All Forum Posts by: Rodney Kuhl

@Justin Owens I haven't done multifamily in Indy, but I have a good lender in place who will loan on less than $50k (I know this because I used him on the SFH I bought for $47.5k). Just PM me if interested.

@Steve Cook Glad those are working out for you. 42nd and Post can be a rough area, so hopefully the other two are a little bit away from Post. But the rent ratio to purchase price in Lawrence can definitely be nice.

@Steve Cook Do you mind if I ask where in Lawrence your properties are? I have one around 42nd and Arlington that has been great. Parts of Lawrence are rough, but other parts are nice, quiet neighborhoods. Sounds like you have a good team in place.

@Joseph Kendall Yeah, @Ben G. basically nailed it. There are great deals to be found, but definitely deals that are "great" on paper but won't turn out that way depending on the area.

@Account Closed Oh, gotcha. I misunderstood. So you are saying that is all of your expenses prior to any mortgage payment? Yeah, I think you are being too conservative - will be difficult to find anything that would qualify as good returns with those numbers.

Basically what I do is factor 10% for vacancy, 10% for maintenance, 10% for management, and then whatever the real insurance and tax numbers are for each month. For example, I have a rental in Indianapolis that rents for $825/mo. I put aside $82.50 for vacancy and another $82.50 for maintenance each month. My PITI payment is about $360/mo. And I'm managing the property myself. So I net about $300/mo. I haven't had any maintenance costs yet, but put that money aside into a savings account, so it's there when I do need it.

If you are calculating 28% returns, that's obviously great! I think you are being plenty conservative with 10% vacancy and $100/mo in maintenance. Only thing is I'd be careful factoring in keeping the entire security deposit up front. I wouldn't want to assume I get to use all of that for maintenance right away, to be conservative.

That's just my 2 cents. Hope it's helpful.

I'm in Indy, so if you want me to breakdown the numbers if you have a specific Indy property in mind, I'd be happy to help. Just shoot me a PM or email with the property details.

Thanks for the breakdown @Steve Lawson !

@Marcus H. Seems like a pretty solid deal. If you want me to dig deeper just PM me the address or more specific area and I'll do a more thorough evaluation. Those numbers do look good.

@Andrew Barr Welcome to the site!

I had this happen to me as well. A good piece of advice I got (which I haven't used yet as I got that property rented) was to tell everyone to come at one time, and to tell them you can squeeze them in at that time (making you sound busy, and making it sound like there are others interested in renting). Then everyone shows up and looks at it at the same time and it creates competitions. And all they think is that the previous appointments went a bit long or the later appointment showed up early. The last part was to use the :15 and :45 on the clock and not the :00 and :30. For some reason I guess it seems to make it look more like there is limited time for them if it's not on the half hour. Good luck!