All Forum Posts by: Joe Schriever

Can anyone recommend a local hard money lender that services the Indianapolis or Indiana markets? Search results online and in forums provide some big nationwide companies, but I was hoping to find a local hard money lender in my area. Thanks! -Joe

Can you provide more information on the properties? What are the addresses? 

Thanks guys! Great to meet everyone! And thanks for all the stellar advice - I'll certainly use it! 

Greetings! I am new to BiggerPockets and new to real estate investing. I haven't done any deals yet (only my primary residence, which I'm considering converting to my first rental). I am currently an IT consultant and work from home, so I have a bit of flexibility to dedicate time to REI. Hopefully one day I'll be able to leave the corporate world to run our real estate empire :) We want to get our business up an running in the next 6 months! We are looking to invest in Central Indiana, in and around Indianapolis mostly. Currently reside in Zionsville, a suburb northwest of Indianapolis.

I'm open to connecting with investors in Central Indiana, feel free to add me or message me. I recently found some info on local REIA, so I look forward to joining and participating in those.

I look forward to interacting with the BP community as I learn and grow! 

We recently listed our primary residence for sale. We have no other real estate holdings YET. We recently started executing a plan to start our REI business, and the first step was to get rid of our primary residence - it's costing us too much money that could be spent on investing (thanks, Rich Dad Poor Dad). We wanted to sell our home, free up some cash, then start buying rentals.

Our home has only been on the market 3 weeks. No offers yet, but someone recently offered to rent it from us for 12 months since they are new to our area. Turning our home into a rental never really crossed our mind - it's at a price range where people don't normally rent and in an area where prices are too high for us to start investing. However, if the numbers work, we are strongly considering it. 

We also intend to purchase another home after this one to live in - a new primary residence. 

A few questions 

1. Are there any 'gotchas' when converting your primary residence into a rental?
2. Do you evaluate rentals at high price points ($3k per month rent for single family house) the same as lower price points? 
3. We built our current home and the majority of items are still under builder warranty - do I still need to put aside 5-10% for CapEx and repairs?
4. How do mortgage lenders look at this situation (keeping current home as rental and buying a new primary residence)? 

Thanks BP!!