All Forum Posts by: Michael Morgan

@Cory Gardner

This is awesome!  All the best to you all in your endeavors.

@Account Closed

Thank you so much for taking the time to speak to me on Friday.  I really appreciate it and I'll be sure to keep you updated with what I've got going on here in Indy!

Not sure if there's a similar group here in Indianapolis, but if there is I'd love to hook up with some local investors and get something going here.

@Jason V.@Tom Ott

Thanks for the input guys! I understand that REI is not a 'one size fits all' kind of ball game, and I am trying to find what makes the most sense for me now starting out. The rental market in Indianapolis is pretty decent right now, so i thought it might be a good time to secure a property and add to my portfolio from there. Plus I am fortunate enough to have several close friends who are contractors to include plumbers, carpenters, and one guy who specifically concentrates on rehabbing kitchens and bathrooms. I'm also pretty handy my self with basic repairs and maintenance.

So, if I'm mainly interested in steady cash flow turn key would be the way to go?

@Jason V.

Jason, thanks for the numbers that's what i'll use when I do my calculations.  Just out of curiosity what would you consider to be hands off, hassle free and still be making money?

What percentages should I use when calculating for vacancy, maintenance, turnover, etc., if I am intentionally trying to make the numbers 'terrible'?  @Jason V.

I went ahead and sent an email to the seller requesting the address and whether or not the property was FSBO or if he had it under contract. I'll let you know what I hear back. Thanks everyone for contributing to my post!

I was perusing craigslist and found an ad for a duplex for sale near downtown Indianapolis.  The seller is asking $36,000 for a 2 unit, 3bdr/1bth duplex.  Claims no repairs are needed, low maintenance property, and both units currently rented out and cash flowing $1100/month.  

So, from the ad it looks great, but I would obviously need to run the numbers.  No address for the property was given and I'm not sure where to begin without at least an address in checking this place out.  Should I contact the seller directly and just ask them all of the questions I have about the property, including property tax and ball park insurance rates?  Any and all responses are appreciated.  Thanks

@David Coombes

Thank you for all of the resources, i'll be going through all of these as well throughout the day today.

@Ward Mcdaniel

Thanks for the great advice I really appreciate it.  Only time will tell at this point what's going to happen between me and mama.  I have noticed a recurring theme everywhere I have been so far in the BP community and that is to read Rich Dad, Poor Dad.  So, I'm going to pick up a copy this weekend.

@Account Closed

Hey sorry I am just now seeing your post in here.  I have to admit, and you are right, the free literature touting wholesaling is all over the place and usually with attention grabbing titles to article/webinars/podcasts etc.  After doing further research I am leaning more towards rentals, house hacking in particular.  I think wholesaling would be awesome, but think it is something that may suit me more later on down the road after spending time with rentals and education.  

@Jesse Peña

Thank you for all of the links!  I'll be going through all of these and weighing the pro's and con's of going the multi family unit route.  

Hey everyone, thank you so much for the quick responses.  Please let me be clear, I am not planning on quitting my day job anytime soon.  That is part of the long term goal.  I am just trying to decide what the best route to start off would be in my current situation and house hacking seemed like a logical way to do that since I would obviously need somewhere to stay, but if I could do that while having someone else pay my mortgage, than that would be ideal.  

@Lucero Sanchez, you make a great point about 'basement living' and I agree that would be an ideal way to spend some time until I can save up enough for a down payment. Seems being an Owner/On-site PM would be a great way to get started in REI, but at the same time there are a lot of multi family properties up here in Indianapolis and surrounding areas that already have tenants renting. Would that also be something to look at or does that kind of negate the loan and tax benefits associated with house hacking?