All Forum Posts by: Phil T.

I'm looking for a bank in the Indianapolis area to use for a BRRRR deal. I have purchased 2 properties with conventional mortgages through Centier bank, but can't seem to get any info from them regarding a refi on a BRRRR deal, so I figured I'd look around and see what else is out there. Thanks for your help!

Does anyone have a suggestion for a bank to work with in Indianapolis for a BRRRR deal? I've financed my other two properties in the area with conventional mortgages through Centier, but I'm just looking to see what other options are out there. Thanks in advance for any info!!!

Quick update: I used Stessa and it worked great! I don’t really have anything to compare it to, but it was great when I used it. Highly recommend!

@Jonathan Taylor Smith @Eric Carr

I’ll check it out. Thanks!

What is everyone using to track their rental expenses, income, etc?  I have 2 duplexes and am getting everything ready for tax season.  I found an excel spreadsheet on the interwebs that I thought would work ok, but it's not working out so well.  I think I would only need something for tax tracking purposes since I have a PM.  

Thanks!

@Nathan G. That’s a good point in paying interest to paint/ put in flooring/ countertops, etc. I like that thinking.

@Nathan G. Not everyday maintenance. Things like painting/flooring/countertops, etc.

@Sam Shueh I think part of your response got cut off. What would be the point of a heloc then?

Looking for some advice on how best to use my cash.  I'm a new investor, but I own two duplexes in Indianapolis (my first two properties).  When I purchased them, both sides were occupied.  At the turn, all of the units will need some rehab (mainly cosmetic, carpets, paint, etc).  Both sides in one of the duplexes are month to month and both of the units in the other are leased until next fall.  

My question is this: I have the cash to cover the rehab on all of the properties, but I also have a HELOC that I could use as well. What would be the best way to deploy my cash? Should I use the cash to purchase another property or hold it to use for rehab when I get vacancies (which I'm not sure when that will be).

Just wanted to see what some people with more experience at this than me think.  Thanks! 

Like the title says, those of you that are financing properties, what is your plan with the rising interest rates?  The rates seem to keep on rising, and for those of us that finance our properties, is that going to price us out of the market, or just cut into our profits?  Obviously you'll just have to take into account the higher rate in your numbers, but is there any fancy way of working around them?  Should a guy still buy a property at a higher rate, maybe sacrifice a little profit and hope to refi at a lower rate when the rates fall again?  Save up more (not just the down payment) and pay cash for properties?  What are your thoughts?