All Forum Posts by: Tom Thomson

I get these calls everyday 

Looking for contractor recommendations in Indiana for someone to convert a 2-car detached garage into a rentable ADU

I use eforms.com for all my contracts and smart move for all my background checks.

Buying in the winter you can get a better deal.  I have done this a few times.  Get a little bit less in rent for the 1st tenant but always willing to do either a 6 or 18 month lease to swing renewal time back to the summer.

80% on primary and 75% on investment property I believe.

I love the HELOC option! It's sometimes a little tougher to get one on an investment property vs. a primary residence but If you can get it I would strongly recommend looking into it.

Hi Mason. I live in the Indy area and have several SFR properties and 1 Airbnb. Would love to connect with you.

I live in and invest in the Indianapolis Indiana and surrounding area and exploring the option of converting some 2 car detached garages into ADU's and just looking for feedback if people have done this is the past and it's worth it. I can see this becoming more popular as time goes on. Housing has been expensive and seems like this may be worth looking into.

Looking forward to this one.   When investor mortgage rates were in the 4% range I went with debt all day long.   Current investor rates of 7% ish have changed that!

I agree with Jack 100%.   It's great to find something that will do both.   We invest in the Indianapolis Indiana market and focus on properties around the $150,000 to $190,000 range that are older homes in good areas that have updated roof, HVAC, plumbing, windows and those type of higher cost items to make sure it has good bones.   Ideally we lite to get either 2 or 3 BR 2 BA single level homes with mostly brick or stone (Low maintenance being to goal hear).   Cash flow in that price range we like to see $400 over mortgage cost including principle, interest, taxes and insurance.   It's been hard to find with these higher interest rates but date the rate and marry the property if you find the right home because you can refinance down the road but once rates come down there will probably be more competion to buy the home.   If they numbers work and you can do it today go with it.  The tax advantages and mortgage paydown are two things people often overlook when considering a deal.   Happy Investing!