All Forum Posts by: Sreeraj P.

I'm a new "investor" (quotes because i havent started yet) planning to get into the Indianapolis, Indiana market in the next few months. I just discovered this a few weeks back and have been lurking on the forums for a few days now.

My plan is to start with turnkey SFRs as I do work full time and live about an hour from Indy. I've been finding TK providers from @Jay Hinrichs site (thanks Jay!) and have slowly started interviewing them along with ppty managers (hey @Joshua Bangert) in Indy. Planning to meet and greet 3-4 after i come up with a shortlist and finalize one..

In the meantime, I plan to build up my network (over a couple of years) so i can probably do my BRRRRs myself. If any out of state investor is needing a disinterested third party on the ground to help them out with pictures, doing drive bys to check out their ppties, neighbourhoods etc, please let me know and I will help out.. i do need you to open up a bit to me so I can learn from you in return..

happy investing all!

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@Thomas Landis do you have a recurring meeting? do you have it on meetup or somewhere so we can RSVP? Thanks!

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Originally posted by @Todd Krzeminski:

I have two properties in Indiana that I want protected by a business entity. I live in Virginia so this is out of state. I've spoken with two attorneys to put these properties into an LLC, but they are charging around $1000 to do this (including the state fees). I was wondering if it makes sense when I could go on the Secretary of State's website and create the LLC myself, for much less.

Here are the steps involved as I understand them.

1. Create LLC with state.

2. Get a registered agent in Indiana.

3. Get an EIN for the entity from the IRS.

4. Open a bank account for the LLC.

5. Transfer the properties via a Warranty Deed to the LLC (I'm still fuzzy on how to accomplish this step).

I figure I can save several hundred dollars doing it on my own. Am I missing something? What are the risks?

Todd..go try this state website.. Create login using your email id..sorry.. But I'm posting from my phone..

Link

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Originally posted by @Joe Fletcher:

Hi all, my 1st post on BP.

I have little to add since most of my questions have been asked and answered. My call is set with Morris Invest for mid-October. His podcast is what turned me on to REI, especially outside my expensive local market. I've since been listening to BP podcasts, reading up, etc. The comments here have been a harsh reality check on the "no-brainer" enthusiasm from the Morris podcasts.

So mostly, I want to thank both the newbies for their questions and the experienced pros for their advice. For me, this thread has been a case study on how to critically evaluate turnkey investments in C class areas, including how to evaluate TK providers. I am much more prepared for my call, but am now aware of and considering other options.

Finally, I can't help but mention how impressed I am with the BP community. The discussion is at such a high, professional level. It makes me a lot more confident there are experienced pros & newbies alike available for support once I start investing. Everyone's contributions to posts like these really do make an impact (in case you were wondering).

At some point, I'll start adding some value back, but I'm using this gushingly thankful post to get over the hump.

@Joe fletcher.. Dont expect too much from the call if it will be anything like the one I had with Larry. very few details.. sounded very much like he had a script that he had to stick to and then an email afterwards supposedly providing me the details i requested during the call. I later found out from this thread that the same email is sent to everybody else. so pretty much no details in there as well.. good luck! i bowed out

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Originally posted by @Matt Pieper:

Matt, this one is in Seven Hills, suburban Cleveland. Do you have a recommendation on a local investor friendly lender?

Thanks

please check with union savings bank.. my primary had a $500 closing cost with them.. they were .25% higher than the cheapest..

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All Forum Posts by: Sreeraj P.

Sreeraj P. has started 2 posts and replied 15 times.

Post: Newbie looking to get into Indy market

Post: Newbie in Bloomington, Indiana

Post: DIY LLC?

Post: Morris invest - any insights?

Post: Refinance question (somewhat academic)