All Forum Posts by: Todd Murphy

@Alex Varner it really depends on scale of the job to be done.

We have had HVAC alone that we paid at completion of jobs.

Multiple items by same contractor may require a draw schedule on hitting those benchmarks.

Larger project you should have it in writing with those benchmarks yo ensure your time table.

Best of luck!

Cody, I agree with Marc Santoro! I am personally working with Jeff Wallenius and have seen inventory and work here in Indiana.

He is great to work with new investors every step of the way.  Highly recommend Jeff and his team if you are looking for turn-key assets to start with.

@Brian Graham Find out what the seller needs and or wants. Numbers dont lie, but rapport building can uncover value in places you didn't know were there. All the best!

@Daniel Brown Understand what you are buying and what it can be with a solid plan. Be adaptive during rehab to ensure you stay with your planned objectives. Even if you plan to hold long-term, plan for multiple exit strategies. Lastly, be realistic when it comes to ARV. We bought two duplexes within a month of each other and both deals will still provide us with little to no cash in the deal after refi. We aren't there yet, but feel like I underestimated the ARV on both. Perfect is great, but I will take close enough to ARV to still be a great deal. Best of luck!

We evaluated both Sf and MF at the beginning and decided on MF, specifically Duplex properties.  We are only a few months in, but our purchase price was good and value add will give us a great chance at pulling all of our cash out in 6-12 months when we finance long-term.

We bought in Indy and outside Indy for our first two.  Competition is lower and if you really dig, you can find great deals.

Establish relationships with good agents and wholesalers.  Leads are good enough to find when you build these relationships.  

Best of luck!

Franklin and southeast side of Indy are full of multi-family opportunities to capture some of this growth.  Easy drive from either area and lots of great value add opportunities exist.

Looking for all reputable hard money lenders. We own and operate (2) properties that are buy and hold. We have capital and are looking for $75k-$125k for our first flip. We have renovated our first two properties and are continuing to learn the process. We don't want to slow our progress. Flipping will be another way to provide working capital for our future buy and holds. Thanks, Todd

@Dakari Mitchell Great decision to head this direction. Six months in and 2 duplex properties later, we invested two ways to start out. First duplex was acquired with HELOC. My wife and I have W-2 income that allowed for purchase + rehab. We will acquire long-term financing at 12 months leaving 30% in equity and potential to collect PP+Rehab+cash if we operate well. Second duplex was private money partner at 50/50 in first 24 months max, plan to long-term finance at 12 months increasing our equity to 70/30. We have given up more equity in first two deals than we will later on in our business. Go get it! Best of luck! Todd

@Marc DuLaney What kind of position are you taking? We have many multi-family value add properties 2-4 units being renovated and sold as turnkey here in Indianapolis. Our first two are duplexes and we plan to hold indefinitely. Bought low, need work, add as much value knowing our performance can be raised in the area we chose. We decided based on that position we are taking. We made money on the purchase with a strong take out at 12 months. Best of luck and let me know how you do? Todd

@Brandon Ribeiro Your next thought is cash reserve for repairs and maintenance in near-future. We bought our first deal, renovate and rent. Cash reserve is a must and even a fully renovated property should have that reserve. I sleep better and know we are better prepared. Best of luck and keep taking action to get your first deal! Todd