All Forum Posts by: Layne T.

@Hope Louisse Montenegro
Can you share the property/zillow listing for us to help assess?

Are you happy with your new property manager? I know a great one if you want a recommendation - PM me. 

@Dan N.
@Nathan Woo

I can't tell you how much I love these guys: https://www.indianapmg.com/

They're amazing. 

@Megan Henson
Take a hybrid approach - wait till end of the year?
- More deals to be had in Winter
- The economic shock to real estate post-covid, as little as it may be (5-10% even) is expected to work itself out by end of the year
- Get your ducks in a row before then, narrow down on neighborhood, save down payment money, furniture money, any immediate repairs/customization money

https://www.google.com/maps/d/viewer?hl=cs&mid=1ZJ6z2HR9cwVpc88QIQhmiRrwMg7-dW0H&ll=39.86312360446431%2C-86.19817545413298&z=12

@Manny Awasom
Stay in the greens, stay out of problems. 

https://www.chemicalbank.com/mortgage/loan-officers/shawn-huss

 

@Ricardo Peterson
The unfortunate answer is 'it depends.'

- SF:  Will it remain in a growth cycle post-covid? With the WFH trends increasing, will the market meteoric rise subsidize/level off? Pros- inflation on a 1M house raises value far faster than a 100k home in a smaller home even at 3%
Your broker commissions on a 1M house will also eat away much of that inflationary gain if you sell off soon.

- Small Town: Your experience will all depend on a) quality of property you buy b) quality of tenants c) quality of property manager. As long as you don't buy a wreck, I think "C" is most important. Interview extensively.

There is no wrong answer, and with all things considered, nothing wrong with waiting a few months/end of the year to see where the markets line up post-covid.

Good luck!

@Valentina Bizeta
If it was me, I would ride out for a while longer, see where prices go towards end of year.
Don't cash out the 401k/investment accounts. 

@Valentina Bizeta
Congrats on jumping in! You should include what your'e looking for, i.e. a duplex, fourplex, etc. Larger (will go commercial loan route)? Will affect the advice people provide. 

Anthony, 

This is going to go against the grain a bit as far as advice goes, but in your particular situation where you will be living there yourself:
  - Go with Avon, Plainfield, Brownsburg, Carmel
  - Don't worry about cash flow potential in a year, think in five years
  - These properties will actually appreciate vs. the rinky dinky 100k home (disclaimer - I have one of those too, not hating)
  - Tenants will be more long term which equals less turnover costs (carpet/paint etc. is expensive every year)
  - Less likely to default/evict

I have two in Indianapolis, have spent countless hours talking to brokers/property managers and getting lay of the land. Do this for your first one, then you can buy that 75k C class for a BRRR.

Good luck! 

@Tim Sipowicz
I'm in Indianapolis, but a good friend from Chicago is doing BRRR in Hammond and enjoying it.