All Forum Posts by: Justin Arnold

BP MultiFamily and Commercial Brokers, I want to meet you!

My wife and I are moving from Washington DC to the Greater Detroit area next month and, at the same time, I am starting my own REI journey with an eye for multi-family (small at first, but larger in the future, I hope) and commercial properties in Michigan and in the broader Midwest: Ann Arbor, Toledo, Columbus, Dayton, Cincinnati, Indianapolis, Fort Wayne, and pretty much anywhere in this huge market!

I am in the early networking stages, with this being a new location for us, but I am keen to meet people who are active in the region and to build strong, long-term partnerships. 

And I have some creative strategies (for me, anyway) that I'd like to try.

Please reach out to me!

Walking the line of fraud isn't a good plan and with the seller as trustee if they file BK, divorce, have a judgement it sticks on the property.

What about something like this in FTW: https://www.realtor.com/realestateandhomes-detail/3207-Clint...? It says it has 6 bedrooms, wow!

Hi All!
I am looking to invest in Fort Wayne and would like to make connections in the area. I live in Chicago and have investments in California and Illinois. I visited Fort Wayne this past weekend to research the neighborhoods and get a feel for the market. I am excited to get started investing here because it seems like a market where cash flow is still realistic in 2024. I would feel even more confident if I could build a network of other RE investing pros. 

Can you suggest ways to network? Basically, I need a whole team: a real estate agent, a loan broker, possibly a property manager, etc. I am looking for buy-and-hold long-term rentals that require only minor fixup, if any. Because I'm prioritizing properties that will be rentable without much fixup, I would like to network with flippers too, and I would like to find off-market deals. 

I look forward to meeting you all and making deals happen!

Hello,

I'm currently looking to buy my first rental. Looking at both Duplexes and SFH. I make around 180k living on the west coast. I currently have around 20k cash for a down payment and that is steadily increasing so I want to pull the trigger soon.

I'm interested in Fort Wayne for a few reasons:
- I have some family in the area (they won't be involved, but have some general knowledge of the area)
- Decent schools
- Low crime
- Airport
- Low prices

Any advice or connections are welcome as I am completely new to this. Thanks!

Hey guys,

I'm looking to connect with a rehabber in the greater Fort Wayne area. We just put another two 4-plex's under contract that will need some work. I was wondering if anyone has any recommendations or could point me in the right direction.

Thank You!

Investment Info:

Single-family residence other investment.

Purchase price: $26,000
Cash invested: $26,000

This is a 2 BR, 1 BA, 901 SQFT home with a full basement and a 550 SQFT attic on a large 7,500 SQFT lot. There is a one car detached garage at the back of the property.
I'm an absentee owner that rented this home out for 11 years with a management company and now I'm in the process of renovating it.
When I'm done with the project in a few weeks, I would like to 1031 exchange it into another cash flow property possibly in Indianapolis IN, but I'm open to other active markets.

What made you interested in investing in this type of deal?

Price and cash flow

How did you find this deal and how did you negotiate it?

Found through a Realtor. This property was a Bank Repo.

How did you finance this deal?

Cash

How did you add value to the deal?

Rented property out for 11 years. Now in the process of renovating.

What was the outcome?

Currently renovating for a 1031 Exchange into another cash flow property when done in a few weeks. I'm looking for the next property.

Lessons learned? Challenges?

Did not manage the management companies that rented the property to be sure that they were maintaining it in good condition. Now the property has to be renovated after 11 years of ownership to catch up on deferred maintenance.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with a realtor that is working on another pursuit and is not currently available.

@John Fakish every response so far has been inaccurate, finishing a basment is one thing, adding a kitchen is a whole thing in its self. The building inspector will make you pull a permit for all, framing, electrical, plumbing etc, then you will have to hire licensed contractors for each trade to certify all is up to code. If your basment does not meet current code, egress windows or full walkout basemnt, not a garage they do not count as egress as well as head room then you will be required to rip it all out, or they will let it slide as finished storage space, which the kitchen will have to still be removed. You should of pulled the permits that were necessary, especially you took an unfinished space and converted it. If you sell your house, once title is done and the building dept does they're walk around they will issue a violation and in return you will not be able to sell until that violation is satisfied. More and more municipalities are cracking down on add one that we're never permitted

Anyone know a good inspector in Fort Wayne? Thx!