All Forum Posts by: Ryan Watson

Investment Info:

Other fix & flip investment.

Purchase price: $1,250
Cash invested: $4,954
Sale price: $7,500

Purchased a vacant lot from Renew Indianapolis. Flipped to the neighbor

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

Something cheap to get started in real estate

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

City Land bank website. I just applied to purchase.

How did you finance this deal?

Payed Cash

How did you add value to the deal?

I cut down a tree on the property line.

What was the outcome?

The neighbor hounded me about selling it to him. I decided I didnt want to hold in that particular neighborhood.

I sure enjoyed meeting everyone. Some of the things discussed was an eye opener for me. I'm excited to learn from everyone's experience and share things I know in return.

I will be there. May or may not be a tad late.

@Brandon Wells I'm down for that. Expect a dm

I guess I'll take the lead here. What are peoples available times? I'd prefer weekends myself.

I'm picking big woods in speedway, I'm open to other options. Its about 100/hr to rent the upstairs conference room. I'd be willing to chip in half unless I got help? I'd like to shoot for the weekend of the 13th or the 20th, Friday, Saturday, or Sunday. Who's in?

So what is our next steps everyone? Are we going to set up an informal meeting or is this thread just gonna fall to the wayside for searchable content?

I got plenty of time on my hands, to the point where networking with people in this business will take priority of my time.

I'm free after 4pm during the week, and anytime during the weekends, early or late.

Big woods in speedway has an upstairs conference room. I think that would be a good place with brew and food.

I've been trying to find one to attend. I really need to start networking myself.

It dont matter. It all requires alot of work turning raw land into a liveable and driveable area. I'm sure will be expensive either way you look at it. Especially when you have a retaining wall involved. 

Originally posted by @Joe B.:

USLI for about $550 per year. The agents are asking for your other business (auto, home, other rentals) because it is a pain to spend half a day writing a vacant land policy to make $55. Insurance agents don't make money writing one-off policies and it can open them up to E&O claims because they don't know how your other assets are covered. People want to give you as little info as possible to get a quote and then when a claim happens they all of the sudden act like price was no issue and they thought the policy you sold them covered any and everything under the sun. The way I typically work... I either write all of your insurance or none of it.

thats the problem. i hate bills, I dont want my auto policy to go up. especially if im trying to run a part time business. Also i dont want an insurance company to feel like they own me. Thats why i'd rather just have a seperate policy.

To make a long story short when i started my part time trash hauling business i got threatened with commercial insurance (if they found out thats all my other vehicle did), which would have killed my dream before i could even get it off the ground. Even if i did work over 40hrs a week at it i still dont want commercial insurance. Its just too expensive, especially if i dont run anything with a DOT number. So for that reason i dont want to give any one company more business then i have to. they will not act like they own me. ever.. the insurance business needs an additude adjustment.

combining vacant land into that auto policy would create one big mess, and i wouldnt be able to have it as a business expense anymore.