All Forum Posts by: Brian Van Pelt

@Sean McCluskey

I think you are missing my point , At the end of the year the difference in tax rates do not matter, or only by a couple hundred dollars. So why move out of a market you know and have done the research for ? Talk to your accountant and crunch the numbers for similar properties.

What are average rents($300 to $2400 per month depending)
are eviction laws catered toward owner or tenant? ( towards what is legal.)
How is code enforcement,  They do their best to reduce code violations
maintenance cost ( depends on the condition of the property)
and can you find good labor for repairs. ( yes)
How does Baltimore, MD add up? (common core math is taught in public schools)

Indianapolis has a relatively low tax rate compared to most other areas. Using the same figures for MD, the tax base for a 140K home is amount the same.

Also depending on how you hold your property property taxes can be a deduction.

I always run my calculation as post tax dollars.

Personally, there is a lot to be said for seasoned investors working with non-seasoned investors. It keeps everyone on their toes.

Some of the most important things when starting out are:
. Know when to stay off the cell phone.
. Be consistent
. Be punctual
. Be sure you can deliver what you promise
. Know when to ask for help..
. When you find something hard, Don't quit.
. When doing a task, no matter how small OWN IT

@Aaron Vitiello

. I missed that it was your spouse, I thought it was someone elses and you were a wholesaler.
. If the property is gifted to you , you will owe taxes on the fair market value of the property. talk to an accountant
. Find the siblings willing to rehab, pool resources to pay off the other siblings fair market value(use appraiser) . Place home in LLC in name of rhab sibling with best credit. Take out HELOC to pay for renovations, Sell property and devide proceeds with rehab sibings

@Lynne Garris Yes , get your licence, you will make more money to start with and it is a great career. Wholesaling is a different, and done right is lucrative, done wrong and yes you can do prison time.

@Dylan Good I would recommend you start with a good realtor who has worked with investors. 

@David Espinoza

You will find what you need here.

https://www.deeds.com/forms/indiana/transfer-on-death-deed-beneficiary-affidavit/

. Reply via registered letter to tenant clearly correcting any mis information.
. Make sure they reply by letter, text messages can be sent by anyone, you need replies to come from Tenant
. Mold remediation is a serious issue in rentals, and should be done by Licensed contractor.
. Your contractor should be discussing repairs with you not the Tenant.
. Sched all repairs with 48 hours notice to tenant or whatever your lease states.
You do not need to have your repair dates "work" for Tenant, You are giving the Tenant a courtesy of informing then when the repairs WILL be done, not asking permission.
. Keep all documentation in case of you are sued.
. Write down a timeline of how/when you are responding to issues.

You will  

@Aaron Vitiello

First off they would be bonkers to 'gift' you the house, as you could then sell it without having to give them anything.

Your best option is to go to a hard money lender and offer the executor 80K for a quick 10 day settlement. Make sure the HML will finance the renovation as well.