All Forum Posts by: Mark Jones

@Account Closed my recommendation to someone in your position is always to get a part time job doing something in real estate. Even if it doesn’t exactly fit with what you think you want to do. Look at property management companies, brokerages, title companies, etc. You’ll get paid while getting some valuable experience. 

Welcome @Michael Matter, I’m in the neighborhood. 

@Lynne MacFarlane I think the Fishers IKEA makes sense as it is. It’s packed all the time. The few patches of real estate big enough in Indianapolis for their parking lot alone would be one of the shuttered old malls. A growing commercial area is probably more appealing than trying to be the reason for a turnaround at an old mall. 

@Fred Ewert there is absolutely nothing wrong with the satellite cities. The reason they don’t get nearly as much attention is like you said appreciation will likely not be as high and it’s harder for an out of state investor to develop a network there. There just aren’t as many resources. For a local, I believe it can be a huge opportunity. 

@Robert Henderson I guess the answer may depend on whether you have an idea of what area of real estate you want to get into. 

My recommendation, and what I wish I would have done, is to save up my money, try to get a job at a local property management company (or another REI related company), and start attending REIA meeting.

Then when you get out of school and know where you are going to end up living, you should have some good experience and some money in your pocket. 

@Jaron Walling, I would be suspect of any work that has been done by them or is claimed to be done, think electrical or hvac. 

If you look at it with that knowledge, it could be viable. Everything has a price. 

@Nathan Godson, I agree with @Jonathan R McLaughlin, .5% rate difference on this size of loan isn’t going to add much to your monthly payment. Stay where you’re at. 

My experience is that rates for multi's do run .5% higher than rates for a SFR.

@Nikki N. what is the timeframe of your 2-3 emails? Is your PM not replying to the first email within 24 hours?

@Jacob R. what are your prospects on a cash flowing house hack if you sell? I think we need a little more info to give you better advice. 

What is it worth today? If you’re gonna sell, today is the day to do it. But assuming it’ll cost you 10-12% to sell, would you walk away with anything?

Someone mentioned doing a refi. Even if you could do a 90% LTV cash out, don't do it. Adding debt to this property isn't going to help you. Especially to only get $25-30K.

The easiest way to improve the situation may be to work with what you have. Are you sure you can’t squeeze another $100-150 per month out of each unit?

Did the tax appraisal increase to your purchase price or significantly above it? If it’s above, definitely appeal. Not sure about your area, here it’s pretty straightforward. If the appraisal is near your purchase price, you may be up a creek. 

I’d say the last option to salvage this is consider a short term rental situation. Either AirBnB or a furnished executive rental if that makes sense for your area. 

Hope something in here works for you. Good luck. 

@Tynessa Franks, I’ll second what @Larry Fried said, those duplex’s very much do exist but inventory is low and they sell quick. At current prices most don’t even meet the 1% rule any more.