All Forum Posts by: Lamont Glover II

@Laura Bender

Irvington is great! Super walkable and tons of character and history in homes. But house prices are jumping fast!

Also rehab costs can get pretty expensive depending on where you are in neighborhood. There is a historic district committee that has to approve certain materials. The goal is to preserve the history or the neighborhood. Example: wood siding instead of more affordable vinyl siding.

Mapleton fall creek is great too. But seems like the juice is almost squeezed from that area from an investing stand point, IMO.

You could also check out certain parts of brookside and Garfield park.

I’m sure I’m missing lots, but there’s a few!

@Thalia Mena

Thanks for reaching out! We’re looking for an agent in the Indy area to help us with our next home.

How difficult is it to get funding via the 203k loan? Are there certain things it doesn’t cover? Foundation issues, Plumming, etc?

Thanks!

We are interested in refinancing our house hack (duplex). & also switch our loan from FHA to conventional in hopes to get rid of mortgage insurance.

Would be interested in seeing cost estimates & referrals for lenders you’d recommend. Thanks!

@Jaron Walling I agree w what Jaron is saying. Maybe if you’re hoping for long term potential equity. However tenant turn around and repairs will most likely be more frequent. My grandmother and other family members have lived in the forest manor / washington park area for decades.

My wife and I are interested in getting another house hack. We want an agent who is well versed in understanding what it takes to invest and house hack. Message me!

@Derrick Dill

Hmmm... great option on the retirement accounts and reserves. I never knew that was even an option. Something to really think about. Sounds a little risky for us... but maybe it’s not at all? I’m going to do some research on that!

Also we actually just refinanced into our current loan and switch it to FHA. I guess if we refinanced again in a year we would have to change it to a conventional loan? Not sure if it will be valued at 20% more since we cashed out on our last refi to pay back some debt.

Thanks for your response, Derrick!

@Tommy Adeoye

Tommy I appreciate the response! We actually just did a cash out refinance to pay back my father in law who lent us some dp Money for our current duplex. Now we’re just trying our best to save up $$ for reserves... then save up even more $$ for another downpayment on another duplex.

The hope is to be able to do that within the year. But we don’t make a lot of money right now so it may take a bit longer. My apologies I should have said that in my original post!

I've heard talks of people using a HELOC for their reserves and didn't know if that was a way I could fast track our progress.

Thanks again for the wisdom! 

About two years ago my wife and I were able to acquire a duplex in Indianapolis. Great area also meets the 1% rule once we are able to rent the side we currently live in.

There were some things that we did wrong which put us in a little bit of a financial hole... but we were able to climb out of that pretty quickly & now have a decent amount in our savings.

This may be just me getting antsy, but just need a little bit of clarity and some financial input on what our next steps should look like. i’m a planner and need somewhere to “shoot at” to stay motivated.

We’d like to get another house hack as soon as possible but not sure when we should pull the trigger on that. Not sure how much to save for reserves, rental repairs & things like that...

Here’s a brief rundown on our current $$

-Our expenses (including our mortgage) is would be around $2,600

-Monthly debt is only about 150 bucks aside from current mortgage. All other debts have been paid, which is good.

-We’d like to find a HH around the same price as our last one: 3.5% down would be around 6k.

——

Ive heard some talk about using a HELOC for reserves? Not really sure about how that works or if it's even wise. It May be a "case by case" thing... but it could potentially speed up the process for us?

Would just love to hear any of your thoughts!

@Ashley Willis

Brandon turner just posted, about a week ago, that his handy man is moving to Indy! May be worth looking into!

@Rodney Burayidi

Thanks for sharing your experience! Love your mindset and understanding that convenience costs a bit more!

My wife and I are house hacking in indy, in a great area. There are a lot of things we will do differently but lessons also cost $$$, which is something we experienced first hand! Thanks again for sharing. Let’s connect!