All Forum Posts by: Ric Ernst

@Kristen L Garner I am also a Los Angeles based investor with a growing portfolio of SFHs in Indianapolis. I am glad to share my experiences. Feel free to DM me.

@Lamont Glover II I've worked with a few and am liking Chemical above others. PM me if you'd like contact info.

@David Bardwell I just did a search on this forum for State Auto and came upon this thread. After several years with American Modern for several properties in Indy, I decided to shop around. Like you found, State Auto rates are significantly lower than I am currently paying. Do you have any follow-up with your experience to share? Ever make a claim?

@Bryan Lee this is a question from new investors that has been asked hundreds of times. Do a search and you'll find many recommendations. You'd be well served if you could let us all know what sort of property you have so we can give you a more targeted recommendation. If you are buying an A class property geared towards high-earners, you won't be looking for a PM who primarily represents smaller working class properties or vice versa. 

@Alex Welstad I'd be curious to know what CDA looks like from an investment standpoint. I sold my dad's house on Hauser Lake a few years ago after renting it out for a couple years after he passed away. I was really surprised at the low rent:value ratio ($1,500 for a 4 bed / 4 bath 3,500 sq ft house on 2 acres with a huge shop) so moved onto buy & hold rental investing in the mid-west. I know that new builds are springing up all across the fields around Post Falls but those seem to be profitable for larger developers from my perspective. I've also seen that housing values have really gone up across the area but I've not been up that way for several years. Are there flip opportunities or a developing rental market?

...and $110 PM fees on $2,000 rent? 10% is average although you might find 8% - 10%. If you find someone for 5%, you might just get what you pay for.

@Victor Tatyanin property tax in Indianapolis is just north of 2% for investment properties and could be more if there are add ons in certain areas. Considering what you're buying for $300k compared to what $300k would get you in Seattle, it's pretty reasonable. B+ or A class properties on Carmel and Fishers are less cash flow plays and more appreciation plays so, as long as you aren't underwater on this and have reserves for any big ticket repairs, you should be OK. Hopefully you vetted this out and aren't overpaying.

I am more concerned with your $50 insurance number. Did you shop that or are you making an assumption? I'm not an insurance expert but I would assume a landlord policy that would give you enough coverage to rebuild a property up to par in Carmel or Fishers will be more than twice that amount.

@Ryan Horan I would reach out to @Harvey Levin and discuss with him. I'm pretty sure this is his area of expertise

@Kirsten Milliken perhaps loan brokers are licensed in specific states but as @Lamont Chen said there are plenty of national banks that can take care of you. I've done this with several including Chase and most recently Chemical Bank who I recently closed a rental refi with. Just be ready for a long process. Lending is taking forever these days....like 90 - 120 days.

DM me if you'd like contact info