All Forum Posts by: Dean Herbertz

looking to network with other investors in indianapolis and surrounding areas

are these lists worth the money people are asking

Anyone have a strategy for getting funding to complete a rehab that you own free and clear

anyone done a 203k in the last few months, what was the timeline on closing

Oh Ya!! I The first multi unit I purchased in 03' turned out to have a major steam pipe leak overlooked by the inspection. It busted cost $20k in repairs and was not covered under my policy. The only thing I could do was fix the problems to get my rents back up. My situation may not be yours, but my advice for realizing you chose a less then ideal unit is asses your potential gains and losses. If the property is going to cost more to hold it then the write off for the loss to dump it, dump it. Some may say ride it out, I have rode out the poor choice and it cost me more time and money then had I dropped it sooner. Do The Math!

Here are 2 rules I use.
1, asses your own skill level
2, put a value on your time

I am an experienced tradesman in most areas of construction, however the more I rehab the less I want to do on my own. My time is better spent managing the project.

As far as contractors some can cost you a fortune, get referrals from people you know personally. I rarely pay on any hourly rate, generally it is piece work and I make them stick to that price on what has been specified in our agreement.

If you are a beginner with a limited budget taking on as much as you can of the non-skilled tasks can put money in your pocket. Common sense, good judgement!!