All Forum Posts by: Eric Hart

@Ken Yeung

I did one recently with Langdon Mortgage company- Greg is really easy to work with and the process was smooth. You should be able to find them easily on google.

Good luck!

@Dylan Cocco

Hey Dylan- welcome in advance to Indy. Send me a pm and I’ll give you a couple agent recommendations that are investor friendly!

Hi BP - I've seen plenty of general posts about finding a HELOC lender on investment properties, and everyone just says to call around and you'll be able to find a smaller bank who is willing to lend.

Just wanted to check if anyone is out there who knows of a specific lender near Indianapolis who would be able to lend. 

Thanks

Hi all-

I'm looking at buying a home with an unfinished basement. I'm in central Indiana and moisture is an issue, but the current owner is putting in a moisture barrier. Its 900 sq. ft., has two large rooms on the sides after going down the stairs, and a full bath (which seemed to operate 50~ years ago as its all completely unusable and lost to time at this point). 

I realize I'm asking a general question here - but does anyone have any tips for finishing a basement? I'd like to put a good vapor barrier, insulation, and waterproof flooring (laminate slightly raised off the ground). Going to wall off the HVAC and add a fire egress. Finished drywall on the walls and ceiling with dome lights to make it less cramped. Any other tips to make it like a dungeon and rentable? I'm leaning toward each side (350-400 sqft.) being entire studios with small functional kitchen areas, bed, tv, closets, etc. This, along with the fire egresses, would take the house from 3 bed up to 5. I'm imagining this would immediately recoup the cost of the basement reno., but the plan would be to hold as a rental for several years.

I'm split at this point on the idea of that or going with a full 1 bed apartment + living room to keep costs lower (only one fire egress, no mini-kitchen needs on both sides) and guest comfort higher. As two studios the guests would have to split the full bath (which I'm not sure would be a huge deterrence and value decrease, but something to consider), and would obviously have less space each. 

Happy to share more specific info about the space, but my general question is does anyone have any pros/cons to share about splitting up a space into multiple bedrooms or doing a bedroom+living room space. And then any horror stories or tips on finishing a basement would be greatly appreciated!

Thanks, Eric.

@Scott Jensen

Super helpful and makes sense. Thanks Scott!

@Scott Jensen

True true, I guess I had my hopes up from reading the BRRRR book and the emphasis David puts on making cash offers. But it's good to temper expectations. Thanks

Hi all,

Quick question/poll on how much of a discount you can expect to receive by placing a cash offer? Is it fair to expect 10% off? More or less?

Curious what others have seen.

Thanks!