All Forum Posts by: Ken Van Haitsma Jr

Great information from everyone, I really appreciate the posts!  I'm setting goals for myself to take action on the suggestions here, so thanks!

Congrats on the first purchase, @Linnea Minnema!  It's exciting to see people in a similar situation get started and close on their first rental.  Hope everything goes smooth for you as you wait for the cash flow to start rolling in!

@Tim Huffman Linnea is right, the podcasts are great.  I also listen to them during my commute to Naperville each day and they serve as a constant source of inspiration and a well of information.  Not to mention @Brandon Turner & @Joshua Dorkin make it fun and humorous, which makes it so much easier to listen to and absorb the info!

Welcome to BP, Tim.

This is definitely a great place to get more information and advice before taking the plunge.  I'm in the same place as you, I'm looking to make my first purchase in the next month or two so I'm learning as much as possible.

I've noticed a few people join from Northwest Indiana in the last couple months I've been active on the site, and there are more experience investors from the area on already who have been helpful.  It might be helpful if we can get a BP Meetup going sometime to get everyone together from the area to share ideas/advice.

Best of luck to you!

@Jeffrey S. Breglio Good information.  From the sound of it, speaking with a real estate attorney in my area would be the best action item for me at this time.  Appreciate the information.

@Paul Bojinov Using a "Doing Business As" name for the account does seem like it should work if I go that route. I'll bring that up as an option when I speak with a REI Attorney. Thanks for the tip.

@Harriet Baldwin I had read about the DBA option, but I was hoping there would be a way to use that for a business name without getting a separate EIN for taxes. I'm thinking you are probably right that I need to speak with a real estate attorney to get the best information for my area. Thanks!

@Steven J. Initially my plan was to open an LLC even though I was only starting with one property, but after reading about it for a while I talked myself out of it. It doesn't seem like there is any substantial drawback to starting one now, just that it isn't really necessary if I have proper liability coverage. It sounds like you think the experience of operating under an LLC would be worth it even if it isn't a necessity this early? I think it's $35 to file for LLC in my state (Indiana), so it isn't a big hassle or anything.

I think the biggest issue is that I would be buying property with my name (my lender doesn't loan to LLCs) and then I would have to transfer to the LLC after closing. Seems like it makes it more complicated and might have some legal implications I'm unaware of.

I will be purchasing my first property in the next month or two so I want to set up business accounts with my bank to keep all of my REI money separate from personal money. I've read all the arguments for and against forming an LLC this early and I don't think it's really necessary for me, but I'd still like to open accounts using a business name rather than my personal name.

Is there a way I can open accounts under a business name, use a business name on business cards, etc. without filing a formal business? It seems like using an umbrella liability policy will be sufficient for me until I have accumulated several properties. At this point, I will probably open an LLC. Until then I'd like to use a business name until I can formally file for an LLC, then use the same business name for my LLC.

@Adrien C. Have you heard anything from the investors you know who use Rose and CAPs about the ups and downs of each?  I also emailed Adam from RPM a couple times, but haven't worked with any of these companies yet.

I'll be looking to start working with one of them in the next month or two so I'm trying to find the best choice.

As someone currently living in the Midwest (Northwest Indiana) looking to start purchasing properties in my area very soon I'm curious if all the feedback above is strictly for someone looking to buy out of state simply to find something cheaper.

My plan is to invest in Northwest Indiana (multifamily/buy-and-hold), and the numbers seem to check out for me (using BP calculators), but some of the advice given about Indiana is making me a bit apprehensive.  Does it make more sense for me because I live here, or do the same points made about no appreciation and no growth mean I need to consider other areas?

Thanks @Jordan Thompson and @Sean OToole

So far it sounds pretty unanimous that this is a good time for buyers.  I appreciate everyone's input, hopefully this is helpful information not only for me but for other newer investors on BP wondering the same thing.  Appreciate it!

Welcome to BP, Tim.  Everyone here is very helpful so it's definitely a great resource.

It sounds like we have very similar goals!  I'm also just starting out looking to invest in buy and holds in Northwest Indiana (financially free in 10 years sounds good too!).

Best of luck to you!