All Forum Posts by: Wes Singleton

@Jobee Vincent Buenaventura are you using a portfolio lender or are you refinancing with a conventional loan? Is it a 30 year term? I'm trying to see if my portfolio lender is offering good terms (80٪ltv, locked rate for 5 years, amortized at 20 years).

@Michael Seeker yes, that would be a risk. I'm going to dig a little deeper.

@Michael Seeker I'm thinking between 8 and 12 units. I agree that for 4 plex or smaller the numbers may not work. I also looked into this a few years ago, but decided against it because at the time, you could buy pre-existing so much cheaper. But as the economy changes, cap rates for pre-existing are getting so small, at a certain point it has to make sense to build.

I'm curious if anybody here is developing small multifamily.  I would like to make the jump from my single family rentals to development of small multifamily, but information on the subject is hard to come by.  Plenty of folks are fighting over existing inventory, but I'd love to hear if anyone has experience building them.

@Clay Smith,  can you clarify what you mean when you say you can't pass on liability to them?  Since you have two properties in Indiana, do you need to file an Indiana State tax return?

Thanks Warren, that eases my mind at ease a little. Any idea how property insurance rates compare to KY?

Does anybody here have rental properties in both Kentucky and Southern Indiana, (New Albany, Jeffersonville, Clarksville)?  I'm curious what the pros and cons of investing in Indiana vs. Kentucky would be.  I'm familiar with Kentucky landlord laws, but not Indiana.  The properties across the river seem cheaper, but the market seems to be a but softer as well with less demand.

I recently went to a local KREIA meeting after having trouble finding a house at the right price for an investor on the MLS. As I suspected, none of the investors I talked to were buying properties on the MLS. The MLS in my opinion is a poor option for investors right now.

@john Troise I was thinking the same thing.  If I could even get close to breaking even I think it would be worth it to have a vacation property, but I'd like to hear from others who have tried it first and what areas they are seeing the best rent vs purchase price.

Does anybody have any experience turning a positive cash flow on a beach front vacation rental?  It seems to me that the prices are just too high to use it as an investment.  I would love to see the numbers on one that works.