New investor from Indiana
Hi. I’m looking to purchase distressed properties for rehab either in Indianapolis or its suburbs. Came across a markdown for a 3BR, 1B for $8700. Needs complete rehab. I’m so new to this I’m wondering how to tell if that’s a good deal. What would my next step be? I would also be interested in acquiring properties for cash flow.
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@Account Closed Slow down a little. If its $8700 I'd be scared. Course, I don't know an address or area. And you might not want to post that publicly in here. Might get the vultures coming after you. There have been some posts about that lately.
- You want to purchase in an area or asset class that suits you.
- Depending on if you are using cash or conventional finance - this can determine some of your options as far as who you buy from. **Might not want to post that here.
- You may or may not need a good connection to handymen or contractors - be careful.
- You might need a good agent to help pull numbers, provide some local info, and just help keep it real. I'm a broker, but I am not soliciting your business. I just like to discuss best practices and help others from getting caught in the grinder.
I just wrote a blog on due diligence. Might want to check it out. Due Diligence is the key!
I've been around the block more than a few times!! LOL. I'm not selling anything. Just here to say - "be wary of those who are".
Best, Best Wishes!!