All Forum Posts by: Account Closed

@Rusty Scott

I agree with you on the OP. 

@Rusty Scott You are close. 

The property management company must be under an Indiana licensed Real Estate brokerage. You can manage your own properties without this but you cannot manage another persons or entitles properties without being connected to a Real Estate brokerage in Indiana. I received this information less then a year ago from the Indiana Real Estate PLA.

@Ashley Mullin

You don't rely on it because you have many years of experience in property management and you know what to look for when it comes to finding the right tenants. Thats why I full trust in your decision process when we are looking for tenants for my rentals.  

@Jeb Brilliant

If you could come up with something that could that. You would probably make millions. 

@Jeb Brilliant@Dave G.@Steve Cook

Multi-family props do not do well in the Indianapolis area because of an assortment of reasons.

They are difficult to keep both sides rented.

They are mostly located in less desirable areas. As most people like to put letters on areas lets just say C-, D, and F areas. I don't know if anyone uses the letter E.

Your rents are usually between $300 to $550 in rent. Sometimes higher but not by much.

Your class of tenant will probably not really care much about the property and leave it a mess when they are done with it. Not all but many.

You will probably not be able to sell them for anything more then what you bought them for. They are strictly for cashflow, not appreciation.

I'm sure there are other reason that other people can mention but these are just some of the basics.

Now I do know of investors that do make them work but they are few and far between. I do have one investor who has no problem renting out his multi's but they are located in a much more desirable part of the city. I also have a friend that bought a multi and he lives in one side and rents out the other. His tenant is paying off his mortgage. Great when it works.

Now I am not saying not to buy multi-family. I just think that one should do their due diligence before making the purchase. The numbers can look great on paper but when realty hits. Those numbers go right out the door. 

I hope this helps.

@Ethan Simcox

I agree with @Neil Aggarwal. Find another lender. If they don't respond to you now how do you think their loans are going to turn out for you. It will be nothing but delays. Not good when your try to close a deal.

Contact me if you want some help. 

@Alex Stepanov

I think you are leaving out something still. I don't know of any Real Estate broker that is going to get upset just because you ask to be put on the MLS search.

What exactly is it you are looking to do? 

@Sterling White

 Congrats to both you and Jacob! Great article. I wish you both much success.

@Account Closed. He handles rental property ins. You can find him on here 

@Mike D'Arrigo

It's in Bates Hendricks.

@Micki M.

Your rehab team did a very great job! This property should sell quickly. You've done very well.