All Forum Posts by: Jeb Brilliant

@Said Manar I'd suggest getting on some wholesalers mailing lists and finding an agent that can help you with comps, a PM to tell you where to buy and a contractor (maybe from the PM) to tell you how much it will cost to rehab it. With $170k you can use that and get a hard money loan for Florida. I know a lender that will work with foreigners and their numbers are not crazy. Private message me for their name. You can then get a small loan on it, pay it back quickly and then you'll cash flow very nicely.

Good luck.

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Orlando, Florida

@Bud Gaffney Everyone makes REALLY good points. I'll just add, if it's too good to be true it definitely is. Get your inspections done and don't hesitate to walk away from it. I'd rather walk away from 10 good deals then buy 1 bad deal. On the other hand, if it cash flows and is a strong ROI then there's 1 more piece can you sell it and make money. Have your exit strategies lined up.

Good luck.

1 Vote

Originally posted by @Monica Johnson:

Hey awesome Indy people! I recently purchased a rental property on the near East side in Little Flower. There's a vacant property across the street listed as a rent to buy from Rainbow Realty but they are open to cash offers. Exterior of the house is fine but I saw the interior of the property and it probably needs torn down to the studs. It’s a small 2 bedroom though so that would keep the cost of the flip from becoming too astronomical. 2 questions: how do you mitigate risk when purchasing a property like this? Do any of you bring a contractor to the property to get a better idea of repairs? My 2nd question as far as financing is concerned, would it be better to do hard money or a personal loan to finance the flip? Given the neighborhood, size, and condition of the property, I wouldn’t offer more than 10k so I’m not sure I’d even be able to find a hard money lender for around 50k.

Hi Monica,

What are they asking for it? For $10k you could literally just put that on a CC. Ask for a balance transfer check, make sure it's not categorized a cash advance. To answer your question about bringing a contractor the answer is YES. Bring a contractor or 2. Maybe schedule a roofer, plumber and electrician unless you plan to replace those things. If you want to try to save them then you need to know if they are salvageable. Also make sure you can sell it for over $70k so that a buyer can get financing. Under $50k loans are not super common even in Indy. Yes they exist but are not always easy for a buyer to get.

Good luck!

2 Votes

Indianapolis, Indiana

@Jack Liu , @Joy Graham , @Tina Pauley , @Neal Stanfield I don't know Invictus at all so this isn't directed at them but buying in bad neighborhoods without a stellar PM is a recipe for loss. Also turn key deals don't typically leave you with any equity. There are probably some reasonable TK companies out there that can help you with a BRRRR but I don't know any of them. If you want to do a BRRRR there are better options at least in Indianapolis. I just helped a friend buy his very first rehab, he got it fixed up and leased for 2 years. The key is taking on some risk and buying a house in need of rehab. If it's already fixed up the seller took the risk and you don't get any equity in the deal.

There are a few wholesalers and property managers in Indy I know that can help you make this happen but you have to be okay with buying distressed and rehabbing.

Good luck!

2 Votes

Originally posted by @My Nguyen:

@Jeb Brilliant

It's in Oklahoma city in a C neighborhood but very near to downtown. I love that it can be both a BRRRR and a cashflow deal.

Could we have a chat on the phone sometime soon? I'm blown away by those numbers. Do you mind if I DM you?

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@Melissa Johnson I DM’d you the info.

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@My Nguyen Where is this deal? It sounds amazing!

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Originally posted by @Miles Z. Sterrett:

Originally posted by @Jeb Brilliant:

Hi @Miles Z. Sterrett I'm not local in Indy but I invest there as my full time job. I'd be happy to chat for a couple minutes if you have some questions. If you really feel like it you can donate the cost of a coffee to a good charity. I've been doing BRRRR's, a few flips, I have a couple apartment buildings now as well.

Jeb, I might take you up on that at some point! Thank you for the offer. I'm going to try to at least make sure I have some idea of what a good and bad question is first, if I can. :-)

Any time Miles.

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Originally posted by @Jacob Repreza:

Hi Renee! Me and my partner are active out in Cleveland so we would absolutely be recommending that as the entry way. But with that being said do your own research and as a random rule of thumb if you need a tie breaker between areas choose the one you'd enjoy to visit more since you will have to make a trip at some point.

Also saw that you're local and wanted to add that we host a real estate meetup along with @Jeb Brilliant (who's a pro in the Indy market so he can tell you his experience there) mostly centered around out of state investing here in Newport beach so it would be great for you to come by and ask any questions you may have!

Feel free to reach out for anything!

Hi Renee,

We'd love to have you at our next meetup in Newport Beach. We talk all about out of state investing and local for that matter. We cover lending, PM, and all kinds of other subjects.

If you want to talk sooner about Indy I'm happy to chat as well. DM me and we can connect or maybe we'll see Tuesday Dec. 10.

Best,

Jeb

1 Vote

Thank you @Account Closed for taking the time to talk with me today. I really appreciate it.

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All Forum Posts by: Jeb Brilliant

Jeb Brilliant has started 94 posts and replied 584 times.

Post: Best rental area with 170k max?

Post: Would you do this deal?

Post: Flip in Little Flower Indianapolis

Post: Invictus Cash Flow in Indianapolis

Post: Where to buy 1st out of state property?

Post: Where to buy 1st out of state property?

Post: Where to buy 1st out of state property?

Post: Newbie from Indianapolis, Indiana

Post: Where to buy 1st out of state property?

Post: Looking to chat with Bloomington, Il Local