All Forum Posts by: Bill Manassero

Shopping apartments in Indy and am interested in meeting others in the same market.  Am also interested in putting together a great team to help find and close deals (brokers, attorneys, lenders, etc.).  Would like to hear from you if you have insights and information on the market.  Thanks.

Any recommendations for great CRE attorney in Indianapolis. I am looking to purchase a small apartment building and am looking for someone I can trust. Thanks.

@Peter Jun  As a fellow Californian who has invested in three different US markets, I have found significant differences with turn-key companies.  Some (obvisously fewer) are more like wholesalers, where they rehab and take out just enough to make it worthwhile, but leave the price enough below market to give the buyer a little equity going into the deal.  Others sell at market.  And yet others are significantly above market and trying to appeal to the "cash-flow only" crowd.  They are just like flippers but they make money in multiple ways -- the two key ways being on the sale of the home and, for the long term, property management. But they also have construction businesses that make money on the rehab and if you want anything fixed/upgraded on your property. Some have brokerages and will get transaction fees. Some have finance companies.  But the KEY factor for a good turn-key company is property management.  Poor property management kills everything.

I'm perplexed.  I need to acquire a car/SUV but since I've been investing, it seems that it is such a poor investment.  Given that most "good" investors do not throw money away, how do you acquire your transportation vehicle?  Purchase new or used for cash?  Finance new or used? Lease?  Borrow a friends?  Only take public transportation?  Bike only?  And give your best "investor reasoning" behind your decision.  Thanks.

Joel,

Thanks for the good feedback.  Shouldn't a good PM be able to manage your handyman full or part-time?

Thanks.

Bill

I'm from California but see amazing apartment deals in other states.  Anyone out there doing this or has done this willing to share the plus and minuses of out-of-state apartment investing?

Andrew, thanks for your comments. As a turn-key investor who always buys in markets far from home, I learned the hard way that your Property Manager is everything for your REI success. You cannot do enough due diligence to check out your property and your future "partner" wherever you buy.

Michelle,

Great points!  I think selecting the right property is key.  Perhaps you could contact me offline to discuss further.  You said you did some fix and flips.  I would like to talk further about that and foreclosure in the area.  I saw one beautiful $600k foreclosure home in the area sell for $85k.  Buying under market is a key consideration for me because appreciation seems to be very slow in the region.

@Mike R. You have definitely livened up this blog.  I'm fascinated at what you have done.  Bravo!  I too want to buy and rent it out as a vacation rental and come up to stay often.  With do much activity don't your guests thrash the place?  Also, were you joking about taking on and doing the same thing for other clients?  If not, I would like to talk offline.

Chris,

Thanks. I am open to out-of-area attorneys, especially considering the fact that I'm living in Haiti right now. I might like to hear of who you have in Memphis first. I need two deeds in Memphis that need to be changed from my personal name to my LLC. But I'm also open to other attorneys that might be able to handle other issues as well.

Thanks.

bill