All Forum Posts by: Aladdin M.

@Jaron Walling

Yes, I had looked at a lot of neighborhoods and have done a lot of analysis. It's usually what I am doing for the first hour of my day.

@Carrie K. 

I have not had to pull permits for anything yet.

There was an incident that occurred with another one of my properties where I had to talk to the permit dept.  They were pleasant and straight forward, but that's all of the detail I can provide about them.

@Jay Dang 

I called and went through a lot of contractors many of which were clearly taking advantage of the fact that I am from out of state.  Beware Everyone!  One contractor decided that he would give me the number of the guys that he would be subcontracting.  They ended up giving me a number that was much more reasonable.  In an attempt to mitigate any issues, I asked for a line item invoice listing all of the individual repairs and then asked for before and after pictures of every item on that list.  That way I could check off that they at least repaired the issue.

@Augusta Uwah  I will be happy to provide info on a Property Manager that I trust.  He is educated and hungry and has great connections.  If you need a couple of repairmen/painters, I have 2 that I can recommend.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Indianapolis.

Purchase price: $57,000

Found an investor that wanted to offload some properties and the numbers one this duplex made sense. Plus, it was already leased out.
So far, repairs include new ACs and a bunch of little repairs, like dripping faucets, etc.

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

The duplex was already leased out.

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

I negotiated the price down from $69K to $57K due to what the inspectors had found.

How did you finance this deal?

I borrowed $40K from my grandafther.

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $26,500
Cash invested: $21,500

It looked like, at the time, we could get $700 for rent for a 2/1 in the area. The unit just rented at $740 and has an ARV of about $59000with an investment of $48000.
List of repairs: New floors, Added fence, repair/replace windows, new paint, new bathroom, new counter tops, and a bunch of little one offs, plus appliances.

Check out the end result here: https://www.zillow.com/homedetails/10049-Hawkins-Ct-Indianapolis-IN-46229/1233268_zpid/

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

I want to buy and hold. I can't afford houses in my area, so I decided to take my money to where it can work better.

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

Auction.com

How did you finance this deal?

Cash.

How did you add value to the deal?

Rehab.

What was the outcome?

Rented for $740/month

Lessons learned? Challenges?

Time is critical.

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $26,500
Cash invested: $21,500

Picked up a 2/1 from auction.com

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

The numbers were right.

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

Found it on Auction.com and won the action.

How did you finance this deal?

Cash.

How did you add value to the deal?

Rehabbed the property.

@Ross Denman

Hi Ross, I would love to get a hold of that inspector for myself.  Thank you in advance.

Update:

The attorney got back to me and stated that if the other party does not reach out to me directly, don't bother reaching out.

He also said that the other party's simplest recourse could be arguing "unjust enrichment", but the very material counter argument would be that they have, while trespassing, installed a non-permitted and non-warrantied roof.  Based on this, the likelihood of going down that path is probably very low.

Thank you all for your input!

I am kind of lovin' on RentalHero (rentalhero.io) because it is super simple and comes with some nice automation features.  If enabled, every night the system can download your credit card expenses which then you can categorize much like Mint does.  You can set up repetitious rental income and assign expenses to the respective properties.

Many other softwares do this, but force you to pay the premium price for bells, whistles, and unused features.

This one comes at under $10/month.   Very affordable especially for someone like me who is just starting out.

@Jarrin Benson

I bought is East Warren.

@Richard Jung

@Richard Jung

Thanks!  I really should be keeping a diary, but currently I am keeping a transaction/communication tracker.

Current updates include:

- Quoted the cosmetic rehab at $10.5k (bathroom, all floors, lots of patching, kitchen ceiling, doors, trims, paint, windows, and some others)

- Material estimates around $4500

And the latest which I wrote about in another post requesting opinions is that an investor that bought 2 properties in the same cul de sac, requested new roofs on his properties.  The crew messed up and installed a new roof on my house instead of one of his.  His is next door, but the crew assumed it was mine because I had a dumpster out front.  Talk about measuring twice....

Into the third week of work and picking out what's getting installed in fun!

Also - Menard's for the win!