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All Forum Posts by: Lindsay Wilcox

Lindsay Wilcox has started 24 posts and replied 96 times.

Post: Search MF with 3+ Units?

Lindsay WilcoxPosted
  • Multi-family Investor
  • Indianapolis, IN
  • Posts 96
  • Votes 12

Is there a way to weed out duplexes when searching for MF homes? Or are there separate search sites for homes with more units?

I'm in the Indianapolis area, if that matters. Thanks!

Post: Legally Protecting Myself as an Owner-Occupant in MF Home with FHA Loan

Lindsay WilcoxPosted
  • Multi-family Investor
  • Indianapolis, IN
  • Posts 96
  • Votes 12

Thanks. I want to have some idea what to ask about, though. I was hoping someone could at least tell me what my options may be and a couple pros and cons of each so I could have a basic idea?

Post: Indianapolis 1st-time MF Owner Occupant with FHA Loan

Lindsay WilcoxPosted
  • Multi-family Investor
  • Indianapolis, IN
  • Posts 96
  • Votes 12

Thanks Paul! I'm familiar with some of the housing agencies in the area, and I work for the local Area Agency on Aging, so I'll definitely try to collaborate in as many ways as I can!

Post: Indianapolis 1st-time MF Owner Occupant with FHA Loan

Lindsay WilcoxPosted
  • Multi-family Investor
  • Indianapolis, IN
  • Posts 96
  • Votes 12

Thanks, Joel! I hope it will be! Definitely looking forward to having $1,000 coming in and PITI less than $500 :o)

Post: Indianapolis 1st-time MF Owner Occupant with FHA Loan

Lindsay WilcoxPosted
  • Multi-family Investor
  • Indianapolis, IN
  • Posts 96
  • Votes 12

Hi! My name is Lindsay, and I'm under contract to buy my first home in Indianapolis' Fountain Square neighborhood. It's a triplex and should have pretty awesome cash flow, so I'm really excited!

Someday I'd like to buy more properties in areas like Fountain Square that try hard to be walkable/bikeable/wheelchairable and update them to be truly handicapped-accessible, and then sell them to people with lease options who may not otherwise have been able to own their homes. I think starting by building equity in this little triplex is a great way to begin, but I have so much to learn!

Can't wait to meet more people on here. Add me especially if you're in the area of have done similar things to what I'm doing now or dreaming of doing long-term! Thanks!

Post: Legally Protecting Myself as an Owner-Occupant in MF Home with FHA Loan

Lindsay WilcoxPosted
  • Multi-family Investor
  • Indianapolis, IN
  • Posts 96
  • Votes 12

I'm under contract to buy my first home AND my first investment property! I'm going to be living in one unit of a triplex in Indianapolis' Fountain Square neighborhood, and I'm using an FHA loan to do it, pretty much exactly as described here http://www.biggerpockets.com/renewsblog/2012/11/08/fha-loan-multi-family-investment-strategy/ only my purchase price is only $50k and rent is $500 per side. Midwest for the win!

My question is how I can legally protect myself in this situation. I'm pretty sure an LLC can't take out an FHA loan, right? Because how can a corporation live in a house? But I don't want to just run blind either.

So what do I do? Thanks so much!!