And The Winner Of The Free BP Duplex is…..

And The Winner Of The Free BP Duplex is…..

Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes

My wife and I are extremely grateful for @Jay Hinrichs deciding to partner with us on this. We know that it’s a huge opportunity for us and those of you following this project. 

The Duplex:

I will be updating this thread with pictures of the property later today. It is located in the heart of Kokomo IN about 30 minutes North of Carmel. It’s set up as unit one downstairs and unit two upstairs. There are a few other renovations actually occurring on the same street. Projected rent will be $550 per side. As the property currently sits it’s vacant and needs some TLC. Our Ballpark estimate is somewhere in the neighborhood of 15k in renovation costs. The property has extremely solid “bones” but needs all of the “finishing” touches to make it livable.

Which Charity did we pick?

My wife and I settled on A21.org. We have financially supported them in the past and they are a great organization. If you want to learn more about what they do check out their website. Their goal is to end human trafficking in the 21st century by partnering with local and national law enforcement agencies, shelters, and individuals.

What you can expect!

By accepting the responsibility of this project I will be updating you guys with everything from: before/after shots, budgets, time frames, the leasing process, and even long term financials.

If you have ANY questions at all do not hesitate to ask! The goal of this project is to make it a learning experience for anyone following along.

Thank you Jay for the opportunity and@Brandon Turner/@Joshua D. for all you guys do to make this a great community. Make sure to follow this thread. It's going to be a fun one. 

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y

@Ryan Dossey  Ryan best of luck with the project and to all those that were interested this was a tough decision,, Ryan and his wife hit all my criteria's and I feel very comfortable moving forward with them on the project.

 And as substantial contributors to BP I know they will be around for a while and give us some great reports on their progress.

I may put up with another one or two of my Orphans this coming year that I will do this with they will be in different markets..

Maybe Brandon Turner can coin a new term for my version of investing buy high and give away  LOL..

In all Seriousness congrat's  Ryan and good luck with it.

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  • Roy N.Pro Member
    Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
    10y

    @Ryan Dossey - congratulations young man!  I'm going to be following and quizzing you on the energy efficiency improvements you are/should be making along the way ;-)

    Jay - good on you old man ;-)   You inspired me to do something similar locally ... which I may blog about later.

  • Realtor · Charlotte, NC · Member since 2014 · 935 posts · 467 votes
    10y

    @Ryan Dossey congratulations on your opportunity , we look forward to your progress. Persevere!

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Ryan Dossey  Ryan best of luck with the project and to all those that were interested this was a tough decision,, Ryan and his wife hit all my criteria's and I feel very comfortable moving forward with them on the project.

     And as substantial contributors to BP I know they will be around for a while and give us some great reports on their progress.

    I may put up with another one or two of my Orphans this coming year that I will do this with they will be in different markets..

    Maybe Brandon Turner can coin a new term for my version of investing buy high and give away  LOL..

    In all Seriousness congrat's  Ryan and good luck with it.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Don Harris  I think Ryan and His wife will do very well with this project they loved the property and that is a great thing coming out of the gate.. the property is an older farm style home so it has some nice curb appeal and with the appropriate amount of love it will be a winner I am sure about that... Just needed someone local and on the scene to take care of it.

    I rather like Kokomo actually I started lending there in 06 .. I had a turn key operator out of Phoenix that I funded for years his model was satellite cities with very low crime rates.. And then the new factories popped up and the ease of getting to the Indy international airport made it a nice play for us.   

  • Investor · Portland, OR · Member since 2015 · 119 posts · 78 votes
    10y
    Great choice on charity!!! That's a real problem that not a lot of people bother to learn about. Good on you!
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Ellie Hanson  and its a big issue in downtown PDX as you may or may not be aware !

  • Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
    10y
    Originally posted by @Ellie Hanson:

    Great choice on charity!!! That's a real problem that not a lot of people bother to learn about. Good on you!

     I agree. It's something that's always been on my heart. Most folks like to pretend that it just doesn't happen. 

  • Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
    10y
    Originally posted by @Roy N.:

    @Ryan Dossey - congratulations young man!  I'm going to be following and quizzing you on the energy efficiency improvements you are/should be making along the way ;-)

    Jay - good on you old man ;-)   You inspired me to do something similar locally ... which I may blog about later.

     Feel free to throw out any suggestions! 

  • Roy N.Pro Member
    Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
    10y
    Originally posted by @Ryan Dossey:
    Originally posted by @Roy N.:

    @Ryan Dossey - congratulations young man!  I'm going to be following and quizzing you on the energy efficiency improvements you are/should be making along the way ;-)

    Jay - good on you old man ;-)   You inspired me to do something similar locally ... which I may blog about later.

