All Forum Posts by: Adam Lerner

Hi all,

I need some bricks tuckpointed in the Hammond/Gary Indiana areas. Does anyone have a recommendation?

I need some help with a decision on our new property. This is our 2nd rental. 

We are buying a 2br/1ba home in Hammond Indiana for $105k (a smaller 2/1 just sold nearby for 120k). In order to close on the property we are paying cash.  50k from a heloc, 50k savings, 5k seller credit.

Gross rent $1000 (will bump to $1300 on renewal)
Expenses, vacancy reserve, and maintenance reserve $450. 
Net cash before debt service = $550 ($800-$850 after rent increase)

We can obtain a mortgage on the property for 60k at 7.5% for a payment of $420 or we could pay interest only on the heloc at 10% of $417. 

I am hesitant to pay $4k in closing costs to get a mortgage right now when we will likely just pay another $4k in a few years to get a lower rate. 

Our personal finances are strong. We could throw $500-$1000 of principal at the heloc monthly to chip away at it for the time being as well as using the cash flow to pay the interest. 

I would love to hear some opinions. 

Quote from @Bud Gaffney:

@Adam Lerner following. What are some rates you’re seeing?

6.5ish conventional (primary residence)
7.5ish conventional (investment property)
8.5ish DSCR

Hi all,

Does anyone know a reliable portfolio lender in the Gary/Hammond/East Chicago area of Indiana?

Quote from @Joe Chirdon:

Did they put out the 10 day notice to quit timely?

They posted it recently. Her response was basically that they wait until
towards the end of the month to post so that when they actually go to hearing they get a judgement for 2 months. 

Essentially delaying the eviction and costing us additionally vacancy.

Quote from @Account Closed:

Quote from @Adam Lerner:

Hi all,

I am an investor in the York, PA area. Does anyone have a property manager they recommend in the area? We are dealing with a non-paying tenant and I am not happy with how our current manager is handling the situation.

Thanks

American heritage has been solid for me

also never had a non paying tenant though so hard to judge

 Thank you! We should have a chat about where you are investing and what you are buying. 

Quote from @Michael Zeng:

Are you looking for official businesses, or more local mom-and-pop Property Managers?

I would prefer a medium size company. 

Hi all,

I am an investor in the York, PA area. Does anyone have a property manager they recommend in the area? We are dealing with a non-paying tenant and I am not happy with how our current manager is handling the situation.

Thanks

Hi, my name is Adam and I am interested in an accounting position with a real estate company or any other accounting positions relating to the real estate field. I am located in Long Island, NY but am open to a remote role. 

I am a licensed CPA with a degree in accounting and 5 years of experience in a mid size public accounting firm. I currently own 1 property and feel that a job in the real estate industry can help me as I grow my portfolio. I am proficient in QuickBooks and Lacerte tax software and am quick to learn other programs as well. 

I have experience in the following and more:

•Preparing and reviewing tax returns for businesses and individuals

•Monthly bookkeeping and issuing of financial statements 

•Preparing and reviewing payroll and sales tax returns

•Tax planning and meeting with clients monthly to discuss their financial situation 

•Responding to federal and state correspondence relating to tax controversy matters

I would love to answer any questions and discuss any positions that are available. Thank you for your time.

I am considering purchasing a duplex in Indianapolis IN. The house was separated into 4 units by the current owner and currently has 4 tenants. I am concerned that I may run into problems down the road if I ever needed to make an insurance claim since it does not have a CO for 4 families. Will an insurance company even insure a property that is in the state? What could potentially happen if there was a fire?

The tenants are part of a housing benefit program so the rent is all paid by a nonprofit organization and it is extremely high. Potentially a 12-15% cap rate. This property would be a cash cow but I am not sure if it is worth the risks. The neighborhood is not good.