All Forum Posts by: Shawn Holsapple

Welcome @Matthew Copeland to BP!

Yes, that is true. Some local banks only work with locals.

You may want to try the lending arm of Econo Homes. They have a true no doc loan for 65% LTV [you must put 35% down] and no points. Just 9.9% APR and a one time appraisal fee. They will loan to anyone on NOO homes, including foreign nationals up to 4 units.

Let me know if you need the contact info for them.

It's good to see another fellow Hooiser on BP.

The podcasts are great along with the massive amount of info here.

Like Darrin Carey mentioned, if you get a chance to meet or attend a local event that Mike Butler is speaking at, it is definatly worth it. He has a great property maagement system and has a ton of great stories and a funny way to tell them.

I've found that local credit unions and small State banks are great for this.

Dusty, welcome to BP - a quick note about the podcast on your iPhone. I use the "1.5x" speed feature to blast through all my podcasts in my car much faster. Give it a try the next time you're listening.

Welcome, Scott!

Nick,

What kind of CAP Rate can one expect on a $300k home in MA?

If it's not 12%-15% you may want to look outside of that area for homes more affordable - i.e. $60k for a home that rents for $750 in a good working class neighborhood...Like Indianapolis.

$6k per month in PITI payments will get you about 18 homes in Indy NOW & not in 5 years.

Just a thought.

Michael,

It's not too cold here yet but you will need to "winterize" your home soon if you don't plan on having the heat on. Winterizing is done to remove most of the water from the water system with air pressure and then filling the drains and toilets with antifreeze. This can cost around $200. I prefer to just have the heat on. It's should be less than $75 per month and keeps the home in better condition.

Welcome Latham!

As mentioned above, be sure to check out the CIREIA meetings on the north side [www.cireia.org/] and the INREIA meeting downtown [www.myinreia.com] plus, don't forget to come have lunch with us this Friday - see @Taylor Jennings post above.

Welcome Steven!

I have a friend/client that works with the IMPD helicopter team. He does flips and some holds as well.

Let me know if you need anything. I cover all 9 counties and usually have several off-market wholesale opportunities plus full access to the BLC [MLS].