All Forum Posts by: Edward Rhoads

To add what Patrick said, you could also go fix and flip.  Do 1 or 2 houses at a time for about 10 hours a week.  Go to INREIA and CIREIA meetings to network with wholesalers to buy the properties or use the yellow mailers to get them.  Then have the real estate agent do the work of selling them.

Sell the first one and use the money to buy from a wholesaler to grind the machine.  The 2nd one is a tough call.  You are making money on it, the principle, but you can probably do better by selling and grinding the machine.

Could be worse, I have a condo here in Indy in a bad area.  Had it on market for 6 months had 2 people look at it, so I lease optioned it (by the way lease option might be a good strategy for you as well).

Be sure to include the $3k in fees the lender will charge you when you put a loan on it after the fact.

And an FYI for Indy, if your duplex has an ARV of $50k it is probably a bad neighborhood, so you want a higher cap rate than 12% because you are dealing with higher risk, higher maintenance and possibly higher vacancy rates.

welcome.  Be sure to go to the CIREIA and INREIA meetings.  You can find them on meetup.com

Go to the INREIA and CIREIA meetings to network with wholesalers like Brett Snodgrass.  You can find both from the meetup.com website.

Indianapolis is a great market.  We have some pretty good wholesalers here like Brett Snodgrass.

Yeah my pet peeve is people who set a time to see the house then never show.  Get that about half the time.

Indiana is very landlord friendly.  I have heard that Illinois is very unfriendly especially in winter.

You have to give 10 days notice after they are late.  After that you file for a court case.  The case is usually about 3 weeks after you file.  At the case when you win (and i have not seen any that lost unless the tenant paid after the filing) they get 1 week to move out after which if they have not you call the constable and pay about $400 to a moving company employed by the constable to move the stuff out.  That takes up to 1 week.  So the process is about a 2 month process from start to finish.

It is pretty landlord friendly.

If you want to sue for damages you have to do that in a 2nd hearing which is usually 4-6 weeks after the eviction hearing.

It is very county dependent.  In Marion you just need to sit back because the county does all that work for you.