All Forum Posts by: Nick Lee

I was investing in Kokomo from the United Kingdom from 2014 so know all about doing it long distance. If you want to who we use as agent and pm company let me know

A great value proposition to invest in America’s third fastest growing city! With great income potential and future growth. We have all seen what seems like a great deal of a property in the Midwest, sadly many of these towns and cities just have not recovered. Population figures show a decrease and many homes are vacant leading to oversupply of housing stock and resulting in a glut of low priced homes. Many sellers are looking to buy these cheap homes and pass them on for a quick buck.

As someone who has been in this market for over four years, and owned these properties for a number of years I feel I am able to offer a better product and one that has a proven track record of cash flow. We have a number of properties available in our portfolio and we are looking to reduce these in order to fund several new builds.

Our portfolio is completely hands off, we have used many different tactics to ensure this and has been built up through over ten years of experience in real estate both in the States and abroad. We feel we have the best property management company working with us in this area to ensure these homes bring in cash. They offer all the services you require, which has been extremely useful for our hands off approach investing from Europe.

We are flexible with what we can do with these homes so feel free to reach out and ask any questions you may have- [email protected], WhatsApp +447793242292.

This Property had been rented out at $600 per month previous, this gives scope to increase rent.

Current Income

Yearly: $5,880

Taxes: $503.02

Insurance: $598.62

Property Management: $588

Net Income: $4190.36

PROPERTY DESCRIPTION 

Number of units: 1

Type: Single family 1 storey home

Utilities: Paid by tenant

Construction: Wooden frame, vinyl siding

Current Occupancy: Just listed to rent after completion of cosmetic refurb. (New paint throughout)

Building Square Footage: 1072

QUICK FACTS

  alue add opportunity

Great investment in Kokomo Indiana

Top three fastest growing cities since the Great Recession as reported in a Bloomberg study

http://www.kokomotribune.com/news/local_news/kokom...

Huge job creation in the area, Chrysler plant alone has a $2 billion investment

Rent increase upside – Future rental demand expected as job creation grows

Low crime area – Take a look on www.spotcrime.com

Great location close to large employers and Indiana University, enrolment of 3,000 students per year

Tenants to pay all utilities

Professional Management Company already in place

Hands off investment

Proven track record: We have been owner investors, with profitable rent since 2015

Great value proposition to invest in America’s third fastest growing city! With great income potential and future growth. We have all seen what seems like a great deal of a property in the Midwest, sadly many of these towns and cities just have not recovered. Population figures show a decrease and many homes are vacant leading to oversupply of housing stock and resulting in a glut of low priced homes. Many sellers are looking to buy these cheap homes and pass them on for a quick buck.

As someone who has been in this market for over four years, and owned these properties for a number of years I feel I am able to offer a better product and one that has a proven track record of cash flow. We have a number of properties available in our portfolio and we are looking to reduce these in order to fund several new builds.

Our portfolio is completely hands off, we have used many different tactics to ensure this and has been built up through over ten years of experience in real estate both in the States and abroad. We feel we have the best property management company working with us in this area to ensure these homes bring in cash. They offer all the services you require, which has been extremely useful for our hands off approach investing from Europe.

We are flexible with what we can do with these homes so feel free to reach out and ask any questions you may have- [email protected], WhatsApp +447793242292.

This property is one we had intended to fix up and rent out because it will be a high yielding property. The area has recently had a cash injection and had some new townhouses constructed and so it is becoming quite a desirable area. The property has good bones, it just needs fixing up. We put around $20k into foundation work, and have been told it will be another $60k to make the property as new. With the four units rent would be $495 for the two lower units that are one bedroom. The upper two units are two bed and rent would be completed rent would be $550 which is $25,080 a year. With the units each having their own electric panel the tenants would be billed for this. Our plan was to rehab all the building, initially starting with the two lower units and then do two upper units later . To do this would be around $40k. The later rehab of the two additional units being around $10k each.

As per latest research on rentometer.com. Rent should be $550 for a one bed and $600 for a two bed. This could take the figures to $27,600. 

 ESTIMATED INCOME

Yearly: $25,085

Taxes: $854

Insurance: $1200

Property Management: $2,508

Net Income: $20,523. Owner would need to pay gas at the moment

PROPERTY DETAILS

Number of units: 4

Type: Four unit 2 storey home

Utilities: Paid by tenant owner pays gas.

Construction: Wooden frame, wooden siding

Current Occupancy: Vacant awaiting rehab

Building Square Footage: 2996

QUICK FACTS 

Value add opportunity

Great investment in Kokomo Indiana

Top three fastest growing cities since the Great Recession as reported in a Bloomberg study

http://www.kokomotribune.com/news/local_news/kokom...

Huge job creation in the area, Chrysler plant alone has a $2 billion investment

Rent increase upside – Future rental demand expected as job creation grows

Low crime area – Take a look on www.spotcrime.com

Great location close to large employers and Indiana University, enrolment of 3,000 students per year

Tenants to pay electric, with current set up

Professional Management Company already in place

Hands off investment

Proven track record: We have been owner investors, with profitable rent since 2014

A great value proposition to invest in America’s third fastest growing city! With great income potential and future growth. We have all seen what seems like a great deal of a property in the Midwest, sadly many of these towns and cities just have not recovered. Population figures show a decrease and many homes are vacant leading to oversupply of housing stock and resulting in a glut of low priced homes. Many sellers are looking to buy these cheap homes and pass them on for a quick buck.

