All Forum Posts by: Greg Carrier

Thanks John, I accepted.  Also if you ever want to call or text.  I normally respond a little quicker that way.

Gre

Welcome @Kyle Perry.  @Aaron Linden is right the local REIA is pretty strong. We buy SFH in St Joe and surrounding counties and if you have time to talk let me know.

Good Luck

Hi Bryan,  Like all professions, most realtors are just mailing it in so comps are generic and not in my opinion better than my looking at sold houses on Zillow.  I have only met one realtor in the area who suggested and alternative to a normal retail sale here.  Most are cookie cutter people and repeat and I don't blame them as they can make a good living doing it.  We have used the more creative realtor to sell  hour houses in the last year.  The rest don't really have a unique value proposition as far as I can tell.

So traits that are most important?  Creativity, ability to see beyond the current problems of a property and some desire to find houses I am interested in rather than pitching me houses outside of the range I buy in.

I am going to send a connection request to you so we can connect if that works for you.

Good luck

Hey just to close this out....  Tenants finally moved out after police order to move within 30 days.  house is a mess as expected, though we only paid around $2000 or $2400 for it  (I have forgotten but one of those amounts).  We have another $1800 in for legal and taxes into it.  It really needs everything including some heavy duty framing and a completely redesigned roof, but that comes with these kind of deals.  Thanks for following.  If anyone has any questions about how this process works in Indiana, just message me. 

So we filed for the eviction and as usual, the tenants did not show up.  Consequently they were served with an order to leave which the did not do.  We have contacted the local police to remove them but I have been told the police are not keen on doing that (although it is the law) so we will run down that path until it is done.  I do expect to give them some kind of cash when it happens.  I know I don't have to and they have threatened me but... 1.  They are typical dyfunctional americans who are incapable of preparing for this and 2.  Karma I don't want to end my life thinking about the people who lived in their van after I evicted them, and finally 3.  This is a really rough house but I only paid a couple of thousand for it so expect this will be a profitable venture.  If it was so tight I did not think it would be I could just walk awa

Will let you know if anything strange pops up.

@Account Closed are correct.  I have several rentals in SB and the city has been fine to work with.  I have never been fined.  Out of this areas cities (Mishawaka, Niles, Elkhart and South Bend and the smaller ones), I would put South Bend on the easier to work with end of the scale.  One thing to keep in mind is that your water bill has to remain in the landlords name although you can allow the tenant to be a third party payer on it.  Not a big deal but one more thing to deal with in SB.  If you are ever in the area, send me a PM and I can give you the tour.

@Steve K.. We do a little bit of a lot of things in SFH's but primarily buy through tax sales. It has been very good for us.

I agree with @Greg Scott, if the tenant catches up, you have no need to touch the security deposit.  If they don't you will want it there to cover you when you turnover the rental.

A few points I considered when looking at turnkey.

1.  Can I get a similar or near return with much less risk investing in a reit?

2.  I expect the turnkey operator to make a profit:

a.  on managing the property 

b.  on the repairs related parties make when the manage the property

c.  on the rehab.

d.  on the note if they manage financing or have a financing partner.

3.  Would they do that in a way to optimize my returns or their returns.

I ended up investing on my own.  Even in Colorado there is enough return to make it worth going alone versus paying someone else.

Last note, Have you considered Colorado tax leins.  The rules there are goofy but it is easy to do.  And if you want to get better returns you can always invest in Florida or Arizona returns which I expect would provide a better nonleveraged return than most turnkeys.

Good luck

@Rachel H. and @David Tubesing  Thanks for the replies.  I have a theory that most people are in denial about the bad things in their lives from time to time and just kind of hope if they ignore some issue it will go away.  In a very simple way that is why I rarely check my weight when I fell heavy and always check it when I am losing weight.  I know that is a trivial thing but lots of people try to ignore all kinds of problems.  Not sure if they got served the court papers yet, but I expect they are back to kind of hiding from the big problem and hoping it will go away.  I would still work a deal with them if it made sense.  I don't really need to win or lose on this particular house, I do need to see it to some conclusion though.  In any case I will post when we get through the next step.