All Forum Posts by: Adam Oldham

Hey Alexandra I agree with Tyler & Eric. Most houses will have the ability to add a wheel chair ramp. A decent carpenter should be able to construct this for 2-5k depending on the size. So I would definitely factor that into your cost. I think Eric's point about activities of daily living is spot on for considering the type of house, the amenities needed etc. 

My guess is that a single story ranch would be ideal & in the Indianapolis market with a price range of 120k or less you are almost certainly looking at single story house. 

Hi @Ohad Waizman were you able to get your questions answered? 

Thanks @Tom Harkins, it was definitely a diamond in the rough! 

Hi BP, 

I am curious to know for the people who have hired a virtual assistant or someone to answer their inbound calls from direct mail or other means, what questions do you normally ask to find the right candidate? 

In my first experience hiring a VA, I simply hired someone based off of their resume & my conversations with them over Skype. In retrospect I should have given several of the candidates the same assignment(such as run these comps, make these calls, create this logo etc) to see who would perform the best & then compared the results.

What other tips would you suggest that would improve the overall results when working with a VA?

Thanks, 

Adam 

@William Costello Preferably Indianapolis but willing to expand outside of the city approximately 30-45 minutes out. 

Looking to pickup a 8-20 unit apartment complex in Indianapolis or surrounding markets. 

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $3,500
Cash invested: $96,000

Torn this house down to the bare bones & brought it back to life. This house had significant fire damage after a large gas explosion. The explosion pushed the front & back walls off of the foundation, so the house was very near to collapsing.

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

The low purchase price was attractive, but after we discovered the damage was not as significant as we feared we realized this house would be a home run.

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

Found this city on the MLS, it was listed with Renew Indy.

How did you finance this deal?

We obtained bank financing on this for 80% of the construction costs & brought the remaining downpayment from personal funds.

How did you add value to the deal?

Completed a full scale renovation to the house & really paid attention to the detail to make sure this house was an absolute stunner.

What was the outcome?

Refinanced the property & currently have it is as a short term rental.

Lessons learned? Challenges?

We had to deal with some contractor issues along the way, schedules & deadlines were not met unfortunately. Sloppy work had to be fixed & this added to the stress & time delays of the project. But overall it was a good experience in learning how to work through adversity & make new contractor connections. This was another lesson learned about the importance of strong project management & providing clear expectations. "Inspect What You Expect."

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $27,000
Cash invested: $68,000

Completed a large scale renovation on this 100 year old Shotgun style home in Stringtown, just west of IUPUI. This project saw significant damages to the foundation & framing that had to be repaired, as well learning the process of working through all of the permits required in this area of town. Overall, a few road bumps along the way, but lessons well learned.

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

Strong area with upcoming potential, plus I always like a fixer upper :)

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

Found it on the MLS.

How did you finance this deal?

About 20% of the deal came from private money lenders, and the remaining amount came from utilizing my own funds, as well as credit cards to pay contractors & purchase supplies.

How did you add value to the deal?

Completed a full renovation on this house & redesigned the layout to accommodate two bedrooms.

What was the outcome?

Held onto this property as a short term rental.

Lessons learned? Challenges?

Underestimated the framing & foundation costs, as well as my first attempts to work as my own GC for aspects early on in the project were challenging. Had to get rid of some contractors early on in the process, and ultimately should have focused on speed & efficiency over trying to hit my budget. I had to slow down progress as I was forced to do work on the house when funds were short.

@Daniel McNulty Hey I actually have met him, I think I still have his number but it has been a while. If I recall he offers his Air BnB services and had several properties around Lucas Oil Stadium. I will see about reaching out. 

Have you worked with him in the past? 

Best, 

Adam 

Hi, 

I am looking for recommendations for cleaners in the Indianapolis area for an Air BnB property. I have called a few local cleaning services but their a bit pricey and they mentioned finding someone independent may be a better fit. If you have any recommendations please let me know. 

Best, 

Adam