All Forum Posts by: Kevin Wyn

I can't make it this month, but i will definitely be looking for the future events.

I am looking at purchasing properties with a partner to hold as rental properties in Indianapolis. I know if you own the properties yourself you do not have to have a broker license. What about if you own 50% or less of a property? Would I still legally be able to manage it without a license since I am a part owner or do I have to have 100 control of the property?  Thanks

@Brian Garrett That is correct, BRRRR. Purchase and rehab were cash with a private money loan. Upon refinance I will be able to pay back my investor in full and have no money out of pocket. All in all it will be a perfect start on my journey to financial freedom.

Congrats! I second reading The Book on Managing Rental properties. It goes step by step through all of the items you listed and more. I personally am using cozy.co to start my management. You can create listings to market your property on multiple websites, run credit and background checks, accept applications, accept deposits and rent, and they recently added maintenance requests all for free. It is almost a one stop shop for free which is great when starting out when you have to keep expenses as low as possible.

Yes, they were very easy and fast to work with. I hope to work with them again very soon.

My first investment property purchase has been a learning experience, but overall a smooth process. This is our 2nd rental (accidental landlords when we moved back from Texas), but our first property that was bought as an investment. Got a great deal on a 2/1 thanks to @Brett Snodgrass and the SimpleWholesaling team. It is in a great rental neighborhood on the East side of Indy just outside the 465 loop. Rehab included new gutters, power wash outside, gravel driveway, shutters, vinyl plank flooring, blinds, attic insulation, plumbing leaks in the crawl, paint throughout, backsplash, among other things. With some help from friends and family we got the work done quickly. My wife and I will be managing ourselves and have the house rented to a nice young couple. Purchase+Reno totaled 32,000. Thank you to BP and the BP Community because this journey would have never started without the information and guidance provided here.

Rent: 750

Taxes: 68

Insurance: 36

Maintenance: 50

CapEx: 100

Vacancy: 45

Management: 75  If we ever decide to use one

Monthly Cashflow: 376 w/ management

After refinance: Monthly payment 222

Cashflow: 154 with no money into the deal

Before

After

Before

After

Before

After

FloorsToYourHome has 4 locations in Indy. I just picked up nice click together vinyl plank for .99/sf on sale.

Amazon has proven to have some good pricing for misc. items that can't be found in store at HD or Lowes.

@Patrick Boutin I am interested in buying properties in the Greenfield area. I actually live 10-15 minutes from there. Would like to hear more about the property and could even look at it for you. I am not a realtor so I couldn't provide a BPO, but I am an investor on the east side of Indy and could take pictures/video. PM if you are interested.

It is a 3/2.5/2 with 1670SF on a gated street. Bought with a conventional loan. I have contemplated the long distance landlord idea, but not sure how I feel about it having no land lording experience.

Michael Thompson I already spoke with the president of the HOA and there is no problem with renting the place out. As for the appreciation, I am a member of the DFW REIA and at the monthly meeting they provide a market update that covers real estate supply and appreciation rates. We are seeing 8-12% appreciation. Also I work in construction so I have an inside look at all of the companies that are moving here and there will be thousands upon thousands of job moving in to continue the demand. Coire Fox I interviewed two property management companies that were recommended on BP and really like one of them. They provided me with the target rental price which matches what I have found myself. I would get final say in approving or denying a potential tenant so I can do my best to get a solid tenant.