All Forum Posts by: Erin Donlan

I think the title is a tad misleading. ITT had to shut down because they did not meet standards when dealing with federal loans - certainly not a "job cut" situation. Of the 8,000 employees, it doesn't say how many were actually local. The article mentions that they had operations in over 38 states. They certainly don't come to mind (for me) as one of the major employers in the city, so I don't anticipate much impact here. Certainly unfortunate for those effected though.

@Lisette S. Hard to say but excellent question. I haven't seen the property first hand, but I've seen other "rehabs" in the same area that I know if I were to purchase the property I'd have to re-rehab just to keep up with the area. Pictures look good, but obviously pictures don't tell the whole story. I don't know if it's worth it to come out to take a look, but I'd at least ask your agent to take some video, if she can. That might give you a little bit better idea. 

I've had a lot of investors look over the FS triplex. I can tell you it it not IN Fountain Square, but just to the east. Anything east of State Street is technically not FS. However, there are more and more investors rehabbing properties there (something that wasn't happening even a year ago), and I would say the area will continue to improve. However, how quickly is anyone's guess. I can tell you a story about looking at a property there, but I'll refrain. :)

I also think $700 is high for the vacant unit - I've been telling my investors plan more like $600. Rents aren't rising as fast as the properties are selling for in the area. Also, forgot to mention that the two rented units are studio apartments, the vacant one is a 1/1, hense the higher rent. 

For the Tuxedo duplex, I'm not a fan of the area, personally, but I know more and more properties are being rehabbed there. Again, area could improve but hard to say when or how quickly.

Hope that helps!

Hi @Chanda B - the fee gives you access to several other monthly meetings as well. There are monthly meetings that discuss pretty much anything related to real estate - Landlording, rehabbing/flipping, mortgages/lending, etc. There is a group specifically for women in real estate as well.They do offer discounts though out the year on the sign up fee (or at least they did when I signed up), so you may inquire or keep your eyes open for those. 

 @Jenn N. Bates-Hendricks is still a little bit hit and miss for my personal tastes, but I know there is a lot of activity over there. As with most of downtown, property condition varies from street to street, so making sure you are certain of the street you're on is key. Other rehab activity on the street is a positive sign. Rents aren't rising as fast as the rehabbed properties are selling for (I've seen the same  with Fountain Square), but it could be a good buy and hold area if you're patient, because I think the demand of living close to downtown will be there for the near and long term and the proximity to the amenities in Fountain Square is desirable.

I'm not familiar with the Greenfield area offhand, but if you are, that can only help! Again, investing in places you are familiar with is always preferable when you're starting out, I think. 

I'm with everyone else saying that this is a learning experience, so I would chalk this up to that. Next time, I would request all the rental information and do a walk through before you put in an offer. It pays to due your due dilligence up front and not commit to anything on paper (not to mention risk your own money) before you do. Hopefully your next deal will make up for this one!

Hi @Jenn N., welcome to BP! I think the rule of thumb usually is to invest where you live, if you can, but certainly understand the desire to find greater returns elsewhere. I'm an agent and investor in Indy and happy to give you the lay of the land, if you're curious about our market. Like Colorado Springs, we're also in a strong seller's market but that doesn't mean that there aren't deals to be had!

Hi @Ryan Wilkins, welcome to BP! Seconding @Edward Rhoads suggestion - take in a few local REIA meetings and network, network, network. I'm an agent and investor in the area and happy to schedule some time to meet up and discuss your future plans! Multifamily does come with its own set of challenges, but if you're aware of those, it can be an excellent way to go.

@Scotty Grider Welcome to BP! Sounds like you're at the right place! I'm hoping to make it out to the meeting next week as well, and hope to see you there. Dave has a monthly class through CIERIA as well - it's a must attend in my opinion, especially if you have an interest in flipping. Let me know if there are any questions you have or anything I can help with!

Hi @Jeff Saul! Welcome to BP. I'm an investor and agent in the area and would be happy to help you. I will send you a PM with my contact information.