All Forum Posts by: Ryan Mullin

Hello and Welcome to "Indy"  

Great market...  lots of great people to help you with your investing goals.  Just from reading your post, this is my advice.. If I were you I wouldnt try to find and work with a contractor with out some help.  @Ritch Bonisa 's company can help with that OR utilize a PM to help buy a cosmetic fixer and they can rehab and manage for you.  T&H for example are stand up guys.  Ive known the owners since 2005 and they definitely helped me out when I was brand new.  I don't know there pricing model but its not about how much they make its how much YOU make that matters.  

I wouldn't swing for the fences on the first few...   look for nice, safe base hits.    :)  

Investor / agent here..    For years I was an unlicensed investor,  so I have done it both ways..   and I will say there is absolutely no downside to having a license.   The time / money / effort spent on education, fees, disclosing etc is NOTHING compared to the benefits.   Best of luck!  

It depends on what a C area is...   

Is Christian Park a C area?

Is Brightwood a C area?  

Is Bates Hendricks a C area?  Was it 3 years ago?  

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I hate the grading system, its so subjective.   But I guess if I had to choose a "C" area for the purpose of hypotheticals and examples I would say (some of the not-so-great parts of) Christian park would fit the mold.  

I would say that there is a bit of luck involved..  but also management is key.   We have 1 property (In a C area of Christian Park) where the tenants have been there 4+ years, no maintenance, no nothing...    We have another that had a good tenant for 2 years, then the tenant on the 3rd year moved out and left a 4k turn, including some really nasty, nasty stuff.  Same area, same qualifications, same type of house..   2 different outcomes.  The house with the bad turn, we were able to get cleaned up, add some improvements and raise rent for the next go around.  Bad turns are not the norm..  but will definitely happen in areas like this..  

Now..  an area like Brightwood (which I have seen people call a C area, fairly often) is much more likely to have that bad turn on a majority of the move-outs AND have people not even stay a full year.  Lots of evictions within a few months of moving in etc.  

An up and coming area like Bates Hendricks was 3 years ago (people were calling it a C area then) we had a really good track record where almost everyone paid all of there rent, left the place clean when moving out, etc etc.  Yeah.. some were super picky about maintenance and were a bit concerned with the area at times..  but definitely a demographic that epitomizes the gentrification taking place around there.  Since then the area has improved and values have gone up, etc. 

I dunno...  hope that answers the question..  at least a little.  lol...   

Let me know your thoughts!   Really interesting question, I just get hung up on what exactly these letter grades mean.  :)

Its also worth noting that to do 3rd party property management a RE license is required in most states.  

 Yes but you can't cut off an entire avenue of potential tenants.  I honestly 100% believe that FB market place is completely taking over Craiglist rental section.   Just have a copy / paste ready and fire it off to everyone...     it takes me about 10 minutes every morning.   

I think the reason for the crazy responses is not because "everyone on FB is crazy" but the formatting of the ads by FB and allowing the ability to instantly send a pre-scripted question that doesnt even relate to the ad.. I think FB will tweak this to make it work... or eliminate it altogether. I mean.. isn't HUD suing FB for discriminatory ads already.. we will see!

FB market place is crazy..   I get hundreds and hundreds of responses and most of them are "is this still available" auto reply thing...  its horrible because most aren't even interested, its just so easy to click that button that people do it whether they mean to or not.  But its also awesome..  built in screening.    And I dont even think they realize that they have 4 pitbulls, throwing up gangs signs and doing drugs in there photos for the whole world to see.  Crazy.  

To answer the questions, yes it works, and yes use it to screen..    We've rented 4 units from FB in the last 3 months.   As far as the spanish goes I just respond in english.  I have way to many responses to individually respond to them all personally.  I have a copy / paste that I send to everyone basically saying to go to the website and fill out a request to see the property.  Those that actually follow instructions are more likely to be qualified than those that just click the button "is this still available "   

@James Wise 

Very interested.  Company is FS Houses...   started in 2014..  242 Units sold / under management here in Indianapolis.  

If its in pre-foreclosure it will be really hard to figure it out in time..  definitely would need a big chunk of cash to take it down.   Tough one.  It will more than likely wind up at auction where you will need that entire cash amount to buy.  

Try to find a tired landlord who would owner finance to you...  ?   

Cara and Marcus Painter with MC properties have a great organization...  They might be able to point you in the right direction.  Worth a google search!   Best of luck!