All Forum Posts by: Josh C.

You just have to find someone that fits with you. Some companies are flat fee (like ours) which can be nice and typically less than 10%. But you won’t find a company that is going to eat maintance costs. I’d be great if rentals did exactly what the spread sheets day but they just don’t. Some have had tenants in them that haven’t called us in 5 years and occasionally you get a hoarder that leaves 5 dumpsters worth of stuff inside. Just comes with the risk of owning rentals.

I will say the quarterly cleanings sound weird unless it’s a bigger multi unit with common space. Also, solid upfront rehabs (8-15k) when the buy the place doing things like LVP flooring, tiled bath, new counters, and all the preventative maintenance when the buy the place goes a long way to keep turnover and maintenance costs low. That’s what I personally do and recommend to our clients. Just take your medicine upfront and attach better tenants and have quick/cheap turnovers.

Good luck and Indianapolis can be awesome.

@Jonathan Wallace not many desperate people up in Carmel or Fishers area so not much wholesaling going on. In Indy metro there is and I get a lot of mail per property. I don’t see many bandit signs, but full disclosure I hate those. I always snag them when I see them and instruct my staff to do the same. Several other investors do the same. I’d recommend not doing those. Good luck!

@Jonathan Greer

We must have different soil or something. We are mostly clay here. A pier in my area is a 2” solid metal rod that you “screw” into the ground anywhere from 15-30 ft til it resists enough to allow it to support weight. Like a giant cork screw.

Sounds like you are talking about a concrete pier or something else dug only a few into the ground. Which a handy man could do.

I knew we couldn’t be saying the same thing. We don’t have any earthquake code here either so all different in different areas and people use the same words for different things.

@Jonathan Greer a handyman to bore a 2” thick piece of steel 30 ft into the ground til it reaches a certain pressure? What? You need a special bob cat to do this and people that know what what they are doing to every window and drywall seam will be broken. Are we talking about different things?

We do piers. I’m in a different market but maybe similar prices. That works out to $1450 a pier. We see anywhere from $1300-$2000 per pier depending on ho many you need and how deep we are going. So in line price wise. As long as the deal makes sense I wouldn’t run away from it.

@Allison Winston

Not sure any local investors said MF families are bad in this thread. That’s all I own and all I’ve ever owned. Same rules apply as single family rentals. Don’t buy a dump and don’t buy is bad area.

If your market was 52% blackjack dealers or 52% bar tenders maybe, but that’s hyperbole in general. Indianapolis might have some down rent collection months, MIGHT, but buying and selling still happening here. The underlying factors of whatever this is called are dramatically different then the underlying factors of the GFC. That’s all anyone remembers so that’s what they think anything is. Home prices and rent levels don’t track with the stock market or Facebook posts.

@Caleb Heimsoth

That money is likely gone? Above a 50% chance of him not getting a penny back? Not so sure about that. What are you basing that on? I have no money with them and no connection but that a pretty bold statement.

@Jacob Sheets

It’s a real nice write up. But to Bill’s point it’s just this is an investor website and most investors don’t want to work with retail agents. Sadly, no one to share your genuine excitement for your clients future porch closet renovation .

Tell everyone the cool story on how you found 1.3% deal and helped them secure a 3.2% 80% ltv non recourse loan in their LLC name and the phone will be ringing off the hook. Just write it up in the marketplace forum.

But I’ll answer your question. I bought a house for $1 last year. So 99.999999% equity.

@Bill F.

Totally agree on the potential future business. But agents aren't really free to the buyer, they pay for it in the purchase price. Especially in off market deals. If there is no agents involved sellers will usually drop their price 6% if at one time listed on the MLS.

In this case the title company or attorney could easily close this for you. Plus you’d understand the contracts better. My opinion anyway