10 home package in Gary, Indiana

[Chavis Atkins]

Hi everyone,

Ok, so I was doing some Cruzin4Cash looking for vacant homes and find the owner to see about their situation and if they are motivated to the sell their home. I got a number to a property owner of a home in Merrillville, IN and found out from the owner that the home I found vacant they are trying to renovate it and will be moving into it. So I asked the lady if she had any other properties she'd be willing to sell. She told me she has a lot of properties but 95% of them are in Gary, Indiana.

I from here felt this is great because now I have a lucrative opportunity on my hands now. She then proceeds to tell me she is willing to sell 10 of her properties in a neighborhood on 35th pl. on the east side of Gary, Indiana. She said that 8 of the 10 properties have tenants in them and they are all on the same block. These properties are close to the Hobart, IN area but still... they are in Gary, Indiana and I'm not sure if anyone would really be trying to buy out there but I'm new so what do I really know.

The 10 properties are a mix of 2 bedrooms and 3 bedroom homes in relatively good condition. They are all rent ready and the lady have done a number of updates to the homes. I went by the homes and talked to some of the tenants and they tell me that the neighborhood is quiet with not much of any drama going on over there. I start to do some research on the homes to see how much in taxes they are pulling and see that on average for the homes they are around 70 bucks a month per property in taxes.She tells me she is renting the homes for about 600 to 650 per month so I felt that isn't too bad for Gary, Indiana.

So the reason I am on here with this situation is because I'm not sure what to offer her on the homes. She said to me she is looking to sell all 10 homes for 250k or in other words, 25k a home. All of the homes don't need much of anything done to them except maybe some retouch paint, and new carpeting. I wasn't sure with the market value of the homes from the tax assessors site of them being worth 35k average for each was worth it. She told me that with her monthly cash flow from all the homes is around 4,900 excluding taxes and insurance.

It doesn't sound bad but for me to wholesale these homes and make a profit, I don't see how to do this. Is Gary, Indiana with what I have given so far, a good place to invest 250k for 10 homes that are 8 2bed and 2 3bed for a monthly cash flow of 4,900?