All Forum Posts by: Kyle Meyers

I have a duplex in Indianapolis that is about to be available for rent. I have been considering sec 8 for it, does anyone know why the rents on the properties available in the area would be much lower than the sec 8 rents. What kinds of reasons would a property be disqualified for sec 8?

I bought a couple of tax liens in Indiana last year in October. In Indiana the homeowner has one year from the date of the sale to pay the taxes and interest or the lienholder can forclose. I guess I will see this October if I got something good, can't really tell from the street, but the properties looked decent from what I could tell. I figure I will evaluate the properties after forclosing and see if they are good for flipping or renting out.

Banks will usually want you to own the property for 6 months to a year before they will give you a loan based on the new appraised value and not the purchase price. If you can wait that long it may be a good route to go.

I like the sound of that loan, but I would be careful. I have had a lot of trouble finding financing for a similar deal I have. I bought it and fixed it up, now it's rented, but I still can't get a loan because the loan would be less than 50k. There have been other problems with other lenders, but the low loan value is the main factor. I don't know how much you trust your lender, but I was assured that I could get at least 20k back in August, and I still haven't gotten anything. It turned out my lender didn't really know what his underwriter required for my property.

My inspector was referred to me by my realtor. You can also look online for recommendations, do a google search.

I would suggest to attend the inspection so you can ask questions as you go, that way you will see exactly what is inspected and talk with the inspector.

Steve,

I had thought that as well and that is why I had not done anything until this point, but I started reading up on the posts about it and I thought that even if it doesn't really fully protect me, it would at least be another layer of buffer. I am seeing that it may be more difficult to get funding though and I might opt to stick with doing everything as myself for that reason.

I've been reading all the posts and blogs about having an LLC in addition to my insurance policies and I thought I should get to it before I get much further into my investing. I have a few questions though that I'm hoping some of you will be able to give me advice on.

1. I already own 2 properties and 3 tax liens in my own name, what would I have to do to transfer these to my new LLC to protect myself from liability? Are there costs to do this?

2. Should my LLC name include my name? I figure it is public information who owns the company so someone could find out, but I have seen that many investors seem to think it is nice to pretend to be a lower level employee of the company. I had been planing to name the company after myself, but now I am starting to rethink that.

3. How would loans work if the properties are going to be held in an LLC, I don't have any loans on the properties currently, but I am looking to finance them when I can so I can continue to invest. Does it change the financing available to me if the properties are in an LLC? I am doing buy and hold rental investing, buying distressed properties and fixing them up to be rentals.

4. Are any new financing opportunities available for me with and LLC? Can I issue bonds or something to fund the business? I would prefer to have as many forms of financing available as possible and I really like the idea of offering a note to an investor with a specified interest rate that I know I can pay than partnering and having someone else have a say in how I run my business. I love getting advice from others, but at the end of the day I want to be able to make the important decisions on my own.

Thanks in advance for any help you can give.

I just bought 3 tax liens in Henry County Indiana. I think I know the next steps, but I want to make sure.

1. I need to do a title search after 30 days, I am not sure exactly what I need to search for so some guidance would be helpful. I tried calling a title company, but they didn't seem to have experience with tax liens and weren't sure what I needed.

2. Notify interested parties, I assume it will be clear who I have to notify once I have the correct title search. I am not sure exactly what to include in the notification, but I assume it is pretty clearly explained in the law, or the county can tell me.

3. Wait for redemption period to end. I think that it is likely that at least one or two of my liens will be redeemed within the one year time frame. I know there is someone living in one of the properties, one looks vacant, and I am unsure about the other.

4. Petition the court for the tax deed, from what I have read this is pretty straight forward if the notifications have been done properly, I would also have to notify again about the foreclosure I believe.

5. This is where I am confused, if i get the tax deed, what does that mean. I own the property? What do I do if there is someone living there? Is there any chance they will come back and take possession of the property? I know some states have a redemption period for the tax deed, but I don't think Indiana is one of them. Also, I have seen that the deed I will get is not good enough to sell the property or get title insurance. I would like to be able to either rent or sell it soon after the tax deed is granted to me, is that realistic? What would I have to do to get a "quiet title" or whatever it is that I would need to sell the property?

Thanks for all your help.