All Forum Posts by: Dennis S. Gelbart

Congrats

First, Make sure you find out about owner occupied properties. You should get a tax break since you are living in the building. I would review the podcasts of bigger pockets and pick the topic that is most  pressing then listen. I find if I focus on my problem now. Look from a PC of the list of podcasts see the one that is your most pressing issue and listen. 

Let me know if that works 

There is also another podcast. He spends a little too much time complementing himself ( the podcaster) but if you get over it he does offer information. Corey Peterson and Multifamily... 

Good luck

Feel free to ask questions

Dennis

I will answer all individually. Thanks all for your inputs.

Eric, 

Good points. What do you consider the worst street in Valpo ? That is a good piece of info to have! Yes 190k for 1 br seems high.

Lake Station may be an idea.

Thanks again

Deana,

Michigan City is a lot older I am told but you can get a  nice 1200 sf single family, is that correct? 

Best,

Dennis

Thanks for the kind offer. 

If you had to name three sections of town I should focus on for single and multifamily what would be their cross streets? Or if another town nearby what town (like Chesterton or  Lake Station etc...

best

Dennis

You need to do some homework and look at demographics one elementary starting place is an app called...  best places..... that is a start. Then go to US Census demographics about the economy of the area .  Go to census data american fact finder ... Start doing homework. Look at the amount of households, ages, number of units etc.  If you need help let me know. 

Good luck

Dennis Gelbart

Due diligence plus

The answer as with all real estate is .... It depends. Are you going to use the property? What are your economic goals? Do you want to cover all the mortgage costs? Are you putting in cash? Where is the property, and is it full during the season for that area of the country? My kids have a rental property on Cape Cod, Ma. A beautiful 6 bedroom home on a pond. Their goal was to cover SOME of their mortgage have a place to go the off weeks and an escape in the winter (it is beautiful there in the winter) . So it all depends on your goals. 

I have been researching and visited Valparaiso, Indiana and am looking to buy multifamily or single family for  rentals both near the University and not near the University. Anyone have experience in that market?

Dennis Gelbart

Due Diligence Plus

You are correct that it is a stream of  4 renters vs. one larger lower rent home. BUT.... I had experience where the renters if they are not the right types can DESTROY the home and it costs you 2-3k to fix up. There are positives and negatives to both. I recommend getting a lease from EACH person with a security deposit of at least $1k each to cover destruction costs if any

Dennis Gelbart