All Forum Posts by: Dan G.

I am a longtime Bigger-pockets member. I have been an investor for 4 years, as well as a newly licensed RE agent. I have rentals as well. I can provide local insight with contractors, inspectors, property managers, and lenders! Give me a call with any questions 219-239-1233 or email me [email protected]. I have a few other properties that would be a perfect addition to any rental portfolio! 

2700 block Dekalb Lake Station. $55000 Market Value $80000

1 big bedroom apartment estimated rents of $650 needs new bathroom & minimal repairs

3 bedroom apartment estimated rents of$ 750 needs minimal repairs (Carpet & paint)

Storefront estimated rent $700 needs paint and a few ceiling tiles.

Property taxes are $2200 annually insurance costs are unknown but probably in the $150 range a month.

Vinyl siding, vinyl windows, overall looks well maintained.. Radiant heat and flat roof installed within last 4 years possibly. Utilities are off. No interior pictures at the moment but will have some this week.

Click here for details

Welcome to BP John.  Northwest Indiana is a great place to invest since it has such a broad spectrum of property types. I have worked with several property managers in the area. Some companies tend to have a bigger presence in certain areas. Call or private message me for more info.

If I remember correctly I think the file folder here has a month to month lease. I use an attorney out of Highland and I believe he sells a lease on his website for a fee. PM me for name since I cant post here. I am also from NWI

@Mark S. This is a general cap rate that is used on BP. This is how I use it and many colleagues of mine as well. I think even if you cut the cap rate in half the deal is still attractive. 

This is one heck of a coincidence, but I had a conversation today with a gentleman who does just that. Figures the cap rate using half of GROSS rents to accommodate for Cap-ex etc.  Using his method of $9600 gross rents the cap rate is still 16%. If you are interested in seeing the property or just chatting it up about the market its located in feel free to call me. 219-239-1233

Address 5722-24 Hump RD Hammond, Indiana

LOT SIZE: Two lots of 50 ft. wide by 144.45 ft. deep totaling 14,445 square feet

PURCHASE PRICE: $60,000 net to Seller

INCOME and DESCRIPTION: Monthly income of $1600.00; Annual income of $19,200

5722 Hump Rd is a single story, two bedroom, one bath home. The home was recently occupied by a long term single occupant for $750 PER MONTH.

5724 5722 Hump Rd is a two story, three bedroom, one bath home. The home was rented for $850 PER MONTH.

The southern parcel also contains and additional Garage and workshop. Workshop is unfinished on the inside. Power availability at Garage/workshop unknown

I grew up about 1/4 mile from this property and would rate the property area at B-.  Property is close to the train station and not too far from the highway.

NET OPERATING INCOME & CAP: 2016 Property taxes are $2712 annually and Annual Property Insurance is $1320 for both parcels. NOI = $15,168 ; CAP =25% (using $60,000 gross purchase cost to Buyer.

Any questions or concerns feel free to ask or I can be reached directly at 219-239-1233.

Zillow ad and more pictures HERE

I grew up in the Hammond area. I also have flipped and have rentals in Hammond.  Feel free to reach out with any questions.

@Ryan Pyle, I think even my computer crashed when I seen that number of self managed rentals. You must be a very patient nice person, or the exact opposite!

Welcome to BP @Jeffrey Egnatz, I believe I've spoken to you via email and phone about some properties in the area. Enjoy BP

Welcome @Nicholas Smith, local investor here and I grew up in East Chicago as well. Enjoy Bigger Pockets

Welcome to BP, I live close to Portage and invest in Lake County. Enjoy BP, tons of useful information to absorb.