All Forum Posts by: Stephen Sokolow

Ok everyone, 

I love all of the discussion going on in this forum lately. Here is the question. 

$10,000-$20,000 in your pocket today! Cash!

Where would you invest SPECIFICALLY in South Bend (Only South Bend) TODAY to either Flip or buy and hold.......AND..........WHY?  

Provide break downs Buying Cost, Rehab Cost, Buying Source (Realtor, Auction, Private Sale) etc....

I completely agree with @Aaron Linden South Bend is really a market that can literally be defined block by block. There are a lot of people in this group who understand South Bend and the differences between it and NW Indiana as a whole. I highly recomend reaching out to people in here and asking questions. 

@Aaron Lindenundefined

I am looking for local wholesalers to joint venture with in South Bend. Any recommendations would be appreciated. Thank you

Thank you all for the time you put into considering the ins and outs of this deal. I really appreciate it. Not sure how to respond individually to each reply so I will just reply in here. 

1. I love the FHA idea except I am not in a position to live in an apartment. Have a big family and my wife would probably kill me if I tried moving everyone into a one bedroom unit - lol

2. I completely agree that the tenants should be paying utilities. The current owner paid to have separate meters installed. Why should they not pay utilities? Not sure about the dropping rents through. I did a quick rent survey and made a few calls on rental signs and see that the rents are low with utilities. 

I got a copy of the mortgage and am trying to figure out if I can buy subject to without calling in a due on sale clause. I have called an attorney and am waiting to here back on that. 

Hi Group,

First I want to thank everyone for the amount of information I have learned in here. Here is the situation. I am a broker in South Bend Indiana. I went on a listing presentation for a tri-plex today. I really hit it off with the owner and want to try and buy the deal myself. This would be my first. Here is what it looks like. 

My Goal: Buy and Hold

Location: Mishawaka, Indiana

Property Details: 3 units. 

- 1 br - renting for $550

-2br - renting for $695

-2br - renting for $500

There are separate electric and water meters but the owner pays all utilities. The comps in the area are between $53,000-$63,000. The owner has a $47,000 mortgage that is not assumable. He manages the property himself. Insurance is $80 a month. Maintenance $180/month Taxes $120/month. 

The owner can not hold paper on this deal. 

I am looking to finance it using either private equity money or hard money. I am looking to get advice on every angle of this deal and whether or not I should move forward. Thank you

Hi everyone,

I would like to get some advice and here some stories about flipping houses in South Bend, Indiana and Northwest Indiana in general. I am in the process of getting my real estate license mainly in order to get access to the MLS so that I can really see what is happening out here. I am looking to really understand this market.

What drives it? 

Who is moving here?

Is this a good market to flip or buy and hold in?

Are there a lot of wholesalers here?

I would like to exchange ideas with anyone who lives here or has done or is doing business here. 

Tom, Great Post!! I am in South Bend, Indiana and love the way you present the whole area. I am originally from Miami and am still learning this market. I have had some trouble locating local Ria's.  Can you recommend any?

Hi Carol,

Did you ever find a property manager?

Thank you for your answer. I agree that going to a Realtor would probably be the best approach. However, I am looking at 20 to 30 pre foreclosure deals at a time. I can not imagine that a Realtor would be willing to do that kind of work upfront.

Thank you both for your replies. I agree that going to a Realtor would probably be the best approach. However, I am looking at 20 to 30 pre foreclosure deals at a time. I can not imagine that a Realtor would be willing to do that kind of work upfront. 

In terms of going to the tax assessors website I think that most of the time the numbers they use are very high.