All Forum Posts by: Josh C.

You can manage your own or husband’s property no problem. In fact depending on many you have some of the laws don’t even apply to you. But read up on fair housing laws, (don’t say no kids allowed) or something like that. And treat everyone the same and you should be good.

Good luck!

You said how horrible this person was you bought your house making all this money and took advantage of you. Stealing the equity in your largest asset at the time because of your ignorance and desperation. Now you do it on a big scale and teach others how to as well. Congrats?

Wholesaling is needed for out of state owners to get off their dead assets. Or to chase down properties after the owner has actually died. But states are passing laws to protect uneducated people just like your 2019 self. Had you called a broker you would have had about 90% of that extra money in your pocket. Which it sounded like you could have used at the time.

Probably gonna get a lot of hate, but seems this perspective was missed.

I know you said they are high end rentals in good neighborhoods, and I don’t know where you live, but 3MM in equity with 25 paid off house means the houses are worth 120k each. Is that correct? What are the average rents? In most of America, even Midwest where I am, that’s pretty low grade house with a fair amount of capex and headaches. If so maybe transition to something easier or if they really are high end and $1500+ rents live off that. After expenses should be 10k a piece for you and your partner most likely tax free, which in the Midwest is a very good start.

We managed about 40 of these assets after the fall out with ocean pointe. Several doctors and lawyers and other smart people literally crying on the phone to me as they realized their whole retirement plan was done and they need to work into their 70’s if they wanted to retire. It was heartbreaking when we’d send them leases showing rent was $550 from their POS rental after they were under the impression and “getting” $850 month from the “freshly renovated” rental from ocean pointe.

The victims weren’t a bunch of super rich people where it didn’t affect them. Mostly hard working trustful people risking large percentages of their retirement. Hope Clayton and Bert are actually punished. They put all of Indianapolis under a microscope for a couple of years.

Back to the OP point. I can’t see where the potential 2% difference means anything. Appraisals are never within 2% and super subjective. Tax assessments are all over the map. I have properties that are assessed for more than I could ever sell them for and some are less than I bought them for 8 years back. Nothing makes sense. Plus seller assistance was never shown anyway which is sometimes a lot higher than 2%. We just closed a deal with 110k in seller assistance which isn’t shown in the sales disclosure.

2% in perceived value or tax assessments can’t move the needle in any meaningful way or at least if they do your deal is WAY too skinny.

My 2 cents anyway.

You can buy anything you want without being accredited. Thats only if you wanted to invest your money into someone’s deal. An example of you putting up 100k into a 200 unit building in Philadelphia with another 30 investors.

I wasn’t accredited when I bought my first multi, an 8 unit. Just make sure the numbers make sense and you only focus on the number of doors.

Indianapolis is a great market with still strong metrics. Check out CityPlaceIndy!

Could be bad property management. Could also be bad properties. Only bad tenants live in bad neighborhoods no matter how nice the house. Maybe post your addresses and get feedback from the group.

Most of the local banks and credit unions want you to be a local resident unfortunately. All the ones I know require that.

Good luck, but likely have to go with a big guy.

@Nathan Gesner

100% agree. Raise rent to 90% of market and he’ll likely stay. If not 60 day notice is very fair. This is exactly what we do, and people will accept 100% increases because it’s cheaper than anywhere else and it’s their home.

Still you’ll need to fix any plumbing, electrical, door etc type issues which likely are in bad shape.

This is also a win for you as a turnover could easily be 10-20k after a 24 year tenant.