All Forum Posts by: Edward Rhoads

Most 30k + 10k deals that are decent get 600-650 rent.

Indy is block to block.  Look to see what the houses around it are being listed for (the ones listed for sale).  If they are 30-40k bad area.  60k and higher okay area.

Check to see if the rental prices are high or low for the area.  That could be a big one.

The solution to problem #1, availability of deals, find the good wholesalers.  For Indy that is Brett Snodgrass, Shawn Holsapple, and a few others.  We have some pretty good ones.

As for the financing issue, I have the same difficulty myself that I am trying to work on.

Not specific enough.  There are good areas of Lawrence and bad areas.  Maybe give us some cross roads?

It depends on where in Indianapolis it is.  There are areas where it will rent $400 a side and areas it would rent for $800 a side and everywhere in between.

Maybe give us an address.

Also rentometer.com gives good estimates for areas.

If you are on the money side would you consider JVs on fix and flips in Indianapolis?

In Indy condo's are much harder to sell.  Those condos are not the big city condos that you think of that are high quality downtown.

At $50-60k that is a lower quality condo in a lower quality area.

Here is what you could end up with:

I bought a condo a year ago on the west side for $25k and put $5k of repairs into it.

Thought I could rent it for $650 a month.

Wow was I WRONG.  The area turned out to be a war zone and I could only get $600 a month to a couple that moved out after 4 months.  I then tried to resell it.

Have had it on market for 4 months and at $35k nobody will even look at it so going to have to probably sell for under $30k.  I will take a big loss on this one.

Condos in Indianapolis are usually a bad investment...

Yes Turnkey is really only for people who want to throw their money into an investment and never have to do any work.

@Rigo Medina

You have hit the problem with "Turnkey" on the head.  No equity.  Most Turnkey sellers sell at or above market price.

You want to find wholesellers in the area you want to buy who will give meat on bone.

I found one once and they wanted $7000 to do the job.  I don't remember their name.