All Forum Posts by: Ryan Mullin

@Ross Denman @Mike D'Arrigo  True...   My 'retail" world revolves around Fountain Square and Bates Hendricks which have a unique saturation issue.   

Retail started slowing waaaaaay down for us around june / july..  

around that time I talked to a lot of my friends that flip, and they confirmed properties above 200k have slowed way down.   

Feels like a market correction to me.  

Not sure why people want to be wholesalers so bad but here are my thoughts.. 

The bigger groups in Indy right now are spending 100k a year or more on marketing / mailers etc. Nuparadox, Redevelop Indy, Parrot, Simple wholesaling etc.. So that is who you are competing with. There margins look huge but again they are spending soooo much on marketing. Personally that would make me nervous. Find a way to find motivated sellers OUTSIDE of mailers, landing pages (instagram and FB marketing) and bandits signs. Thats how to make money. In the mean time, hook up with Andy Rumple (indy Fast Cash), Brett Snodgrass (Simple Wholesaling), and Sam Barrow (Parrot home buyers)... from what I hear those guys JV with people all the time.

Personally...  If I were just getting going in RE I would look at property management services and construction.  There has always been big time demand there.  No matter how the economy is going you will always have steady business and get paid every month...   AND its a source of cash buyers and motivated sellers so you can do deals stress free with out spending a 100k in marketing :)   Best of luck!  

A few thoughts...   

I would find a broker to BPO's.  Pay them like 50 - 100 bucks instead of paying for a full appraisal. 

Definitely not a gentrifying area, in fact this area has been on the decline for a long time.  42nd and post is THE worst area in Indy.  Mainly because of the apartment complexes (condos) right there.   Not saying you can't make money here, Ive seen it done many times.  

1 Bathroom is not an issue in Indy.  3/1 is very common 

70k isn't really a bad price for a TK thats fully rehabbed.  Just because it sold for 35 means nothing.  35k + 25k rehab + 10k profit to TK company = 70k.  (10k is less of a mark up than your average wholesaler makes nowadays).  Performance is really going to depend on tenant placement and management, but you could say that about any neighborhood in any city. 

Killer location indeed!   

Biggest mistake in TK buying that I see from OOS investors is looking ONLY at cash flow when making a decision on what to purchase.  Cash flow is just one aspect of a buy and hold.  It makes me cringe every time I hear an OOS investor say "Im looking for strictly cash-flow properties".   Equity should be the goal.  Not just cash flow.  Its a mindset thats needed from acquisition all the way to year 5 / year 10, etc.  

@Marcello Oliveri  text me, and lets get on a phone call.  

@Marcello Oliveri   28th and Talbot is a sweet area.  Sounds like a good deal.  Definitely potential for appreciation.  If they are fixed up nice you can definitely get more than 550 for a 2 bedroom.   I wouldnt mid checking it out...   Is ethiosity going to manage or are you looking for PM still?

Super cute Bates Hendrick property.  Needs roughly ~10k in work to be rent ready.  Rent range is around 900 per month.  ~20k rehab = rent range of 1000 per month.  I do not own this...  it is not a turnkey deal.  This is a listing that I have and FS Houses is willing to renovate and manage the property.  

See pics here:  

https://fshouses.com/portfolio/1827-singleton/

@Rick Ursery  is your investment in Indy?

@Jay Hinrichs I just emailed the Real estate reporter at the Indianapolis Business Journal.   Just in case no one else has...