All Forum Posts by: Adam Oldham

@Alon Gilmore We are working on developing a web app that will show all of the permitted jobs in Indianapolis. This might help you find a contractor as well. If you click on the map or directory tab you can see a map/list of contractors in the area. Hope this helps!  

 https://top-notch-web-applicat...

I got this error when trying to login a few minutes ago, I think the server is just having issues. 

Hey @Yasser Quraishi I have done self management as well as hired the work out for managing our short term rentals. Feel free to reach out if you have any specific questions. 

Hey @Brook Rieman we ended up using Turnover BnB to find our cleaners, it has worked out pretty well so far.

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $30,000
Cash invested: $115,000

Welcome to the Forest Ave Oasis, this is our new AirBnB property in downtown Indianapolis! We took this house down to the studs! This was arguably our hardest renovation yet as we completely tore out the exterior brick walls & reframed with dimensional lumber. This allowed us to create an open concept floor plan & place new doors & windows throughout the house.

What made you interested in investing in this type of deal?

Up & coming area & I always like a good rehab!

How did you find this deal and how did you negotiate it?

Listed on the MLS.

How did you finance this deal?

Bank & private partner financing.

How did you add value to the deal?

Complete renovation of the building.

What was the outcome?

Refinanced this deal & held as a STR.

Lessons learned? Challenges?

Self managing a construction project is underrated. It provides a good opportunity to really understand the work that goes into a renovation project & most importantly nobody is going to care about the budget & timelines as much as you do. So you're highly likely to stay on schedule & on budget. Lastly, money saved by your self management can pay for better contractors which will ultimately save you a lot of time & money in the long run.

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $30,000
Cash invested: $115,000

Welcome to the Forest Ave Oasis, this is our new AirBnB property in downtown Indianapolis! We took this house down to the studs! This was arguably our hardest renovation yet as we completely tore out the exterior brick walls & reframed with dimensional lumber. This allowed us to create an open concept floor plan & place new doors & windows throughout the house.
This house has many new features such as brand new stainless steel appliances, new flooring, LED lighting, tiled showers & new kitchen.

What made you interested in investing in this type of deal?

Up & coming area & I always like a good rehab!

How did you find this deal and how did you negotiate it?

Listed on the MLS.

How did you finance this deal?

Bank & private partner financing.

How did you add value to the deal?

Complete renovation of the building.

What was the outcome?

Refinanced this deal & held as a STR.

Lessons learned? Challenges?

Self managing a construction project is underrated. It provides a good opportunity to really understand the work that goes into a renovation project & most importantly nobody is going to care about the budget & timelines as much as you do. So you're highly likely to stay on schedule & on budget. Lastly, money saved by your self management can pay for better contractors which will ultimately save you a lot of time & money in the long run.

@Silas K Garrett did you end up moving forward with this project? I can’t exactly comment on the utilities since every city charges different rates for water/sewer taps, & contractor pricing varies, also depends how far they have to run utilities but from my research steel building materials cost $15/sqft. I myself am currently looking to build some in my market so I am talking to suppliers currently but that is what I have found on average. In your example material would cost approximately $126,000 per building. 

@Alain Perez-Majul 

I recently pulled the list myself & found 1,721 code violations. Of the houses with code violations 6.8% of those were sold in the last 6 months. I am not exactly sure if there is a specific code violation lead type to target but in my own personal experience dealing with a stop work order or any building code violation can be a huge pain. So you're likely to find motivated sellers. 

@Tom Chen

In my experience code violations are a great lead because they often require a lot of work from the owner to correct the violation. Moreover the city can be very hard to work with which makes the process very frustrating. If you are very savvy and you understand what is required to amend the permits and be compliant then the process is not so bad. But as a first time flipper it can be very stressful and confusing almost similar to an eviction with a rental tenant.

I myself have been there before when I first started renovating houses we received a stop work order which put us out of work for one to two months. All of which during that time we had our carrying costs and we missed out on recycling the velocity of our money. Moreover, in my market the permit office is very hard to work with as there is not good communication between departments. All these factors combined in my opinion make these leads very appealing to someone who is willing to take on this responsibility and work with the building department.

Are you looking to increase your ROI & get better results than the direct mail average. Are you looking to target people who actually want & need to sell? Have you considered targeting code violations? In the last 6 months alone there were 1,721 code violations. Of the homes with code violations 6.8% were sold within a 6 month period of receiving a code violation. If you were able to close just 20% of those leads you would purchase 23 homes! Not too shabby! Moreover time spent pursuing leads that are not likely to sell is a big time & money waster. At Top Notch Leads you can gain access to code violations leads for as little as $3/lead.

https://www.usetopnotchleads.c...