All Forum Posts by: Rodney Kuhl

Welcome @Brad Stillabower ! What kid of investing do you think you'll want to get into? Do you have a certain area you're looking at?

@Chris M. You can find properties in Indy for that $30-40k all in price that will rent for $700-750/mo or better. You just have to find the right deal. I am a wholesaler in Indy and I could help you. What is you criteria that you are looking for in a property?

@Sterling White Welcome to the site! What areas of Indy are you looking at? Also, what kind of investing are you doing? I am a wholesaler in Indy and also have a rental property, and I'm always looking to connect with other local investors.

@Calvin Craig Welcome to the site! What part of Indy are you looking to purchase in?

@Cary Trusty Sounds like you are on a good track. I bought the "expensive house" (though it's not really expensive as I set the limit about $90k below what I "qualified" for, haha) back in October. I feel like that is out of the way and now I can focus all of my extra money on acquiring rentals, which is great. I'll shoot you a PM and we can connect there.

@Steve Lawson Thanks for posting those. I'm only looking at SFRs right now, as I think that provides more flexibility down the road. Plus, many have informed me that multifamily just don't perform as well in Indy. I'm mainly looking on the north/northeast/east parts of Indy right now since I live up in Fishers, makes things easier for me, plus the rent rates are pretty decent there.

@Shawn Holsapple I would love to use the strategy you use, buying with private money and then pulling it all back out with a HELOC. I feel like I need to prove myself more first by acquiring a few more before I ask for people to invest with me. Definitely what I plan to do in the future. As always, appreciate your input!

Thanks, @Mike D'Arrigo ! That's kinda what I'm wondering. With prices still low but rising, and the cost of borrowing money so low, it is a good idea to do it the conventional way and leverage using a traditional mortgage. I think that's a great idea. But if I do that, I'd eliminate the second option. If I was using $15-20k as down payment/rehab/etc, that would put me that much away from being able to do option 2. I feel like once I get to option 2, I can always go back to option 1. But I can't do option 1 and go to option 2, if that makes sense.

First rental is doing great, but I'm still setting aside money for vacancies and repairs, as I know those will pop up at some point.

Been awhile since I've been on the site steadily. My wedding in a month is sure taking up a lot of my real estate time. Pretty good problem to have though I guess. :)

Anyway, I'm currently sitting in a situation where I'm not sure what to do. I bought my first rental in April and everything is going really well with that one so far. I want to buy a couple more before the year ends if possible. Being in Indianapolis, it's reasonable to buy a SFR for under $50k (I purchased my first for $47.5k and it's renting for $825/mo), so I don't need a ton of money to buy another. I currently have about $20k that I could move around in investments (stocks, etc) that I could use to purchase another property. Here is my question, what strategy would you do?

1) Buy another property, taking out another mortgage (my 3rd counting my residence) and put 20% down plus closing costs, origination fees, rehab etc. All of this, if I find the right deal, could be down for $14-15k or so. This is option 1.

2) Continue saving up and wholesaling (I have now done 2 deals with a partner and I'm working on more now) until I get to the point where I can buy a property with cash, rehab it using cash, and then pull all of the money back out with a HELOC.

Option 1 would allow me to purchase my next property soon. Option 2 would take longer to purchase another, but after my money would be pulled back out of the deal, I could reinvest it all and continue the cycle, acquiring a bunch of properties in a short amount of time.

What would you all do? What do you see as the downside to either strategy? Thanks a lot! (Sorry that got long!)

@Clay Manship @Jonathan Bailey I'm not an expert on FHA vs. conventional loans, but when I purchased my residence in October I was able to get a conventional loan and only put 5% down. My understanding with the difference is that with a conventional loan, you pay PMI until you achieve 20% equity, whereas on an FHA loan, you pay PMI for the life of the loan. Someone correct me if I'm wrong, but I believe that's right. I'm not saying don't do the FHA loan, but looking conventional may not be a bad idea either.

Clay, what portfolio lenders have you been talking to in Indy? I bought my residence in October and my first rental property in April. I'm looking to acquire a few more, but I think I'll run into the same problem in the near future.

Welcome, @Dave Comer ! Do you have specific areas in mind of where you are looking to buy? BP is a great reference and there are many people on here willing to help along the way. Look forward to interacting with you in the future.