All Forum Posts by: Travis Washington

Assuming your numbers are correct, actually its not a bad deal.  But how are you doing 15% down payment with financing?  And how are you closing costs so cheap?

Does the house have new roof/plumbing/HVAC/heater?

@Travis Washington Where are you finding a lender that will allow you to put 15% down?

There have already been a lot of good comments, but would add the following.

Regarding your financing plans, recognize irrespective whether you are budgeting 15% or 20%, the loan will be based on market value - which for SFRs, will be based primarily on 'sales comparables'.  As such, make sure that you are comfortable with the comps.  If the comps come in lower in the appraisal than your own estimated market value / purchase price, you may be out-of-pocket a larger amount than you expect.  This is not specific to your situation, but it is something you need to consider.

Also, just a small point, but for Indianapolis specifically, you can absolutely forget about Z-Estimate.  It is highly, highly inaccurate and often on edge of being ridiculous!  I won't even look at it anymore, lest I might be influenced by what it says.  

Good luck with your investment!  It sounds like you are being very thoughtful about it.

how bad of a neighborhood is this in that a 1500 sq ft home with an additoinal 1000sq ft basement and a 2 car garage will ONLY rent for $750?  that just seems like craziness to me.  is there opportunity to go section 8 and guarantee your rents?

Hey @Johnny Aloha, How you been? I read that you work the Kailua area - I'm buying a lot on Akipola Street, closing this Friday, & building a house to flip. We start construction next week. Feel free to drop by when you're in the area and check it out.

See ya,

~Michael

Hi Everyone,

So I just wanted to give some feedback for anyone still looking or looking in the future.  I interviewed four PM companies a couple weeks ago.  Honestly, I was impressed with all of them and would have been happy to sign up with all of them.  I didnt have any negative impressions from any of them.  The four I interviewed were:

Discover 

BHB

USIG

Brick Lane

I chose Discover, but I was really happy with all four companies.  Discover, BHB and Brick Lane all seemed to have a good handle on dealing with the "less desirable areas".  USIG did as well, they just weren't as fond of them and made a point of steering me away from them, which is also fine.  

I try to be a tenant friendly owner (as much as can be, obviously it's not always possible) and both Discover and BHB really came off to me as relationship centered and I think that goes a long way with tenants as well as owners.  That's also not to say USIG or Brick Lane weren't focused on connecting with tenants, but it really jumped out to me at the other two.

Discover and BHB are cheaper than USIG and Brick Lane.

Discover and BHB have primarily in-house maintenance and construction services.  USIG and Brick Lane both use vendors.

Brick Lane is the largest company (over 400 properties), USIG and Discover are both 250-300 range, and BHB is around 130.

Discover, Brick Lane and USIG all use AppFolio management software.

Yea.....PM me if you've got any specific questions that you think I might be able to answer.  And I'll try to remember to get back with an update on Discover in six months or so (since this thread has been running for a LONG time now).

Justin, I will send you a PM