All Forum Posts by: Thomas Jonsson

Great idea on donating to everyone who suggested that!! I called the local Habitat for Humanity but didn't know what department to talk to so left a message on their main line. 

Also called the inspector who ordered me to repair - hoping to buy some time - left a message there too. 

Next thing to tackle will be the whole 1033 exchange thing on my gain. 

I took my first step and bought a SFR in Indy from a wholesaler. It only needed minor rehab and would then rent for $800. Things were going very fast and smooth and I was excited. However; after only 10 days of owning it, someone decided to burn it down - or atleast half of it. I can admit this was not in a great part of town - and the fire department thinks the previous renter may have been some kind of drug dealer. 

Through a lengthy and thorough insurance claim, I doubled my money so that was very good! Unfortunately, now I got an "order to repair" from the city (and not complying will result in fines) but repair is out of the question - simply not worth the cost. And demolition would probably be in the range of 10-15k - which is more than the value of the land. 

I'm thinking to demo the building and hope that someone will pay 5k for the lot to get some of that money back.

But I would love to hear if anyone else has a similar story or other suggestions on what to do? Any and all suggestions are welcome. 

Thank you @Nathan Yee I will check out that podcast for sure!

Awesome @Shawn C. - totally agree with you that we start seeing signs here. Houses are staying on the market just a little bit longer and we see some dropping in price too. I've checked out San Antonio a bit and think it's an interesting market. But I was in Indy last weekend and I think it has better cash flow numbers - although granted it probably wont go up in value as much as San Antonio will. I sent you an email.

@Corey King I would be very interested to join next time.

I've read a few forums now and first and foremost I have to say what a valuable tool this forum here on BP. I am very impressed and have already learned so much in the 2-3 weeks I've been here!

I'm new to investing and just starting to get my feet wet. One thing that has held me back was that I was stuck in the mindset of looking in my backyard. So have just recently been researching the idea of investing somewhere else using a turn-key provider. 

Would really like to meet others in Austin with similar ideas/thoughts to discuss. 

Thank you @Tyler Jahnke for sharing your journey. I'm following this thread and hope to see further non-eventful updates. Same to you @Andrew Buchanan !

I went to Indy last weekend for the first time. Was able to schedule a meeting with a turnkey provider but not Morris because Larry never got back to us. Covered about 300 miles and just looked at several neighborhoods. All in all, I'm very impressed with Indy even though driving through some of these C and D neighborhoods was at times scary. I've read on BP several times that Indy is a street-to-street kind of place - and it truly was remarkable the feel of one block to the next.