All Forum Posts by: Anna Laud

Hi Tanya! 

While I'm not in Oregon - I do have a little rule of thumb to offer you when you get some estimates back - or at least going into them what to expect.

One great reason for this is if there's a budget in mind to work with and you're protecting your bottom line (all in price point- which most investors would be naturally!) it might save you (and your contractor) time from the first walkthrough in eliminating things that are not only unnecessary, but out of budget.

It's not a be all, end all rule by any stretch, but an overall quick math guide for making sure you and your estimates line up. Obviously the sooner your ideas and contractor are ready to rock and roll, the sooner you are to having your property on the market and exiting out of your holding costs (onto close and across the finish line!) 

So the quick rule;

10,20,30,40 rule... $10 per square foot if just flooring and paint, $20 if roof and light rehab, $30 if kitchen and bathrooms $40 per square foot full gut10,20,30,40 rule... $10 per square foot if just flooring and paint, $20 if roof and light rehab, $30 if kitchen and bathrooms $40 per square foot full gut

It's always nice to have a quick little (mental) cheat sheet like this! Hope this helps just a bit = ) Thanks! 

I don't know about specifically mobile homes because I haven't done as many but you can text/DM me and I'll do what I can to help.  Also I've made a page of helpful people in the Indy market:

https://www.BigReia.com/people

Hope that helps.

How did this go @Loreen Flaherty?  Would love to see how I can help.  Love your email address.  = )

Great question and I've actually spent the last year or so answering this question: What are the best, cheapest, highest ROI and most profitable FREE ways to find motivated sellers and we'll been making a pretty complete list. I don't think I'm allowed to post it here but in my signature you can go to that page and click the "100 Free Ways to Find Motivated Sellers".

Some on our team have put together a code violation list and then made 2-3k/week renting it out so you don't even need to do the deals but help investors do them.  I would love to take the best ideas from this post, test them out and have a detailed article/video on the results of each.  If you'd be up for that I can have our team execute the best ideas and we can list the results.

Thanks much!  = )

Great going Meghan!  Thanks for sharing the deets on the financing too.  We've been working with investor from the Carolinas because in Indy (my market) we can do 1% and even 2% houses.  Maybe that's a play too as you find investors some may want to invest in Indy and I can definitely help with that.  

I don't think I have much in your area right now but other than that if there's a way I can help please let me know.  Thanks for sharing!  = )

~ Indy Anna

Hi Victor!

 I would suggest to getting connected with as many folks in the world of real estate as possible in either area. There are a few things that I would like to add in- specifically as it pertains to Indianapolis and offering areas to be aware of/learn about here in Indy. Indianapolis has been at the top of the list for many investors historically speaking dues to being a flat market (pretty much the opposite of TX right now in reactive real estate as people flock in groves from CA realizing work from home could be here to stay & want lower tax rates/cost of living) and perks like cheaper purchase price point and lower tax rates (Marion Co for example just above 1% {for comparison NJ is right around 2.49%} ) When you first  look into Indianapolis there's likely going to be a lot of info or posts about Fountain Square- I wanted to touch base on this first and say from the start- FS was BOOMING not that long ago- one of the main reasons being that the numbers here made a lot of sense (I'm talking about purchase price point here mainly) now as most home owners do, they've seen a lot of neighborhood changes, and in most cases talked to neighbors that have gotten "X amount" for their home and the natural thought of "What could I sell for now too??" comes to mind. Now flash forward about two years to where we are now, and the purchase price of a fix and flip in FS is going to be a considerable amount more in most cases than it was just two years ago- the numbers here might not make as much sense then in this case (it's certainly going to eat away quickly at your ROI). There are some 'younger siblings' of FS that I would consider more enticing right now for various reasons. (So dig a little deeper in area searches) Irvington for buy and hold properties (this area has been unique as well as stable for some time with buy and holds), other areas for fix and flip would be Haughville (truly seeing some changes in the market recently and level of finish to homes), Brightwood, Bates-Hendricks and most recently near Riverside bound by 16th St to the North, 10th St on the South- Indiana Ave & River/Fall Creek East & West. This last little area is "16 Tech Innovation District" a $500M development causing area changes quickly. Another Indy development is going to include the Children's Museum and just under $30M there for expansions, but not as ready to go (yet) or in progress as 16 Tech area- worth watching however! My best advice would be to look at the areas I mentioned and keep up on your pre purchase due diligence, connecting with folks all along the way. If you have any other questions you feel like my reply didn't cover- ask and I'll do my best to try an help = )

Hi Matthew! 

