All Forum Posts by: Jordan Harrill

Hello BP Community, 

Does anyone have any suggestions for local community banks or credit unions in the Indianapolis area, or Indiana in general, for pulling a HELOC on an investment property? I've been looking at some of the online lenders (Better, Figure, Rocket Mortgage, etc) and while they offer a decent product, perhaps there is a lender who is local to Indiana that would offer a HELOC with better terms? Thank you in advance!

Jordan

Hi Mark! Thanks that’s a great idea. Coincidentally enough, I just spoke with Sherwin Williams rep yesterday. I’ll contact him again and ask. Appreciate the advice! 

Hello All. I'm in search of any advice on a good, reliable, and affordable painting vendor to complete the exterior of my rehab project. Long story short, I bought a rental property in Indianapolis as a BRRR, lots of issues have happened, but now I'm at at point where I need the exterior of the house painted. I hired another team to do the job but they didn't do it right and have dragged their feet at doing it the right way even after I asked them to return. Granted, the rain in Indy has delayed things, but they are proving to be unreliable even when it's not raining. Any advice on some reputable painters will be greatly appreciated! Thank you!

@Sarah Hoffer

The major thing I can think of in your situation is that you’ll no longer get the lower owner occupied interest rate when you refi, seeing that you’ll be moving to NC. You’ll have to claim it as a second property or investment property, which will increase the rate you get from the lender you go with. Not a big deal imo, as interest rates are still historically LOW, but rising nonetheless. That’s just my two cents, but I don’t think there’s really too much else to really worry about other than the timing of all these things, as the time needed to close on your refi vs the time to close on your new home in NC can overlap each other. Perhaps you could deal with one lender who could do both properties at the same time? Might save time and hassle?

GL!

@Adam Widder

Like all things, you should be a good steward of IBC policy. When you take a policy loan you’re not actually taking your own cash value out, you’re taking a loan against your cash value while your money continues to grow. So it’s the insurance company’s money that you take out and like all loans, they want to be paid back as well. That’s a common misconception people have about IBC. Again it’s a very powerful tool if understood how to use it correctly, and efficiently.

@Adam Widder

If you don’t want to just store it the old fashion way in a bank, I’d say go IBC! I have an IBC policy and it was one of the best decisions I made outside of my wife and kids . I used my policy to make my down payment on my first property. Very powerful tool if you understand it. Good luck!

@Keith A.

Reffing High school/ youth sports

@Michael Montana

Bro I was literally in your shoes two weeks ago. I posted the same thing, and completely understand what you’re going through. And I’ll just probably repeat what people just said and what was said to me. Trust your due diligence in the market you bought and that it will rent out. But most importantly trust your PM, if you have one, that they are doing the job you hired them to do. It will work out. Don’t let the anxiety and fear keep you up at night. I’m happy to say that within one week of me posting here about me being afraid my property wouldn’t rent out, it was indeed filled with a tenant. Trust the process.

Thank you all for your insight and advice. As of writing this morning, a tenant was placed in my rental property!!!

@Tracy Streit

Thank You Tracy! You’re right it’s hard to wait, but I will. Have no choice haha.