All Forum Posts by: Dan Perrott

@Anthony Yannucci First - welcome to BP!  you have found the best place to learn.  Thanks for the question!

My best response is all related to the people around you since REI is a people business.

• Never lease or rent a property to friends or family.  It will ruin your relationships.  Friends and family are more important. 
• Don't be around friends and family that do not support what you are doing. Surround yourself with others that support your efforts. Best if they are experienced in REI to help mentor you. Learn from the mistakes of others so that you will not make the same mistakes.
• Join a local REI group. Find others of like mind and possibly a mentor to help you. RE Investors are a great group of people who love to share their experiences and help each other.
• REI is a business not a hobby. Treat it like it is a business by building relationships with others that can help you. It is impossible to be an expert in all areas. Build a team that will help you meet your goals and fill in the areas in which you are least experienced.
• Finally -Read the book - "The Millionaire Real Estate Investor" by Gary Keller.

Good luck in your endeavors.

@Mark Wikkerink 

First - welcome to BP.  This is the place to get your questions answered.

My wife and I are in Indy and have completed many kitchen cabinet installs in our properties.  It a fairly easy DIY project.

We purchase the cabinets from Menards.  They have designers (free of charge) that will create a graphic design of your project.  They will assist you in selecting the correct cabinets and countertops.  From my experience as a DIYer, a standard generic kitchen (cabinets and countertop) should be under 3k.  Appliances, hardware, sink, etc are extra.

PM me if you would like to talk. 

@Kevin Raye Although I am not in the same situation, I am by trade a project manager.  What I have done (and continue to do) is to break down the process into the steps that must be done to get from point A to point B.  Break down the process into little steps that are easy to manage.  I take these steps and list them on a to-do list and focus on knocking items off the list.  Of course, the first action when you sit down is to review the to-do list, get it updated for that day and then attack the list.  I also prioritize the items so that I am focusing on the most important tasks at hand. 

I know this may not be the help you are looking for but this process lets you focus on small items to get you to move forward.

Remember if you want to eat an elephant, you must eat it one bite at a time.

Good luck!

@Rick Williams - Welcome to BP!  Welcome to the Indianapolis BP group!  I would suggest that you also hook up with the INREIA group to network and learn about the local market.  Meetings are every month on the second Tuesday at 6:30pm.  Check it out at www.myinreia.com

@Joshua Dorkin - Thank you for all you do for the REI community. Congrats on 11 years!

@Nate Lewis Welcome to BP!  You are the right place to begin your education.  Don't be afraid to jump in and ask questions. 

Good luck and welcome!

 @Ciel TierraFrom experience it does take a couple of years in Indianapolis.  You need to submit separate paperwork for each year to get the basis lowered for the long term.  Additionally, it is best to have an appraisal available from the same time period to lower the taxes.  Purchase price does not necessarily get a lowered assessment.

I have done this myself and it is easy and painless.  It just takes a long time to get it processed.  Good luck!

The selection of the properties makes the difference.  You may need to be more selective if your goal is cash flow.  All this is easier said than done.  In my local market, Indianapolis, it is fairly easy to find properties that generate a decent cash flow.  Good luck.

Allure flooring.  I started using it about a year ago and it is easy to install and maintain. 

Can't beat the product.

@LaTonya Gill - welcome to BP!  You have found the right place to learn about your interest in flipping houses.  I live and invest in Indy as well.  Don't be afraid to ask questions and reach out on the forums.  We have a strong group from the Indy area on BP that may be able to help you out locally.