All Forum Posts by: Chike Onyia

Hi all - Looking to get on wholesaler buyer's lists in the Indianapolis area

ACTIVELY LOOKING FOR DEALS

Looking for 2-4 residential multifamily units, off-market deals, looking to do value-add renovation / rehab to the property and cash out refi with most equity out if not at all (classic BRRR)

Have $100-150k to work with

Looking to do my first BRRR deal with a friend as my equity partner

OUR MAJOR GOAL: Get enough cash flow deals to replace our entire salaries (call it $300k+ combined before tax) within the next 4 years

We have $100-150k for a down payment, maybe another for $100k for renovations

Given we are new, and looking to do our first deal (aiming to do at least 2 to 3 in 2025 if we can), we're planning to start with smaller multifamily (2-4 units)

We primarily are looking in the Indianapolis market, mostly looking at off-market deals, numbers need to make sense

Targeting a 10-15% cash on cash dividend with a 1.5x+ equity multiple annually post cash out refi

If you see anything let us know

Brief update----

Looking to do residential (2-4 units) multifamily BRRRs to start looking for off market deals

 Thanks Sam! Not a big fan of Cleveland or Columbus, but would definitely look at Dayton or Cincinnati, would lvoe to connect to talk about any deals

 This was stellar advice!!! Thank you so much

Hey Nicholas, helpful, I think depends on the way you look at it and the kind of deals you'll have to be patient for, I have a friend who has 200 units in providence RI, all of them no equity left in them with 15% annual cash dividend in perpetuity, although I agree most deals after a refi especially at today's rates will probably have little no cash on the table

SUPER HELPFUL... what are your thoughts on being able to cash refi out and pulling equity out for residential properties (especially from a lender perspective when appraising properties). When we do the refi, I am just concerned about the new valuation, will be based on comps and not the cash flow improvements generated from the house, curious if its sitll possible to pull 100% equity out after improvements with a refi for residential

Looking to do my first BRRR deal with a friend as my equity partner

OUR MAJOR GOAL: Get enough cash flow deals to replace our entire salaries (call it $300k+ combined before tax) within the next 4 years   

We have $100-150k for a down payment, maybe another for $100k for renovations

We've heard it's better to do 5+ units (commercial) for BRRR because of the cash-flow based valuation, can make more from rehab / improving rental cash flow and higher valuation when you cashout refi so we can rinse wash repeat

We primarily are looking in the Indianapolis market but have heard deal flow for this size is suboptimal especially in highly desirable areas, we're are also looking at Ohio (Dayton, Columbus, Cincinnati) where the prices are actually seemingly a bit lower (maybe more bang for our buck) but was a bit concerned about supply and the employer mix.

We'd also be interested in other states in the midwest and maybe we don't have to do 5+, could do smaller we're not sure

Any thoughts?

Primarily looking for title reps that provide deal flow in RI, MA, CT or Southern New Hampshire