All Forum Posts by: Ric Ernst

@Nick Giulioni thanks! I'll find them and give them a call.

I need to quit claim one of my Indianapolis properties from my personal name to my entity. The title company that I use for most of my purchases (Chicago Title) won't handle this for me and recommended a lawyer. Seems like kind of an expensive route to go but since I am out of state, I can't exactly walk into county recorder's office myself. How are others handling this?

@Jason L. that is my model and I have someone I really like. I will PM you.

@Jason L. in order to steer you to a good PM and away from a bad one, let us know what sort of properties you are looking to invest in. There are good PMs for A class investments but they would probably make terrible PMs if you are investing in lower end properties or doing section 8s. Visa versa, there are people doing relatively well targeting section 8 tenants who use PMs that are experts in that model.

@Chris Fernandez Indy is pretty crawling with investors but there are plenty of opportunities out there. You're very unlikely to see them on the MLS, however. Get on wholesaler's lists and better yet, talk to some and convince them that you are a serious buyer and ready to pounce on a good deal and close fast.

A true BRRRR is going to be difficult to pull off especially for your first deal. You can certainly force equity into a property but hitting that 70% mark that will allow you to borrow every dime that you put in is pretty tough. If you have some reserves, refinancing even part of what you put into the deal should give you some capital to do it again a few times. And at that point, you'll have started building a small network and may see some deals start to appear.

Best of luck to you!

@Myles Penner lots of people post this same question on here. The recommendations really depend on what type of properties you are considering. There are good PMs out there for A or B class rentals and completely different good PMs out there for C or D class investments as well as some mentioned above who are adept at section 8 management.

@Nathan Williams you did not mention what neighborhood you are looking in but you should know that sewage in certain areas around Drexel Gardens are serviced separately by the Ben Davis Conservancy District and that bills will automatically be sent to the home owner as listed with the county assessor. You will need to make your tenant aware of this added bill if you expect them to cover it and will need to send proof of tenancy (as in a copy of a lease) to the BDCD and specifically instruct them to forward bills to your tenant.

@Ashley Willis yes if you live in California you are required to set up a parallel LLC in California.

@Ashley Willis wherever you form your entity, you will have to form one in California as well and file a California tax return. Minimum tax on the CA LLC is $800 plus other fees. You can certainly get HELOC's on your properties while they are in your personal name but there will most likely be a due on change of title clause in your agreement...although that may not be enforced.

@Gilbert Chan you really need to get on a plane and visit Indianapolis and meet / interview your prospective team members in person. There are some really good people and others who will promise you the world over the phone or email but may not deliver. Showing up and showing them you are serious and not a tire kicker will make a difference on how things start out for you. More importantly, it'll give you some perspective on the city you want to invest in. Best of luck to you!