All Forum Posts by: Kory Dieter

Awesome, thanks for your input @Landon Whitt and @Jonathan Bombaci!

Background:

We recently purchased 3 single family homes in Oklahoma City using our HELOC. Our intent is to rehab all three homes and refinance to (hopefully) get most our initial investments to then purchase other BRRRR properties. Rehab is complete at one of the three units. We plan to refinance all of the properties in November. This ties up most of our cash.

Question / TLDR:

What should we be doing in the meantime until we refinance our properties and start the buying cycle again?  Right now we're looking at deals and researching areas where we might want to buy.  What else should we be doing?

Thanks @Account Closed, that's helpful. 

@Dennis M. about 3 hours away. We are not super handy and rely on local contracts for any requests that would need immediate attention :)

Hey Kenny and Andy!

Totally agree. It's hard to tell from the language if this is a requirement (to minimize absentee out of state landlord issues) or simply to state who might be working on behalf of the out of state landlord as more of a safety precaution/heads up (e.g. "Since I live out of state, John Doe may at times serve as my proxy for maintenance, issuance of notifications, can collect rent on behalf, etc.). I've scoured the internet for workarounds or even a simple explanation of the intent of the code and haven't had much luck. Luckily, our real estate agent said we could use his name and contact info in case we truly need an Indiana-based representative to cover our bases :)

Hi BP community! Does anyone have experience self-managing Indiana rental properties from out of state? Indiana Code 32-31-3-18 requires a person residing in Indiana be authorized to manage the dwelling unit" and we were planning on self-managing from Illinois since we're within driving distance. How have you addressed this requirement without hiring an in-state property manager? I couldn't find any information on alternatives for adherence, penalties, etc. Thanks in advance!