     Feel free to throw out any suggestions! 

    Ryan:

    It would be my pleasure to help where I can.  Once you have a chance to give it a good crawl through, let me know things such as:

    1) Foundation (rubble, brick, block, poured, encased rubble, etc)

    2) Framing - ballooned framed, western platform or something else

    3) Wall section:

    Cladding - brink veneer, clapboard, shakes, masonite, vinyl, multiple layers, etc;

    Outer sheeting - plank (square milled or live edged); plywood; OSB; hardboard;

    Insulation - None, R5 paper-backed rock wool; R5 - R8 fibreglass; blown; UFFI; etc

    Windstop - is there a layer of lath-and-plaster in the wall cavities;

    Vapour barrier - is there one, is it paper or plastic.  Is it overlapped and taped?  Are the perforations (electrical boxes, plumbing, etc) wrapped and taped?

    Inner surface - drywall, KP board, Barker board, lath-n-plaster, panelling, tongue-n-groove boards, some combination?

    4) Similar break out of attic, roof, sophist, etc.

    As always, pictures are worth a thousand words.

  • Gregg GannettPro Member
    Real Estate Investor · Greenville, SC · Member since 2013 · 47 posts · 24 votes
    10y

    @Jay Hinrichs 

    BRCK - Buy, Renovate, Cry, Karma

    BRFF - Buy, Renovate, Foreclose, Forgive

    PIG - Properties Inversely Growing 

    -G

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Gregg Gannett  I see you put some thought into my investing model.. I will have to think on those a bit...

  • Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
    10y

    Perhaps turn one or both units into a halfway house for same charity. Maybe the charity would like to rent at discount for this purpose.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Matt R.  nice idea will be Ryan's call from here on out... but I like it.  the location is a very nice mellow mid western slice of Americana  :) 

  • Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
    10y
    Originally posted by @Matt R.:

    Perhaps turn one or both units into a halfway house for same charity. Maybe the charity would like to rent at discount for this purpose.

     We actually hope to partner with the same organization in the future utilizing a percentage of our portfolio as temporary "safe" houses. I don't think it will work with this location. But follow along! 

  • Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
    10y

    Exterior:

  • Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
    10y

    Unit One Downstairs:

    Living Room:

    Bedroom One:

    Bedroom Two:

    Bathroom:

    Kitchen:


    Kitchen Ceiling: 

    Porch:

    Panel Box:

  • Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
    10y

    Unit Two Upstairs:

    Kitchen:

    Living Room:

    Nook:

    Master Bedroom:

    Bathroom: 

    Second Bedroom: 

    Panel Box:

    Water Heater:

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Ryan Dossey  not too bad upstairs looked better than I thought it would I never did see the upstairs.. but this is typical I think of these type of renovations.. looks like insulation sheetrock paint and put it back together..

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Ryan Dossey  I might have put a new roof on it I think .. can't remember but I think I did.

  • Dawn AnastasiPro Member
    Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
    10y

    @Ryan Dossey looks like you have your work cut out for you!  Will be interested in seeing this one develop!  As someone who's tried to do a deal diary in the past, it's very easy to miss out on making updates and posting pictures online -- life tends to move pretty quickly.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Dawn Anastasi  I know what your saying but that is how he earns his sweat equity !

  • Julie MarquezPro Member
    Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
    10y

    This is awesome! Thanks for providing the opportunity, for supporting the charity, and teaching us about the deal. 

  • Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
    10y

    @Dawn Anastasi I actually document everything I do for posts to my blog. I have several drop box folders filled with before, after, and during. People love when you can show them examples of deals you've done. This will be recorded the same way just posted publicly! So I'm pretty used to the process. 

    @Jay Hinrichs I'm 99.9% sure this is a new roof. The "cause" was fixed just not the evidence in a few places. Even looks like you guys had new decking done. 

    For those of you that are visual I'll also be recording some video walk through clips during different phases. Pictures are great but they don't really allow you to get the "flow" of the building. 

    First fun part was finding a locksmith in Kokomo to get me in/re-key. I called everyone from A-P before I got a number that wasn't disconnected. Apparently this guy was the only one left. Gave me a discount for being an investor though so I couldn't complain. 

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Ryan Dossey  I am pretty sure I put the roof on ... but the guy who I sold it too and flaked out he did the demo work... it was weird he put a decent down payment and I think he made 4 payments then went totally dark... I think he may have been arrested or something.. So we had to publish in the paper and get the judge to sign off on a quasi quashing of the installment contract.. but that's done.. judge has signed.. so we are good to go.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Ryan Dossey  PS put insurance on it also I will cancel mine this week let me know when you have done that... and if we get a fire then we need to split up the policy  with charity.. I don't need anything but you can't pocket it all  LOL

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