All Forum Posts by: Lee Smith

@Orr Kichin if there is water in the tank chances are there's a leak. Go back on the seller and have them remediate. 

@Orr Kichin I just sold a house with buried tanks in broad ripple. Probably cost you $1000-1500 to get it dealt with. In my case there was a 550 gallon tank buried and it still had 350 gallons of oil in it.  They pumped oil out filled it with a cement based mix and back filled the hole.  Buyers were happy with the remediation. 

Send me a Pm and I can hook you up with a couple of people to deal with it. 

If you deal with it yourself make sure to document with pictures exactly what was done. 

@Shawnda Beckstedt I think you are overthinking this... Leave weapons out of the lease.. 

Here's what our lease says:
FEDERAL, STATE, AND LOCAL LAWS: Resident agrees to follow all laws. Breaking laws which relate to drugs, housing, safety are grounds for eviction.

@Michael P.  

You need to figure out your goals and your risk tolerance... You could do flips or rentals. You could go Single family, or multifamily. You could go low income or bread and butter... 

I own a property management company here in Indianapolis. I designed our systems around finding good tenants for low income houses. I manage rentals from $450 - $1900 a month. I have just as many bad tenants in high income houses as I do the low end ones. High end tenants are so whiney. "My LEFT shower door doesn't work.. Come fix it!"  "I pay a lot of money to have a shower door that works, so you get your butt out here to fix it.. NOW..."  Recently had a guy complain because there was three wire brad-sized nail holes above the fireplace...  Seriously?!?

As others have said you will have a hard time cash out refi'ing the lower income stuff. 

Just really depends on what you want to do. I prefer to have 2-3 lower end rentals to the 1 bread and butter, but that's just me. 

@Gabe G. I don't know what price range this is in, but you can buy a stove for $250~.. Just swap it out and then get the bad one repaired, or pitched..

I use Hayden Appliances in Indianapolis.

PM me for contact info, or google it. Tell them I sent you. Great company. They will deliver, and warranty appliances for 90 days. They also do repairs. 

We buy a lot from them and they are great to work with..

@Tim Toney You do NOT need a lawyer to close on a house in Indiana. Everything can be done through a title company.. I prefer to use Paramount Title, but some investors also like Hocker and Associates.. I have NOT had good luck with Chicago Title, and First American. Numerous times those two have missed clouds on titles. I don't work with them anymore. Meridian title is ok, but I constantly find errors on their HUD-1's so I just don't use them anymore..

@Upen Patel 150k+   

@Upen Patel  I guess I should clarify on this deal that I am looking for a cash out refi, and not a short term loan. I might also sell it and would like to have someone to recommend to the future buyers who can handle this deal... Again, probably not a short term loan..

So I have 2 duplexes on the same lot. Which is evidently a unique situation for most lenders. Most of my tried and true brick and mortar places around here will not lend on it because of that.  I know lenders will lend on it, but it takes more of an investment lender or bank that understands investments. 

Anyone have a lender that will work with this?

I have tried the local small guys, and the local credit unions to no avail. I can separate the lot for 2-3k, but really didn't want to do that if I didn't need to.

Any thoughts or recommendations would be appreciated.

@Diane Valencia I just recently started using Laura Sandlin at Shelter insurance, and her quotes have consistently been around $550-600. Hit me up with a PM and I will give you her contact info.