All Forum Posts by: Adam Gerig

100% agree with @Ali Boone our company doesn't charge you to coordinate picking up a rental. Since we are a real estate company as well if you find something you like on the MLS we get a commission split from the listing broker anyways. I'd call and ask what the fees actually are. If they have a good reason(which I can't fathom one) then possibly consider it, but if they aren't helpful or give you the run around start running!

Have a fully-occupied 3 buildings which consist of a tri-plex, 5-plex, and six plex all right next to each other in the desirable 46808 zip code. 14 units with a current GRP(gross rent potential) of $6820/month. These buildings are all utilities paid by owner. Asking price is $224,000 for the package. That's 16k/unit for a 100% occupied complex. We are offering this truly turn-key as we can manage it for you. Don't pass up this opportunity. For more information you can contact me directly as I can get you utilities cost, taxes, etc.

@Justin Polston good work! Glad to see fellow Hoosiers doing good things in Real Estate. Keep it up!

@Timothy Nelson I'd agree with @Shawn Holsapple closing costs should be around 2-3% max. Also, what is there coordination fee entail? Is that them just putting the deal together? Also, is the PM Setup the fee for managing the property or just for them setting up you into their system? I'm always leery of misc fees that aren't explained. I typically charge around $1k-2k for coordinating a deal for an out of state investor. That includes getting the offer accepted and coordinating rehab if need be. I don't know about Indianapolis, but management runs between 10-15% with our company hovering at 12% of gross rents collected.

Make sure you get those 2 fees explained because if that's just for them putting the deal together they are getting $6k. Pretty good payday for selling a house and setup in their system/misc.

I will vouch that at least in Allen County and Shawn can probably tell you about Indianapolis we have some of the lowest taxes. I bought a house 3 weeks ago that they taxes are $212/year. That's less than half a month's rent. Not too bad.

Been on the market for less than a week and is owned by a local smaller bank. It has hardwoods throughout. Very nice interior and a 2 car detached garage as well as a/c. The only question market is the plumbing, but from the looks of it seemed to be ok as it was winterized before it got really cold here and the heat was on. It’s a 3bd/1ba house. I think it can be had with $15-17k or less for an all cash offer. Less than $4k in rehab. (Appliances, plumbing retooling if need be, cleaning, and paint in one room possible(there’s like a super hero drawn on the wall)) My guess as far as rent is low to mid $600’s. If you make it a section 8 house I think you can get closer to the $700 range and they’d have to sign a 2-year lease. Rehab may run a little higher on that, but still would be I think in the $4k at most range. I’m giving you guys first crack at it if you don’t want it or have any interest it I’ll forward on to my other contacts.

If you want more information on the neighborhood you can go to http://www.neighborhoodscout.com/ if you want more information on the area and if you want more information on the property email me or send me a colleague request and I can scan you a copy of everything I have.

@Timothy Nelson PITI is principal interest taxes and insurance. This is all wrapped into your monthly payment. Not your profit. You would need to know what they property will rent for and subtract PITI, property management fees if there is a fee for that, maintenance costs, etc. If there's not a substantial spread you should probably look elsewhere I've seen a lot of people get taken advantage of especially out of state owners when buying somewhere they have no idea what that property is worth and end up paying at or above market value for a house that should be bought at 60-70% of it's actual value based off of deferred maintenance. Now that being said I don't know anything about the company you are referring to, but I'd just say buyer beware do you due diligence before jumping in as like you said one bad decision could really cost ya!

If you have any questions regarding property management let me know I'll tell ya what I can!

@Charles Meng I myself don't know of any contacts as far as California goes, but maybe some of the other guys in here would.

@Nathan CHAPMAN would agree with @Chris L. the local REI meeting every third saturday is a great local source. Also, the fact that you've landed here is a good omen as well. If i'm ever in a pinch I always search the database here or post a topic great group of people that are willing to share their experiences is always a plus. When you get back if you'd like to grab lunch sometime let me know! Thank you for your service!

@Dave Condict -

Welcome! We have a local real estate investors meeting third Saturday of every month over in Fort Wayne, Indiana. It may be quite a drive, but there's generally between 30-50 attendees and always good topics. The next one is the 17th at 9:30am. If you want to see more information you can go to their website at reiassociation.com Hope I don't get in trouble for the link

Rei meeting in Fort Wayne next Saturday at 9:30am if you are wanting to come