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All Forum Posts by: Scott P.

Scott P. has started 3 posts and replied 464 times.

Post: Fort Wayne, IN - Submarkets advice and Building a team

Scott P.Posted
  • Rental Property Investor
  • Indiana...mostly
  • Posts 466
  • Votes 245

I had a 2 unit in FW for about 15 years but i'm not active there now.  I'll try to watch for your posts.

Post: Overleveraging, net worth, cash flow and headache factor

Scott P.Posted
  • Rental Property Investor
  • Indiana...mostly
  • Posts 466
  • Votes 245

thanks for sharing.  I don’t know your specifics but if I were in your shoes I’d be patient.

Post: Anyone investing in Southwestern Indiana

Scott P.Posted
  • Rental Property Investor
  • Indiana...mostly
  • Posts 466
  • Votes 245

I might have experience there.  Can you be more specific?  New Harmony?  Warrick County? Evansville? Could you narrow it down?

Post: Lending for ground up construction of a sf vacation rental home Indiana?

Scott P.Posted
  • Rental Property Investor
  • Indiana...mostly
  • Posts 466
  • Votes 245

It’s simple to GC residential in Indiana.  I’ve done it several times.  If you’ll put @ScottP in posts I think I’ll get a notification and share info from my experience.

Post: General thoughts on barndominiums? Can they be a successful investment?

Scott P.Posted
  • Rental Property Investor
  • Indiana...mostly
  • Posts 466
  • Votes 245

Similar to @jaron walling, i see several within 5 miles of my PR.  I wonder if they are a fad or the future.  They have giant flexible spaces.  Might not be a fad.

Post: Utility Easement - American Electric Power -

Scott P.Posted
  • Rental Property Investor
  • Indiana...mostly
  • Posts 466
  • Votes 245

Regret I can't help but i'm curious to learn the outcome...

Post: Tenant breaking lease before the 12 month mark

Scott P.Posted
  • Rental Property Investor
  • Indiana...mostly
  • Posts 466
  • Votes 245

In my case i try to find out why they are leaving early but regardless i'm sympathetic and tell them if i can get someone else to move in about the time they move out, then I'd be happy to refund their deposit and let the new person move in.  I tell them that they can can help me and themselves out if they'd clean up really well and let people in to see it after i've put then new applicants through the same screening process they went through.  If i left a For Rent sign when they moved in, i ask them to put it back out for me.  I tell them i won't send a lot of people through but just a carefully screened applicant(s) like them.  I also ask them to let people know they are moving and that it's a good place to live and that i'm a good landlord.

The reality is that i can keep their deposit if they don't fulfill the lease term  The reality is that I can get a judgement against them if they leave early and i'm unable to re-rent - however the reality is that i likely wouldn't be able to collect on the judgement.  This is a reality that people who are not landlords do not understand - especially in "pro-tenant" states where people like you are considered "rich" because you've saved enough to put a down payment on a rental to help take care of your future  so that you're not a burden on others.

Basically, i stay respectful and helpful and strive for the best outcome for me and the tenant and everyone else affected.

Post: House Hacking in Indiana

Scott P.Posted
  • Rental Property Investor
  • Indiana...mostly
  • Posts 466
  • Votes 245

I've house hacked more than once in Indiana back before "house hacking" was a phrase.  It's a fair State, leaning towards Landlord friendly so there are many rental properties for tenants to choose from.

Post: Land development in Muncie Indiana

Scott P.Posted
  • Rental Property Investor
  • Indiana...mostly
  • Posts 466
  • Votes 245

Call the County Plan Commission (if there is one) and the County Building Department if there is not. Give them the address. Ask if they have jurisdiction or if a nearby City does. Ask whoever has jurisdiction what it is zoned - probably R1 (Single Family) or R2. Ask if there is a Zoning Ordinance. (There may not be.) If there is ask what the steps would be to change the zoning.

Ask a neighbor or Realtor (who you might List it with later) who the utility providers are: Water (or it is well for sure), Sewer (or is it septic for sure), electric, natural gas and/or is propane available, phone (sounds like a land line area), internet if available or only satellite. Contact each one and ask the cost to supply service (not counting the cost you'll pay a contractor to connect all but electric.)

I'll try to watch for add'l posts and reply again...

Post: what would you do with the land?

Scott P.Posted
  • Rental Property Investor
  • Indiana...mostly
  • Posts 466
  • Votes 245

I've bought farmland and subdivided/re-platted it in Indiana in 2022.  Based only on what you've posted, I suspect 2 acres would best be sold as is to someone who wants to build a home on it.  Now if there is 60 adjoining acres that's another story....

Call the County Plan Commission (if there is one) and the County Building Department if there is not.  Give them the address.  Ask if they have jurisdiction or if a nearby City does.  Ask what it is zoned - probably Agricultural or RR (Rural Residential) or R1 (Single Family).  Ask if there is a Zoning Ordinance.  (There may not be.)  If there is ask what the steps would be to change the zoning.

In my area, a mobile home would hurt the value and probably be protested by the neighbors, but if other areas not so much.

Ask a neighbor or Realtor (who you might List it with later) who the utility providers are:  Water (or it is well for sure), Sewer (or is it septic for sure), electric, natural gas and/or is propane available, phone (sounds like a land line area), internet if available or only satellite.  Contact each one and ask the cost to supply service (not counting the cost you'll pay a contractor to connect all but electric.)

I'll try to watch for add'l posts and reply again...