Updated 12 months ago on . Most recent reply
Connecting with an Indianapolis Mentor
Hello BiggerPockets!
I am a new investor up in Canada and like many are having a hard time with higher prices and scarcity of cash flow.
I was able to start my portfolio here in Kelowna, BC with a 2b2b condo and learned a lot (many mistakes were made)! Since then I’ve been educating myself as much as humanly possible by reading books, listening to podcasts, watching YouTube videos, going to my local meetup (which is small), and going to every free webinar I can find.
After a lot of research I have landed on investing in small multi family that I can value add and BRRRR in Indianapolis.
While I have tried to educate myself as much as possible I am not completely confident in my underwriting and rehab estimation skills. It would be great to find a mentor in the Indianapolis area that could provide a second set of eyes and share some knowledge.
Does anyone have advice for finding a mentor as someone who is out of state/country? Or even advice to accurately estimate rehab costs for the purpose of underwriting?
Do you think that paying for coaching is worth the money?
Cheers!
Brian
Most Popular Reply
It's very hard to find good value add opportunities in Indianapolis at this point. There were plenty before the pandemic, but there is no upside in anything I see on the market now, not even from wholesalers. It's most likely you haven't correctly estimated the repair costs, and trying to run a project like this from out of the country is gonna be a nightmare. If you get a good contractor, which is hard, you will at the very least need to make multiple trips to manage the project. All the traveling will not only be stressful but will add to the expense of the project. It's tough enough to establish relationships with a good management company and contractor when you don't live there. I would start with a vanilla turnkey rental.