All Forum Posts by: Neil Goradia

I agree with @Account Closed's assessment. Doesn't seem to be much profit to be made here.

The traditional Google Voice is just a forwarding service. So, no, it doesn't affect your phone bill.

Google has come out with another type of VOIP service (can't think of the name at the moment) where you buy a small little box and connect it to your home wifi. That box or the service does cost money, but I don't think that is what you're talking about.

@Les D. Did you have any luck finding financing? If so, who did you end up using? I am looking to buy something similar and am starting to shop around. I've heard MainSource is a good place to go as well, but haven't pursued them yet.

@Spencer Hsu I can help with Indy, just send me a PM.

@Terron Winn, I am in Indy and I second @Com M. about wholesalers. Get in touch with them and have them put you on their buyers email list. Deals exist in your price range all day long.

Just edited my response because I understand what you mean now. You're saying that each apartment is not individually metered so you can't really transfer cost to them. I get it now. I think what you suggested may work, where you charge them a fee periodically, or up front. However you think its best. Good luck!

Your question seems to boil down to weather you can make reasonable cashflow after paying your debt service each month at 100% financing. I am using a rough approximation that for every 1 million financed your debt service is 7k for quick math.  However, if your interest starts at 7% it is probably higher than that. Feel free to modify my calcs below with a more accurate number.

1. Cap = 4.6%, Cashflow after debt service @ 100% LTV approx = -75k/month (Gross income - expenses)/12, debt service = roughly 168k/mo)

2. Cap = 4.9%, Cashflow -35k/mo

3. Cap = 4.7%, Cashflow -10k/mo

So, cashflow negative in each case.

I would never do a zero down deal for something this large with that low of a cap rate. You could do much better.

As tenants' leases expire can you have the new tenants' leases state that utilities are their responsibility? This way if tenants move out due to the increase in utility cost, it will be a staggered move out since all the leases don't end in the same month. No greater incentive to better usage then making them pay for it.

@Jill DeWit, When I scroll to the bottom of the list source build list page, I noticed that core logic is the company that actually "runs" list source. Same company?

To me, B/B+ would be places like Eagledale, Lawrence, Beech Grove, just outside 465 loop, etc. You should be able to pick these up for around 80k or less in good shape and can rent for 750-1000/mo.