All Forum Posts by: Jacob Galloway

@Aaron Linden

Looks like we are just down the road. This house is to be of a similar list price. We will likely be around 125. We have had two flooring professionals. One thought the project was salvageable the other said to move on. The more recommended was the one to say he thought it was doable. The less recommended was the one who said to cover it. Hence the confusion

My brother and I bought a three bedroom one bath hoarder house in Northwest Indiana with the plan of a slip to gain capital for further it and hold investing.

The house has 800 sq foot of original hardwood that have large, significant pet urine stains. We had a flooring professional look at the project and some of the areas are going to require complete removal of the flooring to replace because the damage is too severe. He was pretty clear in that it’s very possible some of these things may be noticeable even after finishing. We would also be required to finish with a very dark stain to limit this. Ultimately the cost for him to refinish would be similar to us putting in our own high-grade laminate or vinyl flooring.

We have never refinished hardwood floors. I have heard nightmare stories about spending several thousand dollars and it always continues to have considerable stains. Should we bite the several thousand dollar gamble or should just accept covering the original hardwood with other hard surface durable flooring. What would you recommend, considering out-of-pocket expense will be essentially the same.

@Kyle Galloway

I was almost interested but then I realized it was you

@Jaden Adams

I am sure this is said but why not look at a more affordable school? College has become more expensive since I left but there are still state schools where you can do much better than 100,000 for undergrad. Go to a more affordable state school, get some business background, take classes in excess and other tech, learn accounting principals. THEN use that knowledge.

Worst case scenario: if your business fails what is your exit strategy to not being homeless?

My brother and I are new investors born and raised in Michigan City Indiana. Does anyone in this area have or want to be do a meet up to chat and teach and hopefully consume a beverage? Would like to meet and learn from other in Laporte county and the surrounding areas

@Ken Van Haitsma Jr

Hey did you ever buy in Michigan city? Curious how it is going.

@Miles Z. Sterrett

Hey there miles. Welcome to the site!

I am from northwest Indiana, lived in Indianapolis for a few years and have moved north again. Just closing on my fourth deal in yeah one up here.

Where do you all predict the next growth market is for Indy? Broad Ripple is already near the peak, Fountain Square is likely going to have gotten too hot already too. I am considering getting back into the city to invest. What do you all think of possibly the near north side, just north of Fall Creek? I could see the Herron Morton trend moving up that way.

My brother and I are closing on a single-family house tomorrow morning, will be our fourth a deal together. The house is a nice little three-bedroom, we will likely be renting although flipping it for capital is not out of the question. Our first roadblock is that the family were hoarders. Not the extremely dirty, find a cat corpse type of hoarder, just an older couple that seems to keep every item they had ever owned.

There are several trailers or dumpsters worth of junk. The problem is as much of it is in good shape, there may be some small amount of value in the items for someone who does a resale. We obviously want to start the project of remodeling sooner rather than later but has anyone had any experience with a horde that probably has some cash value to the right people? Do we just have dumpsters come and fill them up to take to the landfill or is there someway to get some return on all of this?

My trash might be someone’s treasure 

@Ray J.

Hey Ray. How long have you been investing. Are you in the Gary market or elsewhere. The Gary market is very interesting just never knew anyone who owned there outside of Miller Beach

Hello all

My name is Jacob Galloway. Born the son of a realtor who also owns single-family investment properties. My brother and I have begun investing in single-family properties in Northwest Indiana, about an hour east of Chicago. Renter heavy market, primarily single-family homes, quite affordable market with good cash flow opportunities.

I have been listening to bigger pockets and studying for a year or so now. We purchased our first and second single family homes over the past year. Both have a monthly ROI over 1.5. One is BRRRR able and we should be able to refinance sometime early this winter. We are excited to build wealth and learn this industry. Hello all!