All Forum Posts by: Phil P.

I have a property in Indy that I am in the process of refi-ing. Question: Can I sell this property (land contract) and be 'the bank' even if I'm still paying mortgage on it?

Hello all,

I'm looking to bid at a property in Hubzu that's currently occupied. I'm curious about:

1. how difficult/easy the eviction process is in NJ

2. eviction timelines

3. is hiring an atty a must? i assume there's one specializing on evictions? 

4. any other tips? 

5. from your experience is buying an occupied property worth it?

Thanks in advance

Thanks Brian, very informative. Yes, that was the 'limitation' I was describing on my post but I don't plan on a cash-out refi but Im just trying to gather info to BRRRR leveraging funds out of my SDIRA.

Appreciate the prompt feedback. More power.

With my SDIRA being in an LLC, my options are limited (ie most conventional loans do not lend to an LLC). What are your experiences? What's the workaround? TIA

@Rob Stein @Grant Miller I'm down with a weekend coffee and discuss potential collaboration

I myself am looking at properties in Sheridan, IN. Can anyone comment on the location, etc? Would appreciate your thoughts/feedback. 

Pillar to Post is the company I used when I bought my property. Very thorough inspection performed.

Hello all,

Looking for some guidance from the community. I'm looking to submit an offer for a turnkey property in Indy (currently tenant-ed) and have the following questions: 

Since I won't be represented by a Real Estate agent, I'm looking to work with a RE atty. to help me drafting the offer letter. This is the right move right? Anyone have any experience with a reliable RE Atty. in Indy (property is in Hamilton county if that matters) ?

This will be my first attempt at REI so I'm planning to bring with me a handyman/inspector to go with me when I walk through the property. Is this overkill (since there will be inspection anyway as part of the closing process)? Again, anyone have any reference with an inspector in Indy?

Any guidance/feedback is appreciated.

Thanks in advance and more power to all. 

Hello all, 

I'm a newbie from New Jersey and I've been reading up on a lot of forums here in BP, and I have to say to myself, why only now? A lot of great discussions from different perspectives, all in all great help for newbies like me trying to test the waters in REI.

Would like to share the first rental property I'm looking at: 

Indy property  - Trulia Green

Purchase Price - 71K

Closing Cost - 3k

Down Payment - 14.2k; Finance 56.8k (5% 30 years); Initial Cash Out - 17.2

Rental - 1k/mo

Vacancy - 100

Taxes - 76

Insurance - 34

Maintenance - 100

PM - 100

Cash Flow - 312

CoC - 21%

Would appreciate a critique. Go/No Go?, Too good to be true, OK deal, Run away, etc. What should I be wary about?

Thanks in advance and more power to you all