All Forum Posts by: Account Closed

@Account Closed

That's not YOY, it's from the 2nd quarter of 2015. You really need to stop comparing the 2 markets. It's comparing apples to oranges. Yes, California is a better appreciating market. It always has been and it better be for Pete sake! It's the 6th largest economy in the world. The problem with California is, is that it is to expensive to buy and probably rent, I'm talking on a homeowner/renter perspective not an investor, when it gets like that people and business's start to leave and look for more affordable places, such as Indy or the Midwest. 

Here is my comparison: 

California is like Google stock, a great stock to invest in, you are going to make money but you have to deal with the dramatic ups and downs. Which means you have to deal with it when the market changes and you know very well Bob most people/investors get scared and run or sell during bad times. (The sky is falling mentality) For those who hang on, like you Bob, will reap the benefits of holding on. 

Whereas Indy is like a blue chip stock, such as Coke Cola or Pepsico, it will pay you dividends but will not have all the ups and downs. Why, because in good or bad times people will always buy Coke or Pepsi. (People eventually will move to places that are more affordable for them)

One more thing, since you are a certified appraiser, I believe you said you were in another post. If I'm wrong then I apologize, then you should know that Real Estate is local, not national, regional, or by state. So what happens in Califomia will be different then Indy. Neither place is a bad place to invest. It's how investors buy in these areas that will make or break them. 

@Shawn Holsapple

Don't you have a CPA you usually recommend? 

@Israel R. @Walter Minja

Why are both of you planning on Investing in Indy? What are your reasons for it other then cash flow? 

Why not just invest around California? Please don't tell me you can't afford it. That's just an excuse. 

Just to let you both know it's a sellers market out here and the wholesalers and TK companies know it. Be careful of what and where you buy. 

@Matthew Schroeder

That goes right along with this article about how Indy is moving towards the tech industry. 

http://www.forbes.com/sites/karstenstrauss/2016/07/27/why-tech-grows-in-indianapolis/#18f7d1fa4632

@William Hull

I was just sent notice on that. It should move pretty quick.  I just got notice that the 2626 went pending. If priced right this area will move fast. 

@Rich Bravo

I do not take on clients but provide honest advice and facts. You can ask anyone who knows me. I do my own investing and do not go on here to get clients. My business does not consist of clients, just buy & hold and flips.  I am much to busy with my own investments.  I just provide accurate information so that people, especially newbies, don't buy properties at wrong prices or places. I have seen enough California investors get burned by this kind of stuff.

Since my previous post showed you what this area was doing then you should take that as a positive learning lesson. 

@Tekla DeMercado

I sent you a PM.

@Rich Bravo

What do I "think" it's worth or what do I "know" it's worth? 

It's worth $20 to 25K, at best. Your ARV is wrong to. The ARV in this area is $125k to $140K. A lot of the props that have sold in this area are 3/2 or 3/2.1. Which means this has to be a top of the line rehab to fetch top dollar and the investor will have to add a bath.

Recently sold and active.

920 N temple - sold 3/2.1 as-is in the same condition as this property for for $21K. 

822 N temple - 3/1 last year fro $20K rehab and resold this year as a 3/2 for $141K they added a bathroom. 

2626 North st - currently active, in this area right down the street from this one, same condition for $21K. market time 16 days 

613 Eastern currently active 2/1 $74K market time so far 369 days. 

Now you tell me why this property is worth $60K and why you think your worth an additional $10K?

LOL! This just came across my desk from another wholesaler for $60K. I love seeing people adding on there fees. It's not worth the $60K and definitely not worth your $70K.

@Michael Grant

Reach out to @Steve Lawson. He is a BP member and should be able to help you out.