All Forum Posts by: Joseph Leonard

@Adam Garza - you may try Security Title Services in Indianapolis. I just closed on a rental with them and they may facilitate your needs. Give them a call. 

@Thomas S. - not too sure to be honest. I've looked online and there are some 5 bedroom houses for rent in my area but Indiana is a much different market than SoCal. 

My whole reason for considering renting this out is just because I'm paying a mortgage on a house that is so large that I don't need it. I feel as if I am just paying for a lot of space that I'm not using. I'd love to get into a smaller 3 bedroom house under 2,000 sq ft to help cut down on mortgage costs, maintenance, utilities, etc. I'm wondering if it just makes sense to cut my loses and sell even if that means I'll lose money on it in the short term but gain long term by having a much lower new mortgage. 

@Atwan Kwan thanks for the input. I have actually been doing Airbnb for about 2 months now and have made around $1300 doing it. That has been good. I guess I should have been more clear in my post. I'm considering my wife and I moving out and just making it an actual SFR rental with a 12 month lease. Thoughts on this?

BP community,

I've got kind of an odd ball question I wanted to get some opinions on. My wife and I recently moved from CA to IN (work related move). During the move process we decided to build a new house in IN. As you can image, the price of housing in IN vs CA is much lower and we thought yeah, why not build a new, big house? This of course was before I found BP and read books such as Rich Dad, Poor Dad, etc. I've come to regret the decision to build the big house as we are just two people living in a 5 bedroom 3,000 sq ft house. I've just more than ever started asking myself why?

I own one rental condo in CA and just purchased a rental SFR in Indiana so I do have a bit of land lording experience. My question to the BP community is: would it be wise to rent the above mentioned 5 bedroom newly built house? We do not want to sell it because we don't want to lose money on it. It is in one of the nicest communities in our city and would attract a more affluent tenant. My only worry is for such a large and new house, does it make sense to rent it? It would cash flow by about $300-500/month I believe. Any thoughts are much appreciated.

Thanks Lee! Will keep that in mind for sure. 

@Lee Smith - thanks for all the info!

Thanks @Lee Smith! Another question for you - what do you think about potential tenants that say they have disability income or say one person works and the other has disability income? Is that an acceptable form of income and something I don't have to worry about?

Lastly - if I rent out to elderly people and say one of them passes away in the house due to either old age or illness does that have any bearing on me as the landlord, my assets and/or that property? That may sound a bit paranoid but just wanting to cover my bases in a variety of situations. 

Indy BP Community,

Is it legal to say you do not accept Section 8 on a rental property? 

Thanks for all the input everyone. I'm NOT allowing this to happen in the rental. 

Thanks everyone. I felt kind of dumb for asking but did ask anyways. I'm definitely not moving forward on that tenant. Thank you!