All Forum Posts by: Gloria N Gear

I used to live in northern Illinois, so close to Wisconsin - there are several smaller towns around lakes that would be good for short term rentals.  Consider Suburb areas around Madison and Milwaukee too.  I now live in Indianapolis and am on property #9, I also work with OOS investors if you would like a call.  I obviously am partial to Indianapolis, but you also look at smaller cities (especially the college towns) - Ft Wayne, Lafayette, Terre Haute, and Bloomington.

Ted King Goosehead Insurance
600 E 96th Street, Suite 400, Indianapolis, IN 46240
[email protected]
(317) 343-4774
Mary Bogard
[email protected]
317-324-1109

They are great with my flips and if I decide to keep them for rentals, very easy process to switch over.  They are a broker so can shop different companies.  Great local personal service.

I am in Indiana as well, in our situation, it did not make any difference on our taxes if we left it in our personal name or transferred into an LLC. I am a real estate professional so get a lot of tax benefits on our rentals. You need to talk to a tax professional to see what is most beneficial for your situation. (I use Midwest Tax Service - he also owns rentals so keeps a close eye on changes in the tax code). But, you also need to talk to your lender, insurance person, and financial advisor to see if there are other benefits to switching to LLC. For us, the lower interest rate loans are what keep it in our personal names. I have an umbrella policy that gives extra liability protection. (I personally would leave it alone, but that is just my opinion - happy to hop on a call and chat)

@jake knight All Good points  

@Jeremy TallmanI have one in Brownsburg (Hendricks County) that doubled, but another one around the corner that increased a reasonable amount - (same square footage).  All of my marion county ones seem fine, but I am helping one of my investors that had her assessment go from $160K-$230K  (and there are no comps in the area above $200K)

https://5minspections.com/ if you are still looking for someone.  I  have used Wylie before too - he is a straight shooter.

Hi Ryan, I would love to help you in the Indianapolis market. I have been an OOS investor realtor for almost 8 years and am investor myself. (To answer another post on this thread, I think being an investor helps me with my clients because I know the areas that work best for the different strategies. My husband only lets me do a few of my own at a time, so I see all of these other deals that I can't do and I try make sure my investors get them. Also, I may be looking for a SFR mid-term rental for my portfolio and my investors are looking for duplexes or big Flips) Also, if you are going to do DSCR loans, partner with Staci Rogers on this thread (she has a loan clear to close for me right now before I even got the inspection process finished)

I would love to have a conversation with you.  I am an investor agent and then can get you plugged into my network so that you can start building a team here in Indy.  BUT, I am more interested in learning more about your side of the business - that sounds very interesting.  (We better plan an hour - I am a talker).  I will PM you.

Try Goosehead Insurance -- they are a brokerage (not a single agency) started by investors because they were not finding the products they needed. My local Goosehead rep, looks across all the agencies to find the best vacancy insurance for me, then flips it to a different company as soon as I get a tenant in it. (If I am doing BRRRR)

Hi Aaron,

Jump in -- the water is fine!  Once you get the first one going, it will help make the next ones easier.  I don't know where you are in Northern Indiana, but I would suggest starting in your own back yard where your wife knows the market.  I grew up in Lake Wawasee/Syracuse, but there are tons of lakes up there that make for great short term rentals.  My sister has a tiny fishing cottage on a little lake Papakeechie and she is booked solid from April to October every year.  I will connect with you in case you want to talk more.

YES!  Investors feel more confident hiring vendors that are investors themselves.  I like referring to people like you who are also investing because you can also give insight if a property is a good buy or not.  Also, for you, you are gaining experience while getting paid for it.  Win-Win.