All Forum Posts by: Douglas Orr

The property could get condemned because of the meth lab. Unless it's an amazing deal after full rehab costs I would walk away. Even then the headache may not be worth it. Good luck!

Sounds like you need a new tenant.

I live/own in Indiana. I think you have two options to solve the problem. A) If you're not afraid to throw in some big expense upfront, have everything metered out. B) Turn all the rooms into efficiencies. By doing this you can charge more (usually more than the average electric bill). Tenants also like the fact they only have rent to pay instead of rent + utilities. I have done option B on a few of my units and it's worked out well. One down side is if a tenant is delinquent then you'll be in the hole more money.

@Spencer Liddic I was just featured on GRE. I tell my story there.

Awesome job! I started when I was 25 (29 now) and have 50 doors. I've used creative financing because of the bank's debt/income ratios (it sounds like you've ran into this situation before too). After the second time the bank tried to slow my progress I decided to seek and obtained seller financing. Just think where we'll be when we're 50!!! It's exciting stuff! Congrats!!!

I'm based in Indiana. And, in Indiana a LLC can only collect up to $1500 of back rent, expenses, repairs that a tenant is responsible for. Even though a judge may say they owe me $1500 could I go through a collection agency for the remainder? It seems silly that the cap is $1500 when a tenant can walk away leaving several thousand in damages, rent, and cleaning fees, etc.

Fantastic! You guys provide such a powerful resource! Simple questions that might take hours to lookup can be answered by people who have already been in the same situation. I love BP!

I invest in my 401k to get the match. I actually started investing in RE by getting a $20k loan from my 401k and used the money as down payments to buy 2 multi family properties.

I am from Greensburg, In (about 45 min north of Cincinnati on 74). I've been investing for 3 years this month and love it! I currently own 51 units. My goal is to get into apartment complexes. I would love to grab a bite or some coffee and talk real estate!

Ellen DuBois at Union Savings and Loan in Connersville, In should be able to help you. My last purchase was in my LLC's name. One draw back is they are arm's.