All Forum Posts by: Edward Rhoads

If you can get a good contractor that is the way to do it.  Don't use Kelso construction though.

If you see others for 25% cheaper then they are using hyped up rents to oversell.  So, don't buy.  Find a better wholesaler like Brett Snodgrass instead of a turnkeyer.

Those Indy houses are pretty small houses.  Most 1k homes are much bigger than that in this town.

Use rentometer.com to verify those rents.

Also, what are the ARVs of those homes?  

On a 110k ARV home you really want the all in cost to be about 77k not 84k but still a good house for your first deal.

The best wholesaler in my opinion for the Indianapolis area is Brett Snodgrass.

What is the ARV on this house and how close to Emerson is it? For that zip code those two are really key as $400-$500 renters can be a headache.

46201 is a hit and miss zip code.  How close to Emerson St is it?

The cash flow is obviously good but there are two things to worry about.

1) at that rent range you may have a headache with not so good renters.  They will be very hit and miss especially since you are in another state (there are a LOT of evictions in that zip code I can tell you from personal experience).

2) what is the ARV on this one? A lot of houses in 46201 have < 50k ARVs unless you are pretty close to Emerson (thus I asked above).

I would only buy this one if it was within 2 blocks of Emerson or if the ARV was at least 80k.

I want to take away my edorsement of Kelso he walked off my job.

I did a job with Kelso Construction 3 months ago.  He walked off the job.  DON'T USE HIM!!!

I am late to the party here but you made the right choice, you were paying retail on this one. Work with some good wholesalers instead of using MLS and you will find much better deals.