All Forum Posts by: David Lecko

Hey Brandon, there is an app for iphone called DealMachine. Disclosure: I made it.

Hi all, I know this forum is 4 years old but it seems the most relevant for me to ask about financing 5-unit properties.

@Damon J.great observation that some 5-unit properties are registered with the county as < 5 units. Example in Indianapolis: 55 S Aududon, 46219 has 5 units & 5 mail boxes. However the assessor's property card shows as a duplex.

@Darryl Dahlenlooking for your expertise as a commercial lender. What financing route do I use for this property (traditional mortgage or commercial)?

@Anthony Gaydenthanks for keeping us updated and sorry to hear about the third deal falling apart. Sounds like no deal is better than a bad deal since you needed the cash.

You mentioned you owner-occupied one of your existing 4 plexes.

Can you tell us more about how you handled landlord duties and being the owner while living with your tenants?

@Gabe G. how did this turn out?

Hi Nate Wilson we are both just starting out and you won't believe these two stories. Last month I searched meetup.com and found a local investor group in Indianapolis (I am sure your locale has similar groups). Part of the meeting welcomed attendees to share their 2016 REI goals. The group voted my goal the best of 2016 and awarded me a free iPad 4! That was really motivating :) As if that weren't cool enough, after the meeting one of the members told me about his favorite networking community, bigger pockets. I log into bigger pockets and set up a keyword for "Indianapolis." Then two weeks later I get a notification that a retiring landlord Jay Hinrichs wants to give away a free duplex to a young investor in the area, whom can rehab the property, post pictures online for others to learn, rent the property, and donate $50 /mo to charity. The power of finding your communities and interacting with professionals is incredible. Kudos to you for getting active in the bigger pockets community!

Jay Hinrichs thanks for providing this wonderful opportunity to our community! You are looking for a disciplined, new investor who will put sweat and cash into your property. You want your new investor to learn and document the process on BP for others to learn. You want your new investor to hold the property for at least 3 yrs and donate $50 per month to a charity. I could be the person you are looking for! I've been on BP for 14 days and have been increasing my financial and real estate knowledge. I enjoy blogging and taking photos. I live in Indianapolis. My goals for 2016 include acquiring my first buy and hold property. I have a few charities in mind already! I am interested! Please let me know how to learn more. -David

Hi! Over the past year I've read the Rich Dad Poor Dad books and set a goal to achieve $3k /mo passive income by the end of 2016. I'm 26 and have had no previous experience in real estate.  I'm looking forward to participating in the bigger pockets community!