All Forum Posts by: Tom Edwards

Thanks Harrison, good info. I'll have to include this as part of my due diligence. 

Thanks Adrian. I have since read more online and now realize its 2% plus. Luckily I still have good cash flow, Hammond is a great area IMO as well. Thanks for the offer to connect.

Hi Adrien, 

I didn't get many referrals for PMs, so my Real Estate agent is giving it a go. Its a hybrid model as I take care of paying for lawncare, plumber's, the tenants pay me directly to my account, etc.. directly and he mainly takes care of the face to face with the tenants and lease agreements etc.. Its working out well so far, but i shall keep you in mind for the future as I see you're in Griffith. 

BTW, do you have any lawncare recommendations? 

I recently purchased a 2 unit investment property in NW Indiana (Lake County, Hammond). The assessed value is 182K which is fairly accurate. My tax bill just came in and its 5K a year. My questions are:

- Does 5K a year seem accurate? I assumed my tax rate for an investment prop would be closer to 2% of value or about 3.6K a year.

- Are there any exceptions I can take advantage of to lower my prop tax bill?

- Anyone here paying a similar amount? What are your experiences?

Thanks in advance everyone!

Thanks @Jessica Brennan! I forgot to mention I did get an umbrella policy a while back. Inexpensive and great protection. 

Chris 

Hi Scott thanks, I don't live close to the property at all, otherwise I'd consider managing it myself as you have done. I'm glad you've found success with doing this. 

Hi Daniel, thanks for the kind words and tips regarding accounting management tools. 

Hi Kyle, 

Thanks for the very detailed reply and link to the landlord article! Great resource and your advise as well is very enlightening. Thanks again for taking the time to reply to my post. 

After a couple of years of research here on BP, I'm moving on my first investment property in NW Indiana. Its an occupied 2 unit in a residential neighborhood. I have a few questions on how to start my journey as a landlord:

1. 1. Insurance. Any special considerations with home owners insurance? 
2. 2. Prop Manager. Recommendations for property managers in NW Indiana? 
3. 3. What's the best way to manage my books? Any recommendations on spreadsheets/SW programs to help manage property/investment          accounting?

Thanks!

Well done, great post!

Great job! Inspirational!