All Forum Posts by: Matt Speer

When I graduating from school with a degree in finance I devoutly started building my retirement accounts until I soon discovered the power of real estate.

I ended up quitting my job, started doing real estate full time in Indianapolis and never looked back. I’ve personally helped investors, partners and myself reposition ~100 units in the past 5 years. Pulling my cash out and controlling my destiny was the best decision I’ve ever made.

There will be tons of people who tell you what’s best for THEM. Do what you feel will make you the most money and most importantly, bring you the most financial and personal fulfillment.

Matt

Hi Tom - congrats on the move. 

You're looking to invest in the Chicago area or back in Indiana? 

Thank you everyone for the feedback! Seems to be very similar to typical residential real estate with a few intricacies to navigate. 

I'll update this thread as things play out for anyone curious.  

I'm a wholesaler in Indianapolis and run some digital marketing and mailers. I had someone call today who owns a 1984 trailer that they bought for $1k and they fixed it up to be livable. 

He has a lease with a 30 day notice to vacate, month to month. 

He has agreed to sell the trailer for $1 (yes a single dollar) if I can take over the title and thus the lease. He just wants to leave and doesn't have a way to move it. 

Problem

I don't invest in mobile homes and know very little about it. 

Opportunity 

He wants to essentially give the trailer/mobile home away for free. There seems to be money to be made here. 

Ask

Does anyone have any advice on how to go about this possible deal? Does anyone with more experience want to JV on the deal or simply pay my company a fee assuming we can get the title signed over to you?

1. Find a trusted advisor(s) in Indianapolis who can consistently find you opportunities that meet some of the rule of thumb metrics @Ross Denman and others provided. 
2. If you don't already have detailed long term goals, write them down and work with your real estate team to continue to develop your goals and deal criteria as you move forward with the first deal, second deal, third... etc. 
3. If you're struggling to find a team that can help you source deals that meet your goals and criteria, plan a trip to Indy and meet as many people as you can. I'm confident this will propel you forward. 

My company is helping investors throughout the country who are likely looking for deals very similar to what you're looking for now. Just in this thread, there's a handful of great service providers who I know can find you opportunity. 

Let’s set up a time to chat. I’d love to hear more. 

My company, LIV Indy, helps OOS investors find, rehab, manage and sell their properties. We’re a one stop shop of sorts. 

Shoot me a message or email if you’d like to coordinate a time to talk. 

Matt 

@Mindy Jensen I hear you on the contractors. My brokerage has finally landed a few contractors who do things on time and on budget for our investor clients. They're like unicorns. It helps to have a full time rehab manager on the team too. 

Yes, she's on board. Since we both work from home on most days, the key is not talking business after the work day. Sometimes that's hard for me since I'm always thinking through that next deal or business model tweak. 

Here are a few pictures of the first and current live and flip project. 

Before: 

After: 

New House Before: 

New House After: 

It’s always fun looking back at old posts. @Mindy Jensen I wish I would have listened to your advice about doing the rehab with roommates, especially with setting proper expectations. My contractor ended up turning a 3 month project into over 7 months and it caused serious conflict with my roommates. However, the numbers shook out very well and the knowledge helped lay the foundation for quitting my job and starting up my own brokerage. 

Here’s how the numbers shook out: 

$162k purchase with 203k loan 

$70k in rehab costs 

Sale price: $280k 

Tax free profit of roughly $45k

I'm in the middle of rehabbing my next live and flip and plan to move in with another roommate, my wife, in early 2019. I've funded it all with private capital and an equity line of credit. It'll be $135k purchase, $200k rehab, and the ARV is $475k. Definitely more risk, but you can't make six digits on a flip unless you take the leap.

Anyway, thanks everyone for their advice a few years ago. Gotta love the power of BP! 

Absolutely. I’ve always had a good experience with Homesense Heating and Cooling. 

Hi David, I may be able to help. Send me a message and we’ll coordinate a call. 

Matt