As someone who has been in this market for over four years, and owned these properties for a number of years I feel I am able to offer a better product and one that has a proven track record of cash flow. We have a number of properties available in our portfolio and we are looking to reduce these in order to fund several new builds.

Our portfolio is completely hands off, we have used many different tactics to ensure this and it has been built up with over ten years of experience in real estate both in the States and abroad. We feel we have the best property management company working with us in this area to ensure these homes bring in cash. They offer all the services you require, which has been extremely useful for our hands off approach investing from Europe.

We are flexible with what we can do with these homes so feel free to reach out and ask any questions you may have- , WhatsApp +447793242292.

Buyer pays all closing costs

QUICK FACTS

Value add opportunity

Great investment in Kokomo Indiana

Top three fastest growing cities since the Great Recession as reported in a Bloomberg study

http://www.kokomotribune.com/news/local_news/kokom...

Huge job creation in the area, Chrysler plant alone has a $2 billion investment

Rent increase upside – Future rental demand expected as job creation grows

Low crime area – Take a look on www.spotcrime.com

Great location close to large employers and Indiana University, enrolment of 3,000 students per year

Tenants to pay all utilities

Professional Management Company already in place

Hands off investment

Proven track record: We have been owner investors, with profitable rent since 2014

TYPICAL INCOME

Yearly: $7,200

Monthly: $600

Taxes: $496

Insurance: $774.06

Property Management: $720

Net Income: $5209.94

Potential Rent: $673 (according to of similar homes in the area)

PROPERTY DESCRIPTION

Number of units: 1

Type: Single family 2 storey home

Utilities: Gas, electric and water paid by tenant

Construction: Wooden frame, vinyl siding

Current Occupancy: Just listed to rent after completion of cosmetic refurb.(New paint throughout)

Building Square Footage: 1512

Yes I agree I have properties in Kokomo. CRM properties are the one I use, great team

We have recently moved to Nicaragua and begun investing. We sold investment real estate in the UK that allowed us to fund USA investments and build a home here. We are using loans from the UK to allow us to build property and sell here

I think the only way you would get finance here would be through a seller, although that is something that is changing. I have seen many projects on the Pacific coast that offer finance, to me they are way over priced. We are building in the Colonial city of Granada, we are building a colonial home and then looking at condows / apartments. These would likely be sold on to retirees, or to investors due to the growing demand.

For me the biggest concern is security. I am still a serving officer in the British Merchant Marine and worked in this region for 19 years. The area we have moved to for me felt the safest. There is a large expat community of mainly Americans here due to the low cost of living

I bought a four unit property at auction and everything looked fine. The plan was to slowly rehab the property and rent out.

When one of our guys went to cut the lawn they reported a couple of the bricks at ground level appeared to have fallen into the basement. Before we could get somebody to fully investigation the property suffered further collapse of bricks into the basement causing it to lean over.

The insurance company are denying coverage due to "Earth movement" no quakes recorded in the area so I guess they mean from build up of water over the years. My contractor thinks that as no guttering is on the adjacent property, the water ends up right at the side of our foundation. Over time the force of this has caused the collapse. The incident happened after very heavy rains in the area.

To fix the problem would be 15k. To demo about 22k.

I bought the property for $1,500 at a commissioners sale.

It probably needs $60,000 spending on it to redo the entire property. We would expect rents at $450 a unit so about $1800 a month.

We are waiting on a second confirmation of denial from insurer, then they will release the report. 

Any advice would be greatly appreciated.  

Hi Cody,

Great to hear your commitment.

I would look at contacting local companies, explain what you want to do and see if they have anything for you. 

If I was in your position I would be happy to offer working for free, at least initially or,part time. Anything to get your foot in the door. More opportunities will come your way when in a place of employment.  If you then offer to do far more than your employers ever expected of you and then,make it so they need you to stay permanently.

With regards to buying a property with limited funds, without a job,I would be cautious.

The type of property you would mostly likely be offered would,more than likely, be a lower income property. These often require more work.  If you have bills to pay and no funds to complete the work, in order to get tenants in, you will be in a bad position. Believe me I did the same thing.  Only because I was in full time employment could I turn it around.

You will probably be offered a fixer upper for around 20k. If you increase your knowledge I know you could find the same deal for half that. So that just requires a bit more cash than you have now.

Build the knowledge now and you can repeat the process,over and over again. When you can do this then the funding will find you.

I am active in your market and if I can help let me know.

Nick

As those of you who have been following me know, I am in the process of a full rehab. The majority was completed while I was on leave from the merchant navy over summer. The last bits being completed,while I have been back at work.

The work has been carried out by our usual contractor who is also a friend. We have worked together on two full rehabs before this and countless other small jobs.

The property is a period property over 100 years old and we have completely updated it. As a result we wanted to keep some period features. What better way than a period fireplace right?

My wife just send me the picture below

 Spot the mistake? No chance of lighting this fire.

Lesson learned- Even with experienced contractors you know and have worked with before,you need to manage