Struggles in a new market - New Castle, IN

[Isaiah Alofaituli]

Hi All,

Wanted to reach out and share my struggles that I am having in a new out of state market for me, New Castle, IN. I went in on this with a partner who has had a lot of success in Indiana in other markets but not so much in New Castle. We bought the property almost two years ago now and we have had a lot of set backs. We had a contractor in place prior to purchase, then he couldn't start right away, then he started demo and then disappeared with a single payment. Another contractor upgraded our plumbing and then had an astronomical price to do the electrical upgrades that were not included in his estimate. We've been talking to wholesalers but haven't had any real/serious offers.

I was wondering if anybody knows the area and could offer some pointers on either wholersalers or contractors in the area. All in all I'm in it for about $80k, (3) of the units are 1-bed and the other (3) are 2-bed. Figuring rental income at $590 for 1-bed and $690 for 2-bed, fully rented out at $3,840 a month +/-. If I had an honest and reliable contractor that could bang the renovation out I would hold on to it, we just haven't been able to find one. Any suggestions and pointers would be greatly appreciated!

Thanks,

Isaiah