All Forum Posts by: Kevin Starkey

@Alexander Wardell I should probably clarify, this tenant has been in the rental for 5+ years and has never been late or missed a payment. When I say a Christmas gift I mean like a tray of cookies and a card saying thank you which I have done in the past not just on this specific instance. It’s not rewarding bad behavior it’s a continued thing to show I’m glad he’s there.

This is how you know you have a great tenant! He went to write his monthly rent check and realized he was out of checks. So he sent a letter to me stating he was going to order new checks and would send the rent as soon as he could. In the letter he said he would also go ahead and add the late fee to the amount.. 1 week later, sure enough I receive the check with late fee already added, without me prompting him. I want him to stay forever so I’ll buy him Christmas gifts every year! I could also raise rent on him around 50$ to compete with market value, but it’s not worth losing him as tenant so I leave it where it’s at! Too often I’ll look at the bottom line in regards to dollars then I remember why I started this process. I’m beginning rental properties to do less work to spend time with my family, and that’s exactly what this tenant provides!

Hello all, As I posted I am in the process of purchasing 2 sfh for rental properties here in Indiana. I applied for an LLc on Monday and received an email back approximately 1 day later about articles of organization with a certificate from the state. Upon reviewing the documents it shows a business ID number but I am not seeing a ein number. Is there something I’m missing here? Is the business Id number the same as the ein?the business id number they provided is 15 numbers long and I thought an ein was shorter. Any assistance would be greatly appreciated!

Thanks for the insight! And you can absolutely message me!

Hello all! First of all i want to thank the bigger pockets community for everything you guys do to help every day people reach financial freedom! I have been listening/reading/studying real estate for the past 2-3 years and have been stuck in some what of analysis paralysis. I am currently a police officer in Indiana in a city with roughly 60k people that has fallen on some hard financial times over the past 20 years when GM left the city. I have found motivation through David Greene and his story for the simple fact we have similar backgrounds. I have set a goal to reach 100 doors in less than five years. Police work takes away from my family and friends and the meaningful parts of life due to its type of scheduled work! I want to be there for my future family and I believe real estate is the route to take! With all that being said I have been giving an opportunity from my father and uncle to purchase 2 of their rental properties on a seller financed contract through them. They ate in one of the netter neighborhoods im the city. By no means are they home run deals, but they are the FIRST deal to get my feet wet. Which every one from bigger pockets states is the most important deal! Both properties are next to each other and are 3 br 1 bath sfh. Currently market has the properties worth around 65k each, they are willing to sell the properties for 100k total to me on seller financing! The rental numbers I am seeing for like properties near this neighborhood are 700-750 each which setting aside 10/5/5/10 for vac,capex,mainten,and management would still cash flow around 180 total on both properties. Both properties need small odds and ends done to them but nothing major, I believe I can do the work I want to on both properties for less than 5k dollars. I have been contacting ins co and receiving quotes still have not decided on a company yet though. I have also not created a checking and savings account for the properties as a business account. I do not plan on creating an llc for now, however when I decide to grow and potentially refinance into a conventional loan I may do so. Some quick questions/ advice would be greatly appreciated: Any suggestions on ins co. In central Indiana area? Any suggestions on where to create a business account in the area? Collecting rent:What’s the best route for a person in my circumstances to collect rent? I do not want to provide my personal address for obvious reasons for them to mail checks. And at thisntime im not sure if i will be able to do some sort of direct deposit. Also, one property is currently vacant and the other has a single male living there who has been there for approximately 5 years and has no plan according to my father to want to leave. He is currently paying $600/mo which is quite a bit lower than what i could receive, however he is a permanent tennant and is basically guarantee to pay every month with no hassles. He is also on month to month lease, should I attempt to raise rent or should I stick with the blessing of having a quality tennant? Any other siggestions i may have missed would be greatly appreciated! Again, I want thank everyone in this community for the past and future knowledge I have gathered and will gather! I am currently 28 and have a goal to be retired by 35! Here’s to the hard work ahead to reach that goal! Greatly appreciated , K. Starkey

Hello everyone my name is Kevin Starkey and currently a Law enforcement Officer in Indiana and new pro member to BP! I have been studying real estate and following BiggerPockets for about 4 years now. I have been kind of stuck in analysis paralysis and keep passing on deals. Well I came across one that I am curious on everyone’s opinion, the number make since but my biggest concern is vacancy for this property.

The reason vacancy is my concern, it is in a very small town(approximately 2500 people), the next closest city is about 10-15 min away of about 55k. That city has the potential to grow due a rich city next to it is growing aggressively fast, but at this current moment the city is not in a great financial situation.

The property is a 6 units apt building in decent shape.

Listed price of 119k and has been on the MLS for over 200 days.

5- one br one bath units rents for 350

(Usually don’t like 1 br, but in this small town I think it might be better for filling)

1- three br 1.5 bath unit rents for 750

All units separately metered

All units are currently filled with everyone on month to month lease and one unit has a live in maintenance employee.

Taxes are approximately 2300/yr according to the accessor.

Any advice/concerns would be greatly appreciated!

Thanks again, I am so excited to finally officially be apart of this community!

K. Starkey