All Forum Posts by: Josh C.

It’s the best way to start your portfolio. I actually lived downtown Indy in a duplex with my family for a year. Got into a nice 250k double for about 5k down. Plus we loved for free. I’ll disagree with the schools comment. Nice neighborhoods downtown all have poor school performance. But the people that are paying $1500/m in rent typically don’t have kids or magnet or private schools. That 300k duplex that rents for 3000k/month is a great live in and long term rental. I have had several and on paper not as nice as the 70k double but long term very good.

@Sam Bader

Your welcome. Just be smart. I was once past the closing date (out of contract) with 50k EM that they legally could have kept. They didn’t and I closed a few days later, but it was a little nerve racking. Good luck.

@Michael Hopkins

Super vague. Depends on a ton of things. But additions run $60-$200/sqft. That’s a good zip though.

Non refundable bigger earnest money that’s not contingent on financing will likely cure any bank concerns over financing issues. Write normal offer but with 10% EM that’s non refundable after a short inspection contingency and have no other contingency. I’ve had luck with this. But I very confident I could get financing, so you’d like a good bank relationship.

Unless you are flipping don’t replace old roofs until it’s leaking.

The one exception would be a house that has a spray foam insulated roof. You won’t know about a roof leak until your decking is rotted to dust and you’ll have a 30k roof, sheeting, insulation bill to pay.

But normal vented roof rentals don’t throw money anyway.

We manage lots of properties in that area of Indianapolis. Definitely a rental neighborhood, but we see lots of solid performers there too. 42nd and Post is the worse intersection of Indianapolis without a doubt and you aren’t super far away but that distance does make difference. Good luck.

$1500 and a roof repair on one of their houses for 2/1. Back taxes were $17k, but went to court and reduced to 8k. Rehab was $65k. Sold for 127k 4 months after purchase.

Bought another for 3k. Bought another one for 17k. Bought lots for under 50k. But $1500 and $700 roof repair on their person house take the cake!

@Amy Canfield

I think you are over thinking it. If it doesn’t delay closing any why would anyone care. Just ask the seller. The contract couldn’t be contingent on appraisals or financing, but if you could get it done in time the seller is unlikely to care. It’s all cash to them. Just say you’d actually like to finance it now, but it won’t change our closing date any and you aren’t adding additional contingency or road blocks. Not sure why anyone would be pissed. Worse case you can’t get it done in time and close cash anyway. No lies needed.

Avon, Brownsburg, Plainfield etc are great if you care about school systems. But lots of good neighborhoods closer to downtown Indianapolis that make great rentals and great places to live. Now depends on your budget, but Holy cross, Herron Morton, Fountain Square, Bates Hendricks, King Kennedy are all great areas to live. (more expensive, but higher rents) I have places in Holy Cross and Herron Morton with great success. Especially, with owner occ FHA type financing it's a great long term play without all the low rent tenant drama. Something in the 300K range with 3K rents does cashflow well when self managed.

@Noel R.

Yes. This company is no longer in business. Several of us other PMs in Indy picking up the pieces. Here to help if you were affected.