All Forum Posts by: Joe Swanson

They are saying the management company that they took over mailed all the security deposits to the owners, but we never received anything.  I really don't like having to manage a management company.

I'll eventually get to the bottom of it but man is this a pain.

We had a very poor experience with Kline Properties out of Indianapolis, and their owner Steve.  They would not return our emails or phone calls for weeks until we emailed everyone in the company.  We tried to switch property management companies, starting August 1st, they are saying they don't have the tenants security deposit, and now they are refusing to refund us a management fee for collecting rent that they should not have collected for August.

Please do not use them if you can avoid it.  

Sounds like you just listened to Marco's Passive real estate investing podcast.  I need to get on that train as well.

@Traci Cameron  The most important thing is to not give up!  My wife and I are looking for just our third property right now, our first property I feel like we got lucky, it was only our second offer that got accepted and went to close.  We've only used traditional financing so far.  You could try more earnest money down to sweeten it a bit.

Our second property probably took 15-20 offers before we actually closed on one.  We had 4 of those accepted, but other things didn't work out.

Of course a hard money lender is going to tell you that hard money is the way to go.... they want that interest!

If you trust your realtor, keep working with him/her, stay at it.  If you know the neighborhood you want, there are ALWAYS more houses and more deals out there, you'll get one.  Stay positive and good luck!!

Joe Swanson

Since BloomBank was bought out, has anyone found a comparable or better local lender in Indiana that does portfolio lending and rehab/construction loans?

Joe

Anyone know what their lending rates are?  apr, points?

I am in this same boat, TSP earnings are less than ideal. A checkbook IRA does sound like a hassle to set up, but I've been looking at switching my TSP over to a SD IRA to supplement my 401k. With a custodial SD IRA, is the transaction fee on every withdraw and deposit into the IRA?

Joe Swanson

I'll PM you!

Thanks guys, I guess it's just wishful thinking that 10% means 10% annually. I think I'd rather see no fees for anything and just have the monthly charge a higher %, just my opinion.  We do feel comfortable with the PM we've been moving forward with, she's been very open and honest (at least that's the vibe I got) and always has returned our calls and emails.  I've been searching and searching wanting to save money where I can without sacrificing quality of work.

Hi Everyone,

I'm looking around at a few Property Management companies in Indianapolis.  I've found that most have come in at 10%, however, they have other fees for just about everything.  Can anyone share with me they're costs and fees of what you use for a PM?  Most companies that I look at actually come out to about 13.5-16.5% with new tenant/lease renew fee or construction fees, far more than just the monthly 10%.