All Forum Posts by: Neil Goradia

If you need money now you could get a private loan secured by the real estate until the 1 year mark is reached and then refinance. Just a thought.

Thank you very much for your advice. I will talk to my attorney and see if I can get my hands on the paperwork. Definitely something that I would consider!

Does anyone have problems with tenant buyers destroying the house? That would be one reservation I'd have about handing over the reigns regarding maintenance. I could see a lot of tenants trying to fix or delay things DIY style to save money.

@Jeff Filali and @Account Closed, can you share how you do the paperwork for a seller finance? I've done a land contract before, which fell through and was a mess. What have you found to work? Some of my long term tenants may be interested in doing this.

Thank you.

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The answer depends on your strategy... Wholesale, buy and hold, or flip?

If wholesale, you have to keep your end buyer's criteria in mind. If buy and hold and you're handy then look for something you can put sweat equity into. If you're not handy then you'll need to find something that is mostly finished but you will end up paying more. In general, the goal is always to get the best cash on cash return. Keep in mind, the properties in war zones will trick you into thinking you have the highest rate of return because they are so cheap, but you need to factor in vandalism, vacancy, etc. So try to stick with middle of the road areas that will have less turn over.

I ran into the same type of problems when I started out in Indianapolis. Try the smaller banks or credit unions. 

Otherwise, you usually have to go with private money. Having said that, I wouldn't recommend borrowing private money for a rental because it forces a long term relationship which doesn't always work out. So what we did is borrow money at a fixed rate from an investor and flipped a few houses. This ensures the relationship could be done after each deal and allows you to build some seed capital to start buying longer term buy and holds.

I'm from Marion County....just do a quit claim deed, no reason to have an attorney do it. If you want a form I've used just send me a PM and I'll send it to you. Also, in order to get it recorded you'll need to do the sales disclosure form. The entire process is online at this address: http://gatewaysdf.ifionline.org/Default.aspx

I usually print out and go to the assessors office for their stamp, then to the recorders office. Since it looks like you are out of state, there may be a way to mail it in but it will take longer. 

Haven't tried those websites, but Zillow is good for recent sales (not good for much else, especially those stupid "Zestimates" ha!). Search for the house and in the drop down select "recently sold". It pulls from public data so I'd say it's pretty accurate. For rental comps you can try the same thing or just drive in the areas and call the for rent signs until you get a feel for what 2br or 3br houses rent for.

Listsource.com is pretty good. You can specify exactly what you want right down to the zip code or street name if you want.

Indianapolis - under $50k turnkey, $750+ rent all day long