All Forum Posts by: Account Closed

Hi guys, quick question. I have a townhouse under contact in Indianapolis IN and there is currently a tenant who is on a month to month lease. I was told after closing I would be given the contact information of the tenant so we could sign a new lease. So my question is, am I allowed to see/copy the current lease and use it again? And how long would I have after closing to get the new lease signed? Thanks for any help you can give!

Ok thank you @Andy Rumple!

Also @Andy Rumple I would be interested in looking at some other properties if you know of any thing around $10,000 or less, especially if it's a duplex. The rehab part isn't an issue so almost any condition is Ok, I just would like something that isn't in a complete war zone (looking for buy and holds at the moment) Thank you!

Hey guys sorry for the late response, I am just getting over being sick... Anyway this one ended up being in a pretty bad war zone so I'm going to pass on it. @Andy Rumple I can send you the address if you want to see it anyway. I really appreciate all of the responses and advice!

Hi guys, quick question. I'm looking at a property here in Indianapolis for buy and hold, it's a SFH FSBO that has been on the market for a while, 3 months ago was listed at $14,000 and last week the price was dropped to $9000. It is in need of a full rehab and its not the best location. After running some numbers I'd really like to pay around $6500-7000 for it, since closing costs seem to be around $1000-1200. It seems to me that they are motivated because they dropped the price $5000. Basically I'm just wondering if offering about 25% below asking price is an insult or not in this situation. Thanks in advance!

Congratulations and thanks for sharing your story! It is definitely very motivating!

If you are confident in your estimates and numbers, then stay confident with your decision and don't worry about it. Everybody has a different thought process and some people can't see past dirt/trash etc. In a few months when the place is cleaned up and fixed up I'm sure that they will have a different opinion about it!

Bad credit, job instability, can't save up the money for the down payment, don't want to deal with maintenance, freedom to move whenever they want... All reasons why people rent instead of purchasing a home.

Hey guys, I'm new to BP (been reading for a long time but haven't posted yet) and to REI in general. Anyway, I have a question about a possible strategy that I don't really see many people talking about. I am going to start doing fix and flips to build capital (my long term goal is to acquire rental properties). In my area, Indianapolis IN, there are many distressed and abandoned properties that are sold with a land contract (I actually bought my primary residence this way). What would be the downside to buying properties on a land contract, rehabbing them and selling them (other then the interest which is usually 6%)? BTW I will rehab myself so costs are much lower. The properties I have in mind are asking around $20,000, rehab costs around $6000 (basically just materials and permits etc) and ARV should be around $45K. I do have enough money saved to just buy the property outright but honestly I'd rather not have the majority of my savings tied up in 1-2 projects. Just trying to fine tune my plan here and looking for some opinions! Thank you in advance!