All Forum Posts by: Mike Knowles

Nice work, Clay. You are killing it. I officially don't feel bad about you paying for drinks the last time we got together. Keep it up.

Very, very few homes in Beech Grove have granite. Indianapolis, in general, does not have a lot of granite, even up through the 200-300k price point.  I'd go with high definition laminate.

This sounds like a standard commercial loan so resetting the interest rate every 5 years would be a common practice.  

I have not heard of COFI, but a quick google gives me a link that puts it in a similar category as the Prime Rate or the Fed Funds Rate.

http://www.bankrate.com/rates/interest-rates/prime-rate.aspx

I prefer Paramount, but Meridian and Hocker are also very good.  Dan Bostick is the only person who has given me a draft settlement statement before the actual day of close.  Seems easy enough, but it's rare.

I'd stay south of campus/Hanna, and between Shelby and State.  It's a small area, but much better than north of National.

 TK = turn key. You'll see that phrase a lot here. Essentially, he bought a property that was recently rehabbed, already had tenants in place, and a local property management company to oversee it.  

If it sounds appealing, that's because it is.  And because it's appealing to many investors, there are at least a dozen "turn key" operators in most major markets, many of which are just north of scam artists.  Caveat emptor.  If that's an avenue you pursue, do your own due diligence and find a reputable provider, then make sure you aren't over paying for the property.

I live in Indy and grew up in rural Indiana.  Land contracts are common.  I suspect many people want to buy this on contract, park a mobile home on it for 5-6 years, pay it off, then build a house (mostly by themselves).  There may be someone that goes to the bank for a construction loan and takes it from you in one fell swoop, but maybe not.  There's no lake access, it's not really big enough for hunting or farming...it's definitely a nice plot and plenty of people want 5 acres, but not many of those people have $25k in cash and then enough in reserve to build a house.

Depends how the note is structured.  It may be interest only payments, but it could also be set on a 25 year amortization schedule so you'd be paying off part of the principal each month.  The remaining balance would just be due at the 5 year mark.  Commercial loans work like this (but with the intent that the bank will refinance the remaining balance at market interest rates)

Here's the full set of pictures. There are a couple of the kitchen (this door sits to the left of the refrigerator).  It's tight and there are only a few feet of counter space with the current layout.

https://goo.gl/photos/v7inanTtNUViavyT6

I don't seem to have another picture of the rear of the house, but just off frame to the right is a deck and sliding glass door.  The door I propose removing is a 3rd point of egress.

I use a GC (and he uses licensed trades) for all my projects.  Definitely appreciate the warnings.

To increase kitchen cabinet/counter space on my current project, I'm removing an exterior door.  Unfortunately, the exterior is brick and I'm not sure how to close this off without it looking horrible.  Anyone done this before or have an idea?  This is on the rear of the house.