All Forum Posts by: Nick Wilson

Hi BP,

I have a couple Rentals OOS in Indianapolis.   Over the last year I have seen an increase in people sending me Texts and Calls wanting to buy my properties (maybe some of you nice folks ;) ), but it's becoming a daily thing multiple times a day and such a nuisance.  I really don't know how anyone got my phone number, whih is bothersome.  Can someone please tell me how to get these to stop?

Thanks in advance,

Nick

Hello BP,

I live in California. I have two rentals in Indiana, and plan on continuing to buy and rent in Indiana. I recently created a Domestic LLC in Indiana. Now I need to create a Business Checking Account. Do you have any recommended Banks or Credit Unions that will work for this?

Thanks in advance!

Nick

Hello BP!

I'm attempting to finish the BRRRR Model on two homes in Indianapolis I purchase in Nov 2019. I rehabed both and both are currently leased. The challenge I've run into is the Cash Out Refi. One has no mortgage, because I paid cash for it, the other has a hard money loan on it. Back in Feb I started working with a Mortgage Broker for the 75% LTV Cash Out Refi. Appraisals were done and everything looked great, the process dragged on for 3 MONTHS, then he said the underwriters couldn't make it work because of new COVID guidelines. I got a referral to a different Mortgage Broker in May, and the exact same thing happened. Appraisals looked great, the process dragged for another 3 months, and I was just told last week the underwriters weren't doing any cash out refis for non-owner occupied property, due to covid guidelines. Pretty frustrating that the brokers didn't know these guidlines and wasted my time and theirs, but I'm moving forward. My Investing Mentor said to look at Bigger Financial Instutions like WF and BoA, becuase they may have more stable guidlines. I heard back from Chase Bank in Indy today and they said 1) they wouldn't do a cash out refi, but they would do a refi if it had an existing mortgage, and 2) They wouldn't do a Refinance with me because I didn't have any chase accounts. I discribed my situation to them, and they said normally they could but again due to covid their guidlines are tighter as well. Any direction would be great, becuase I'd like to buy a couple more by EOY.

Here's the details on each property:

1. Purchase Price: 55K Cash, 9.6K Rehab Costs, Appraised at $85k, Rent: $850/mo

2. Purchase Price: 80.5K, 23k Rehab, Appraised at $110k, Rent: $950/mo

Thanks in advance!!

Nick

Hello BP!

I’m about to start looking for renters on my first Rental Property. I’ve heard on a couple BP Podcasts about touring a potential renters property to check and see their current living conditions before renting them the property. When I broached the idea to my property manager this was her response:

My concern with this is fair housing we can only approve or deny people based off our written criteria. If someone is approved with flying colors but then I tour their home and it’s deplorable I can’t turn around and deny them or if I see it first I still have no grounds to stop them from applying or deny them. Now if it’s in a rental verification from the current landlord and they were charged for xyz or it says they damaged the property we can deny them based off of negative rental history. Doing it the other way there’s just too much gray area and room for someone to cry discrimination

What are your thoughts- I can I do this?

Thanks in advance,

Nick

@Casey J Burkhead thank you, that clears it up!

I'm purchasing my first Investment property and will be using the BRRRR Strategy. I'll be buying it with Cash, and then Refinancing it later. Because, there is no mortgage on the property initially, my Insurance Rep said that the premium couldn't be taken out through escrow each month and had to be paid in full for the year. Is that true?

Thanks,

Nick

Hello BP!

I'm a brand new investor located in Sacramento - California, looking to buy 2 SFH or Small Multi-Family Properties in the Indianapolis Area by the end of the year! I currently have $120k cash saved ready to make a cash offer in something in the $60-100k range (which would save me a little left over for rehab), so I have money for the rehab. I can also get-preapproved for a mortgage for up to $300k if I need to but I wanted to try and pay cash for my first property if I could. I choose Indianapolis after researching great Out Of State Markets, but I'm certainly not married to it - just wanted to have a home base before I jump from market to market. I've found 2 Realtors in Indy through BP. In the last six months they've brought me a small handful of properties, and I've made 4 offers. One realtor I stopped using because they became unresponsive.

My goals haven't changed of wanting to buy 2 BRRRR Properties by the end of the year. My dilemma is this - my current realtor is a great guy and he's helped me out a lot up till now, but seems reluctant to want to send 2 offers a week like I want to find a great deal. I understand where he's coming from and not wanting to waste his time, but I've also told him that I'd like to form a long lasting relationship where we can buy 2 this year, then hopefully at least 4 next year... I feel loyal to him, but frankly I feel like I'm going to get to the end of the year with nothing to show for it with the pace we are going and that's what I told him... What would you do if you where me? I'm considering these options: Looking for other Realtors in the same market, switching to a different market entirely, or seeking out a partner. Open to any/all suggestions or referrals. Thanks in advance.

-Nick

Hi BP?

I made my first Offer on a SFH in a market out of state through my RE Agent with the goal to hold for cash flow. I made a cash offer with a 14 day close, and a 7 day inspection contingency window. My agent said wrote up and sent and offer in the morning, and the offer was to expire at 9pm the same day. The seller is a wholesaler and they didn't get back to us until 4pm the following day by email. The seller apologized that they didn't get back to us until after the offer expired. They said that if I still wanted the property they wouldn't agree to an inspection contingency , but I could have someone come look at it at 9am the following morning of the email. I ultimately decided to retract my offer because I would feel uncomfortable with such a short window to perform any inspections. There was no formal counter offer sent, just a loosely worded email. Did I make the right call? And secondly, is this normal- should I expect this in the future? Thanks in advance.

@Ken Barrett understood, thanks!!

@Jaron Walling thank you!!