All Forum Posts by: Phil T.

I’m trying to figure out if I want to purchase my first buy and hold in Cleveland or Indianapolis. Does anyone have any experience with these cities and can tell me any big differences between the two? Thanks!!!

Hey, all! Can't edit the title, but I may looking for an Agent in Indy!  I’m a new investor from Washington State looking to buy a buy and hold in the Indianapolis area. I’ve been studying and saving for a while now, and I’m ready to start moving towards my first rental. Anyone have any suggestions for an patient agent in the Indy area that would be willing to help me learn the ropes. Thanks!

Hey, all! I’m a new investor from Washington State looking to buy a buy and hold in the Indianapolis area. I’ve been studying and saving for a while now, and I’m ready to start moving towards my first rental. Anyone have any suggestions for an patient agent in the Indy area that would be willing to help me learn the ropes. Thanks!

Thanks again, guys!  I think for now I'll just keep saving until for a bit and do some more research and hope that I can find a reason to go one way or the other that will make me a little more decisive.  Great, great conversations though and lots of awesome insights!

Lots of stuff to think about. Thanks for all of the input!

I assume by "fat pitch" you mean a REALLY REALLY good deal?

One more thing I forgot to ask. I'd like to be able to handle small issues that come up and getting the unit ready to rent again after a tenant moves out by myself. Obviously, if I invest out of my area, I won't be able to do that. Has anyone had issues with tenants calling property managers all of the time with small issues that end up costing you a fortune to deal with? I assume it's a case by case basis, but that's one of my big concerns. Also, is there an approximate amount that property managers charge to get a unit rent ready after someone moves out?

Thanks for for all of the replies!  It definitely gives me some things to think about and makes me a little more confident that it's doable!

I'll try to make this as short as possible, but I've got a question I can use some help with.  I've got an extra $900/mo or so right now that I'm saving to buy my first rental. My plan was to "snowball" the profit from the first rental into that $900/mo to buy a second, and so on.  I have a full time job, so I'm not looking to get into real estate full time, but it's something that I've been looking at getting into as kind of a side hustle for a while.  I was playing with a calculator online the other day and applied the extra $900/mo to the mortgage on my primary residence and if I did that, it would save me about 17 yrs on my mortgage (I'm about 2 years into that mortgage) and save me over $125k.  

My question is do I put the extra $900/mo towards rentals or pay my house off then save for rentals?  I'm aware of the theory that if I can get a better return than my mortgage rate (4.3%), then I should invest.  But on the other hand, $125 saved on interest isn't a small number and having the security of a paid off house would be nice.  I keep going back and forth on what to do.  Any thoughts?

Thanks!

Done!