All Forum Posts by: Evan Manship

@Troy Hardister

Welcome to BP, Troy. I am a fellow Indy investor. I sent you a PM introducing myself. Would love to help out however I can. 

BP is the best possible resource for a new guy. Lots to learn and lots to make on this site.

I have a grand plan in mind for a possibly 1031 exchange in the next year or two and wanted to bounce it off you experts.

1. Bought a buy/hold property in February for $30,000. The property is currently leased at $750/month for 12 months.

2. After the lease is up next April, I would like to put significant money into the property followed by a sale of the property as it is in a redevelopment area where the is happening frequently. I think I can sell it for $100,000 after $30,000 worth of rehab.

Would I qualify for a 1031 exchange for the $40,000(ish) in profit I would be reaping from this deal? Obviously my intent with this property is to hold  in my portfolio for the foreseeable future, but if I can squeeze out $40,000 tax free from selling the property one year later I will consider it.

Thanks in advance

@Ryan Mullin

Very interesting. I looked at your property on 207 N Hamilton. Like the upside of the area. I just a double a block away from there under contract yesterday.

I have a property in the less desirable part of eastern St. Clair Place that I am banking on imminent redevelopment on the street similar to your thoughts on 207 N Hamilton I'm sure. Angie's List inching eastward sure wouldn't hurt!

@Dave Snider

Details please

@Christian U.

PM sent. Would love to help out however I can should you choose to visit Indy

@Matthew Schroeder @Ryan Mullin

I know that the re-entry? facility is right there just east of that area. What about just east of the facility? Maybe 6 or so blocks east of the true Arsenal Heights neighborhood. Anyone ever had any luck over there?

@Micki M.

Can you give us newer flippers an idea on costs? How much for the house? Rehab costs, etc?

I think it would mean a lot to know how far you can stretch your dollar.

@Ethan Beutel

You'll be fine as long as you plan on living in one of the units for a 1 year minimum.

@Jennifer Roberts

Pretty. What is the address?

@Jerry Padilla

Have used MB Financial in Indianapolis previously -- excellent service. Very low minimums for investment properties ($10k?). Excellent way to get started.