All Forum Posts by: Jacob Brattain

@Kyle Beauchamp typically the formality of filing the entity offers the protection.  However, you have to actually run that entity like a business - it wouldn't be fair for someone to skate liability for a small filing fee and a piece of paper.

For example, you should be keep separate accounts for your personal and business spending, make sure all documents related to the business are signed in the name of the LLC, and keep up with the required business and tax filings of the LLC.

I'm not licensed in Kansas, so please check with a local attorney or cpa to confirm.

@Jeanne Hink Good Morning Jeanne,

I think that everyone will need a little more information to be able to answer all of your questions and properly analyze the deal

Try to provide:

• The ARV of the property (that means after renovation value - what will it be worth after the project is compete?)
• What are some comps in the area? (should tell you what types of houses are selling quickly 2br/1b v 3br/3b and how close your ARV will be)
• What will will your purchase price and renovation budget be?
• How will you be funding the deal and the renovation costs?

Best of luck!

@Ciprian L.  as with many other areas in and around Indy, there's a wide variety of properties in that zip

There are a couple of rough patches between 52 and 40, but generally anywhere close to Franklin Township/Southport/Greenwood area you should be fairly safe. Also if you get close to New Palestine on 52 or Greenfield on 40, those would be good areas

@Ciprian L. I'm having great luck with the laminate in my rentals around Indy, especially in the living areas.  I typically put it in the bedrooms as well, and get a cheap area rug if they ask about carpet or seem worried about cold floors.  Most will appreciate the ease of cleanup with the hard floors as well.

Let me know if there is anything I can help you with being local.

@Brandon Collins welcome! I'm just down the road in Shelbyville.

I closed on a flip property today that we will begin work on within the next week or two. If you're interested in flips or rehabbing, I'd be more than happy to have you on site or work through the numbers.

@Eddie Sorrell

Good luck with your start! I have a couple buddies that farm/live in and around Mt. Sterling.  I know one had an old house in town he was looking to sell a couple months ago, I can check if he still owns it if you'd be interested!

Happy Thanksgiving!

@Kelly Conrad  I'll add +1 for great luck with tenants that have a lower credit score. Unfortunately many of those with "better" credit are starting to qualify for loans again

You'll have to research this with tenantcloud, but i believe some of the rent management software companies that processes rent payments report to credit bureaus. Could be another good way to attract tenants if that is something your management company already does - renting with Conrad Rentals helps build your credit!

Frequent reader, new poster here on BP, sorry to hear about your situation @Mitch Smith

I'm a real estate attorney and contractor/investor in the Indy area (based out of Shelbyville, 25 minutes SE of Indy) and I'm seeing this happen far too often right now. Fortunately for us some of the areas around Indianapolis are being revitalized, but unfortunately that means the good contractors are swamped and the hacks come out of the weeds.

Thanks for the heads up on who to watch out for, best of luck!