.

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A lot of finger pointing with no definitive root-cause analysis. Leave it to the expert journalists... I have a love/hate relationship with the Indy Star.

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Welcome @Pardeep Badasay . It's good to see another new investor from Indianapolis! I too have recently joined the forum and am new to real estate. It looks like the greater Indy area is great for rentals and I'm currently pursuing my first deal. Stay in touch!

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Originally posted by @Kevin M. Rooney:

Great market with high returns and strong rental market.

Definitely a lot to be excited about, but the over-analytical engineer part of me is making entry difficult.

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Originally posted by @Larry Fried:

@Joel SchaferHi and welcome to BiggerPockets! It’s a great place to learn more about investing and meet the people you want to meet. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and don't forget to set up your Keyword Alerts!

Are you at the point of being ready to invest or still educating yourself? If ready to do REI, what kind are you looking to do?

Hello @Larry Fried. I've been absorbing as much information as I possibly can over the last month or so; books, articles, blogs, you name it. I'm still learning, but I'm starting to get a good "warm-n-fuzzy". I have limited capital so I'm naturally intrigued by creative financing. At this stage, experience and knowledge are most valuable, as they will provide the foundation for steady cashflow. My goal is to build a portfolio of multiple properties over the next year. I'm currently pursuing my first deal and the owner is considering a subject to. Ultimately, I'd like to gain experience utilizing different financing methods to create a nice portfolio of rental properties. Something like a buy and hold with single, to small multi-family homes such as duplexes and quads. I find quick turn-over, creative financing deals interesting as well and wouldn't mind pursuing that avenue as long as I can help someone and the deal is equitable for both parties.

Originally posted by @Sterling White:

Welcome to the platform. What areas are you looking to invest in? I buy&hold in Indy so maybe able to offer some insight

Hey @Sterling White, thanks for your reply! I'm looking at a single family and a small multi-family home right now. So I guess you could say a buy and hold strategy to create a portfolio containing the aforementioned. It depends on the deal really. If the deal is immediately equitable, and they are willing to creatively finance, then I might go for somewhat of a flip!

It's all very exciting and interesting at this point, and I must say that planning my entry into the market is somewhat stressful, but I might be too analytical.

Because I have a seller who is considering a subject to, I'm looking to establish a relationship with a trusted real estate attorney, who also shares an interest in real estate investment; one who can assist in creating the creating personalized creative financing agreements for my investment business and provide insight into the local market.

One of my BHAGs is to have at least 10 rental properties by the end of next year. Creating deal flow is going to be the key to make that happen. I would greatly appreciate any insight or advice you can provide. Thanks!

-Joel

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Hello everyone!

My name is Joel and I have just begun my real estate investment journey. As far as investing goes, I wouldn't say call myself sophisticated, but I am certainly comfortable with trading and other investment strategies. I have just began dipping my toes in the water and I am ready to start executing. I look forward to to meeting like-minded investors and sharing knowledge.

-Joel

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All Forum Posts by: Joel Schafer

Joel Schafer has started 2 posts and replied 9 times.

Post: MHP Investors in Indiana / Indianapolis

Post: New Investor looking for deals in the Indianapolis area

Post: Tax lien system blamed for blight in Indianapolis

Post: Indianapolis inspector recommendations

Post: Tax lien system blamed for blight in Indianapolis

Post: New lost member from indiana

Post: New Investor looking for deals in the Indianapolis area

Post: New Investor looking for deals in the Indianapolis area

Post: New Investor looking for deals in the Indianapolis area