All Forum Posts by: Mark Wikkerink

Hi guys,

It's been a while since I've posted, but we finished our 203K duplex renovation, got tenants right away for above rates in the area, and things are going well! You can see the final images here: http://www.whitepaperweddings.com/big-white-finall...

We just found out that we can purchase 2 more duplexes on our street (up and coming neighborhood) for 40K each. Both would need full renovations. 

The problem is we don't have a ton of cash right now (less than 10k), but we only have a few weeks to get this deal before the seller lists the properties.

We just submitted the paperwork to refinance our current duplex (that we live in, the 203K), and we should have about 20-60K in equity in it. It's tough to say since there aren't any comparable properties close by.

Any tips or ideas on how to finance one or both of these new duplexes? Any advice is appreciated!

Thanks,

Mark

I am new to this. We bought a duplex built in 1903, and have been renovating it via our contractor. Never any talk of checking for lead (except initially), and I don't think anyone has done any tests for lead.

What do I need to know? We are going to live in 1 side and rent the other side out. Do I need to get it checked for lead or something?

Mark

I am interested to know more about this, as I am about to get my first tenant. Anyone have a definitive answer?

Thanks,

Mark

Hi everyone,

I wanted to let you know that we decided to do heat pumps with a 98% gas furnace. Why? Because the upgrade to heat pumps was only $500 more.

I also added a smart thermostat, so as time goes on I can tweak the controls and set things up to be the most efficient.

Mark

 Hey Shawn, can you explain what you mean by doubles are tough in Indy?

@Brandon Hall I never mentioned anyone local, did I? :)

Hi BP,

My wife and I renovating our first investment property, a duplex in Indianapolis, using a 203K loan.

Because I am a permanent resident (I immigrated from Canada to marry her in 2013), all of the loan is in her name, which may or may not be tricky. 

What I really want is someone who can tell us how to set things up (both business wise and personally) that will allow us to keep as much of the money we make as possible, but also help us plan for the future (both future income properties and retirement funds).

I am looking for a CPA who has been around the investment income block, and isn't afraid of telling us what we need to do, or if something we want to do is a bad idea. I know that good financial people are worth their weight in gold, so I am not afraid of paying someone. 

I don't want someone who works for a huge firm though.

As 2015 is coming to a close, I realize we need to get all of our ducks in a row ASAP, so any help would be appreciated!

Thanks!

Mark

Thanks everyone! There are SO many things to think about and decide with this project, so hopefully going with the cheaper water heater will be the right choice.

Mark

Hi everyone,

We are renovating a duplex, and so far we have gone with heat pumps and natural gas furnaces, so heating and cooling should be lower priced than usual.

However, I have to decide on water heaters, and I can do a regular electric model which could cost them $400+ a year to run, or I could do a heat pump water heater, which would only cost $100-200 per year to run. 

However, the cost to install the heat pump water heater is nearly $1000. 

Is this worth it, hoping they will pay more rent for lower utilities? Our duplex is a medium range rental, but is close to downtown Indy in an area that is seeing fast increases in values.

Thanks,

Mark

Thanks everyone!

We have been talking to our 203K consultant about what to do @Account Closed.

Anyone have recommendations on decent quality cabinets from Lowes or Menards? I can't stand the poor service at home depot.

Thanks!

Mark