All Forum Posts by: Adam Oldham

Hey BP,

Need to check out a property but can't make the trip? I've got your back! I take photos, videos, and even 3D Matterports of homes so you can see them from wherever you are. Easily check-in on the progress of your renovation.

Listed below is an example of a Matterport I've done during a renovation: https://my.matterport.com/show/?m=JeQgDPSvJ88

Interested? Reach out to me for pricing or more details.

Best, Adam

If I am doing the BRRRR method I will invest in better paint such as the Emerald line or super paint. Generally speaking on all of my projects I spend the extra money on good paint because I feel like the cheap paint always fades quickly especially being outside and the Emerald series paint is thicker and does a good job at hiding micro imperfections so it hide sections where the drywall wasn't completely sanded or has swirl marks.

@Lisa Grey I am putting numbers together for a new build currently in Indianapolis. My contractor was going to charge $20,140 for the water/sewer connections assuming we do not have a shared sewer lateral with a neighbor, if we do then the cost will be a little shy of $40,000 since they will have to cut open the street and tap into the main sewer line. Hope this helps! 

I am looking to build a new construction house in Indianapolis, in order to do so I would prefer to get the property sold to an end buyer before starting construction. What kind of terms or agreements are usual between me as the builder and the new owner? I would prefer on my end to stick with the finishes we currently have spelled out in the blue prints but I would be willing to accommodate based on the owners choices/wishes so long as they are not excessive. What recommendations do you have for going about this process? Any do's and dont's would be greatly appreciated!

Hey @Jade Cessna couple of recommendations 

1) A good place to begin with would be using J Scott's book on estimating renovation costs and copying that information into an excel sheet. And then going through a properties photos and adding items that need fixed & using the excel sheet to determine the costs. You will want to familiarize yourself with the terms such as psf, psy, or sq(square used for roofing which equals 100 sqft). If you see a term in that book that is unfamiliar look it up. 

2) I would try your best to familiarize yourself with all of the components that make up a house, I have used this book "The Complete Guide to Contracting Your Home: A Step-by-Step Method for Managing Home Construction" numerous times to get a better scope of the details involved with renovating/building a house. This might be a little more advanced but the specifications spelled out in the book for each trade have helped me out tremendously and make sure that I don't miss any small details.  

3) Finally, I would highly recommend visiting the properties in person if you can, often the pictures don't show everything that needs fixed and sometimes its a judgement call with what can be repaired/kept and what needs to be completely torn out. With practice you will gain a better idea of this. Hope this helps!

So I am around 6 houses, what steps did you take to make the bigger leap into owning 10-20+ units? What enabled you to scale? 

Hey @Daniel McDonald I can't specifically speak to self storage deals but the big concept would be looking figuring out the net operating income and the cap rate for this area & asset class, and then using those numbers to determine the value for the property. 

In terms of contacting the owner if you know their name, age & where they live I would try using Whitepages premium to find the number and just give them a call and see if they are interested in selling. A letter may or may not get to the owner but if you call them you will know if you got a hold of them. 

Hey @Paula Reavlin while I haven’t invested in that market myself, I live in Indianapolis, I can tell you that Terre Haute would be a good market for cash flow. Housing prices are relatively low & rents are high enough to cash flow. It also has a lot of working class people. Indiana in general is a good state for its favorable landlord rules. 

Hey @Cason Acor in your experience do the tenants want a small bathroom?  

@Kenny Kuramoto

When converting the garage into the bedroom make sure it has a closet and is air conditioned space. 

To show the bedroom on county records it would need to be permitted but I’m not sure how it would affect the sale price if you didn’t get that permitted, likely I’m thinking it would not matter.

Of course don’t forget to take into consideration the value a garage brings, if it’s not valuable for people to have in that market then go for it and take it out.