All Forum Posts by: Adrien C.

I'd be happy to discuss your goals and helping you find an area that meets those goals. All those cities are very different and have pros and cons for each. I've either owned rentals or done flips in each of those cities. 

RVM sucks because a large majority of people don't listen to the message and just call back asking why you called. I know people who use it and it works for them. Like all channels of marketing- it starts with the proper list and content. And it's a numbers game. I can send out 65K pieces of mail- get a bunch of people who yell about the post card they get but actually get some people that want to sell. 

Is it even code in your area to convert a basement to a second dwelling unit? In my area, no town is allowing that. So if that's the case and you do under the radar and someone dies in a fire- enjoy living in prison. 

Outside of that, I would add internal french drain if it isn't there already. Too many people skip that and basement floods next heavy rain. Someone doing that at a decent price will be in the $8-10 per linear foot range. 

@Steven W. Most likely your Hammond ones will appraise high enough to get loans now. I know of one local bank that goes as low as $50K but the values have shot up in Hammond (not sustainable but use it while you can). 

I go to a group in Schererville that's pretty decent. I like that group because it has a decent attendance so you can actually meet people doing stuff plus the speakers are local and don't pitch some program that's discounted to only $997 but you have to buy tonight junk. I've been going for 3+ years and have learned a lot and met several said connections. 

The amount of work shouldn't scare you if 1) the ARV is high enough where you still have decent equity after doing the job and 2) you have the extra cash after purchase to pay for it.

Those items aren’t deal killers. I did a 5 unit KnT conversion (5000sqft) and paid $15k using a licensed contractor. They did other stuff on top of the KnT. We also replaced 5 furnaces, 5 H2O heaters, replaced all plumbing, and fully renovated 2 units plus did other repairs to bring up to code. We did this while 2 units were occupied. It was a fun challenge. Saying that, I paid $45k and we have $85k into it. It’s easily a $225k property now. So for me it made sense. If it was a $135k property, I wouldn’t have touched it because it wasn’t worth the pain for only 5% equity. I also had the cash set aside for the rehab. I actually expected to spend $100k but we caught some breaks. 

Saying that, there’s a lot more that goes into your decision. Have good connections with contractors? Have good cash reserves? 

@Justin Smits

I have a few options depending on the town. 

@Djordje Janjus Hi and welcome to BP. Lets grab coffee or something when you have some extra time. 

Vilgar Property Management is solid for EC.