All Forum Posts by: Evan Manship

I passed my Indiana brokerage license this morning and am now on the hunt for a managing broker to sponsor my license. I am not going to be a full time broker, I did this on the side for when I pursue my own properties)

I have been given some helpful hints from local Indy brokers (thank you @Shawn Holsapple and @Steve Lehman) whom suggested I look into brokerages that are heavily involved in the investment side so that I am constantly around it and learning more.

Is anyone familiar with any solid Indiana-based brokerages whom specialize in real estate investments that would consider adding a new member to their team? If so, please feel free to relay their information or have them contact me directly at [email protected].

It's fun getting to post in this form - is this how you all always feel?

I passed my Indiana broker's exam today and am amidst talking with managing brokerage firms to join. I'm thrilled already with the amount of training, access, and networking opportunities that will me provided with being a licensed broker -- not to mention the benefit of being able to write my own offers.

Thanks again for all your help BP!

Thanks @Josh C. 

I have an investor whom will gladly contribute the $10k to the project, so I am not as concerned about that.

However, I have not heard back from the seller after these terms. I have not received a lease, contract, or any supporting docs. I am starting to think that there is more to this than originally anticipated. Something about this stinks to me.

@Dana Whicker @Jesse Waters @Steve Vaughan Just to be clear, what type of title resolution would you ask for at closing if you were in my shoes? Would the seller have any disagreement with giving up title, and if so, is that concerning?

@Ben G. 

The property is on the near-east side of Indianapolis. My partner and I purchased our first property in this area for $25k and it has done wonders for us.

I am in the middle of acquiring a property for $25k here in Indianapolis. I originally offered $5k down, $500/month, and 5.55% interest (alliteration not intended). The seller's broker countered with $10k down with paying off the rest of the balance ($15k)  at the end of 1 year. The property is currently under a 2 year lease with 1 year still remaining. (rented at $600/mo)

-I have not seen the inside of the property, but have been told it has many updates and is turnkey

I will pay zero interest

-I will make no monthly payment

-I will collect all the rent

The lack of an interest payment is a red flag to me. Should it? I am ready to make this happen but want to cover all of bases. Let's hear from you devils' advocates.

@Nate Garrett 

Completely agree. A company who either a) works with a multitude of other investors on a daily basis or more preferably b) someone who invests themselves via brokerage, consulting, or property management is an excellent place to start.

I work in property tax consulting so I am always working with those who own commercial property. I am attaining my brokerage license in the next month so that I am legally permitted to assist with leasing, management, or new brokerage opportunities.

Thanks Aaron. I havent looked much into VA or NACA loans, however, my brother @Clay Manship and I are both familiar with Steve and what his company does. I would be interested to learn more about these types of loans particularly if 0% down is an option.

I am working on my brokerage license that should be complete by year's end and would love to pair my first deal with it.

BP,

I am beyond frustrated. I have done so many things, talked to so many people, understand almost each scenario and have a goal of what I would like to do - but I am still waiting and not acting. I have dome everything from searching online daily, cold phone calls, and even door-to-dooring looking for my first prop.

My biggest fear is not moving forward, and while I know I am more educated each day - I want to get started but for some reason I am having trouble seeing the opportunity. My goals are as follows:

1. Acquire a multi-family property with FHA 203k financing so that I can instantly walk into 20%+ equity in my property.

2. Refinance out of the FHA loan as quickly as possible to avoid PMI and nullify the owner-occupancy rule then lease out the other side.

3. I want to have a minimum of $100 in cash flow per door monthly at very conservative numbers.

I know investing is about confidence and believing in your process, knowledge, and will power - but it has been difficult to get started and have a track record to push me along to something I want to do the rest of my life. I'm ready to pull the trigger, I just need something to come into my crosshairs.

Anyone relate?

@Joe Worley 

The cap rate that matters most is that of other comp properties in the area. Also, purchase price should not include any personal property like appliances, furniture, vehicles, etc. that may have been included with the price.