All Forum Posts by: Daniel F.

David -- Welcome. There are a couple of groups in Indy. CIREIA (Central Indiana REIA) meets in the Carmel area, and there is another one that meets near the airport called Indy Property Investors. I am in Indy as well, and have similar goals. Feel free to touch base. i started in 2008.

MLS access also generally gives you access to the property tax records, giving you the ownership information and history also.

Michael, great stuff. Mind if I ask where you are getting your list of Absentee Owners? Any good source that targets multi-family?

I should say I can find that in the city all day long, but in the suburbs, I have not seen that kind of deal.

I did get your email uwe. Thank you all for your help. Are you guys finding multis of 12-24 at $25K a door?

Much beyond the call of duty, but would you guys mind taking a look at my analysis. It will better explain things. Joel, I noticed your email. I could private message. I want to make the right decision.

Thanks for your feedback on this. I have an opportunity to assume a loan on this. 5 years left on it. 6.5%. Can get in with little down and then refi later. Balance is 345K. I'd like to get a better cap rate on it, but it also is a good opportunity to get in a good prop for little money.

Uwe --

Yes, $75K annually. Here is the data using your spreadsheet --

TOTAL OPERATING EXPENSES $42,916
NET OPERATING INCOME $29,084
Less: Annual Debt Service $(30,090)
CASH FLOW BEFORE TAXES $(1,006)
Add Back: Principal Payments $9,090
- Depreciation $(17,500)
TAXABLE NET INCOME (LOSS) $(9,416)

Couple things re expenses. Property has not been managed well, as owner has had his eye on some other things. Expenses are too high. I can save $10K by managing myself, and also reduce expenses. Property is in good shape. Owner is willing to put a brand new roof on before sale. Using my calculator, it is a 11 cap. Using yours, it doesn't look as good, but maybe I am not reading yours correctly. Can you explain it?

What do you think of this deal? 12 unit, nice nhood, 75000 mo rents, 24,000 NOI, sale price $350K. Expenses are high; I can save $10K by handling property mgmt myself, which I do. Would value your input. Seems like a good deal based on what I have seen lately, but I am on the fence. I appreciate your feedback and instruction.

I'm in Indy khang and this does not sound like a deal. The 3 you mentioned are bad hoods full of 10k houses. Run.