All Forum Posts by: Mayank S.

Majority of people here recommending for 30 year and I agree with that. When I started out I had the similar question since I was a big Dave Ramsey fan and despised borrowing or for taking more than 15 year term. But over a period of time, I have become comfortable and knowing RE game can not be played without leverage ..ofcourse leverage responsibly what ever makes you comfortable..that goes without saying... Now my premises for 30 year is I am after cash flow so smaller finance terms reduces the cash flow significantly. Main things is CONTROL...I can always accelerate principal prepayment with my cash flow or build my reserve or build down payment for my next one. Ultimately cash is king and mortgage for 30 year can be treated as 15 year and pay extra principal to payoff in 15 or 20 years...total in your control and not notes /lender ...I hope you get my point here...AT the end of the day we all have different goals and situation so hear from everyone but do what you feel most comfortable with :-)      

@Sherita Owens 

I actually attended Fortune builders 3 day seminar back in Jan 2015. I was absolutely a newbie with knowing nothing about REI. So that seminar gave good info packed in 3 days on different niches and strategies. I was in two minds back then if to take their mastery course or not because of their whooping tuition fee. Information overload lead me to research on Google and I bumped into BP. Tons of threads with other investors experience and suggestion that you can look up too here and decide for yourself. However for me, I instead decided to hang out on BP and learned from threads/forums/podcast and other fellow investors. I am thankful I didn't spend 25-30k on them , instead I used as down payment for some of the rental properties, that gave me real time experience. It worked for me!

3 SFR managed by PM., working on 4th one.

@ Ronny Crawford  

I am in similar situation. Looking to rollover my ex employer 401k into SDIRA and looking for some custodians with good customer service and reasonable fee. My intention initially is to invest in crowdfunding and probably investing in notes or money lending later. I don't think I need checkbook control IRA for crowdfunding investing to start with. Equity trust is what most of the investors are using (no checkbook IRA) which fits my bill however I see horrible reviews from others and mostly planning to move their funds elsewhere. Any other suggestions?

I believe you have to file tax for the state your properties are located regardless of profit/loss.  Probably @Brandon Hall can answer that.

Thanks you all @Ryan Mullin @Lee Smith @Rodney Kuhl 

for your valuable insight. I basically wanted to hear opinions from other local key folks based in Indy so appreciate all your comments.

As everyone suggested , you must do your own inspection with independent 3rd party inspector. It's money worth spending. Reach out to tk provider with the inspection report and negotiate items that you think they must address before closing. Normally good tk providers do that without issues. Rule of thumb - never skimp on due diligence and this is one them.

That's right @Mike D'Arrigo. I vividly remember in our conversation over the phone last year, you had mentioned about Brook side park being a bad area. However this is more of south east side of the park in little flower @1400 block grant ave. I ran the crime numbers and it is closer to northern/west side of park not so much in little flower. 

@Rodney Kuhl     @Sterling White

I know both of you have rentals in little flower area. I would appreciate your inputs on the property above. Thanks!

@Lee Smith I missed seeing your response as I wasn't tagged and it was on next page hence opened another thread for others to provide their inputs :-).

(https://www.biggerpockets.com/forums/88/topics/298920-indy-little-flower---deal-analysis) This one has some extra details. address is 1414 N Grant Ave. I am waiting for contractor numbers and possibly would take bid from you if number looks elevated. 

You are right about PM charging one month lease up fee and 10% thereafter every month. Also during renewal or new tenant. But that is the norm across different PM companies as far as I know. That way real numbers would be 10% + one month lease up (8%) i.e it 18%. Are you or anyone different in that regards?

You can check the prop taxes now have the address :-)

Well, not too keen on central ac installation. Window AC is a cheaper option and would probably go if that pushes rent 725 or more. More desirable is fencing as that makes the perimeter secured and pet owner tenants is a possibility. Normally my PM charges 200-250 each per pet non refundable deposit which is right at 20-25/ mth. 

These are great points. I would run with real numbers. Getting 200+ per door after debt service is minimum criteria.