I agree with what both you and Dominic both said about PS and going through the Indy.gov site - both are going to find the best result shy of three things; 1. Having someone you work with here that knows exactly what you're looking for and would simply send the deals your way 2. Having access to the MLS or 3. Having both in one person. I would make a suggestion on PS however, that taking the time to comb through hundreds, if not thousands of 'skip traced' results is going to leave you noting the information of numerous LLC's, as well as our friends at Renew Indy being the owner's of hundreds of properties in Indy (Marion Co). If you're looking at working with a specific set of criteria as far as physical property details go, the MLS is going to be the best source. If you're looking to contact owners directly, PS is the closest you're going to get to having these details quickly, moving to Indy.gov sources next. There have been a few suggestions about doing an overlay of PS with Zillow (resetting 'for sale' to 'sold' and being able to pull more of a cross reference of area 6mo- 1 yr comps this way (one more quick note and why I mentioned this, PS can offer some comps that seem a little off at times- just a friendly word of advice there!) Also in response to what you were told about the MLS; Correct, it will not export without ownership info from a local realtor. Thanks!

Hi Noah! 

You've already had some great advice from others about getting out and taking note of areas that seem like they might be good fits, I would second this as well as the suggestion to getting connected with as many folks in the world of real estate as possible. There are a few things that I would like to add in- specifically as it pertains to Fountain Square. FS was BOOMING not that long ago- one of the main reasons being that the numbers here made a lot of sense (I'm talking about purchase price point here mainly) now as most home owners do, they've seen a lot of neighborhood changes, and in most cases talked to neighbors that have gotten "X amount" for their home and the natural thought of "What could I sell for now too??" comes to mind. Now flash forward about two years to where we are now, and the purchase price of a fix and flip in FS is going to be a considerable amount more in most cases than it was just two years ago- the numbers here might not make as much sense then in this case (it's certainly going to eat away quickly at your ROI). There are some 'younger siblings' of FS that I would consider more enticing right now for various reasons. Like Jaaron mentioned, Irvington for buy and hold properties (this area has been unique as well as stable for some time with buy and holds), other areas for fix and flip would be Haughville (truly seeing some changes in the market recently and level of finish to homes), Brightwood, Bates-Hendricks and most recently near Riverside bound by 16th St to the North, 10th St on the South- Indiana Ave & River/Fall Creek East & West. This last little area is "16 Tech Innovation District" a $500M development causing area changes quickly. Another Indy development is going to include the Children's Museum and just under $30M there for expansions, but not as ready to go (yet) or in progress as 16 Tech area- worth watching however! My best advice would be to look at the areas I mentioned and keep up on your pre purchase due diligence, connecting with folks all along the way. If you have any other questions you feel like my reply didn't cover- ask and I'll do my best to try an help = )

Hi Caleb! 

I may be able to offer some help from a different POV. Right now there a few locations that are buzzing - TX included. The reason for this is that many people have found they are not only able to work from home, but are going to continue to do so post COVID & while it's still in the process of being worked out (in other words, the foreseeable future) Interest rates continue to be lower, and it's dawned on those that have been paying $2K+ rent each month (in places like CA) that it's going to be actually cheaper to buy than continuing to rent and they can still keep the warmer weather by going a place like TX, while they continue to work from home. So I would assume that a reactive market like TX is following suit with demand. My alternative suggestion would be to consider other markets that are historically flat and have proven themselves as investor destinations such as the Midwest, and specifically Indianapolis. Not only are you going to find some areas of 2% monthly rental yield for buy and holds, but purchase prices here are going to keep all in at 60% investing possible. I work with a lot of out of state investors here and I would be happy to answer any other questions that I can. I was just speaking with a member of our little REAI here about TX and a few other states less than 72 hours ago, and the bidding wars issue came up in relationship to supply and demand for the reasons stated above, so you're question has interesting timing.  I realize not your original question but perhaps a little out side of the box thinking to at least explain why you're running into some offering issues at the moment in TX, and why you might not need to necessarily wait until the crash happens to keep investing. Thanks = ) 

Hi Erik! 

Historically speaking Indianapolis has been a pretty flat market and that's why it's been an ideal location for investors (both in and out of state) for years. It still remains one of the few Midwest locations where 2% monthly rental yields are possible, and when you compare IN tax (Marion Co for example at just over 1%) rates to other areas along with avg purchase price, it builds momentum quickly moving towards the tops of the investing list. Bonus for your specific question, Indianapolis holds IUPUI, Indiana University teaching hospital (many resident interns), Marian University Indianapolis, Martin University, Butler University, University of Indianapolis, Chamberlin University College of Nursing, and a few others like Ivy Tech. Overall it seems like Indianapolis is a great area to invest in for both buy and hold as well as fix and flips- but let me know if you've got more questions about Indy, thanks = )