All Forum Posts by: Zachary Inman

 Finding a mentor and networking with other RE investors is huge.

Write down everyone you know. Seriously. Friends, family, etc - and talk to them about this and see who they know. Unlock the power in your network.

Don't be discouraged when underwriting. I'm in Indy too - our market isn't as tough as others, but it's still difficult to find a deal. Patience is key.

For lending, make sure you're "lendable" - good credit, consistent income, D/E, etc. If not, try to find hard money or private lenders. 

Get the drywall up asap. When the appraiser comes by, you want the property looking its absolute best, or else you risk it coming lower than what it would be otherwise.

Maybe the appraiser won't dock it for not having drywall up. Maybe they will. Appraisers are subjective, even if they want you to think they aren't. 

Ask for a variance. 

 If possible, find as many people you can network with in your area and help ad value to them in some way while you rebuild credit. Network is huge when starting out. 

The process of rehabbing can look very different depending on your strategy/skill level. You can hire a GC / specialists or do it all yourself - both look very different. 

Cosmetic rehabs can have benefits, but might not force appreciation as quickly as some other things. Some high value items on a duplex house hack are bathrooms, kitchens, neutral paint, and laminate floors. Make it look pretty and make it bulletproof. 

I'm going to second @Noelle Carter. If you're looking to build an active real estate portfolio, a house hack is one of the quickest and most effective ways to jump in a cut your teeth.

Seems like you have a good plan in place. If possible, another good thing to do would be to bring value to the tenets to build the relationship quickly - offer a service that the previous owner didn't or take them out to lunch or something. Having a working relationship makes raising rents go smoother, in my experience. 

You could always seek out a private or hard-money lender. They can be a lot more flexible - especially if you have a detailed plan of how you're going to create value with your multifamily property. 

Your best bet is to save money and find another job to make yourself more "lendable." Doing an FHA without significant capital or income will be a hard sell.

@Nadine O.

Let me throw Indianapolis into the ring. Low cost of living, diversified sectors with rapid development, plenty of mfam properties, and healthy rent growth. On the personal side, it's a great place to live in general.