All Forum Posts by: Aaron Singer

Hi @Jason Jones, I’m looking in Indy neighborhoods as well. There’s an “Indy Investor Pod” that does a good job breaking down the various neighborhoods. It can be found on iTunes. Best of luck!

Aaron

Thanks @Account Closed! Duplex w/ section 8 tenants already in the units. 1 side paying $770 and the other paying $840.

@Stephen Diakos thanks for the tips! In terms of the down payment, I do have an Indy bank that will take 15% down, but prefer 20% to avoid PMI.

Good to know my numbers are conservative. Should cash flow nicely!

Aaron

Hi all,

I need my numbers checked on this deal. My CoC return seems very high, and I am sure I'm not accounting for my expenses correctly. I'm used to 8-10% maintenance on a SFR, but should I be assuming 8-10% per side?

Help is appreciated, thanks!

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*This link comes directly from our calculators, based on information input by the member who posted.

Update on this deal...Inspection came back with some red flags - potential foundation, mold, and termite damage. And those are just the big ones - lots of “stuff” here and there.

Here’s the kicker. I want to get a foundation specialist in the property to provide an expert opinion, but the owner is denying this. He’s stating the foundation is fine per an inspection he had done “a while ago.”


Additionally, the tenant hasn’t been in the property since the lease was signed in February. In the process of moving herself and her 5 kids from another State.

Is it time to walk away from this one? Anything you’d dig into further? At this point I’m just down 350 for the inspection.

@Stanislav Perevozchikov best of luck to you! I’m seeking investments in the Indy area as well. PM me if you want to connect.

@Moises R Cosme great tips, thank you!

I really like your point about the lot. Comps on the lot are right around my down payment + closing costs, so done right I could sell the lot, recoup my principal, and theoretically have a cash flowing property (a roundabout BRRRR!)

Hi BPers,

I'm in the inspection period on a SFR project in Indianapolis. I'm looking to buy and hold. Property needs some work, but it's currently got a section 8 tenant w/ 100% rent covered through next February. Property comes with the adjacent lot as well.

Let me know your thoughts and questions!

How would you leverage the lot? What do you think about inheriting the section 8 tenant? Would you make any repairs day 1? HUD has already inspected the property and cleared for section 8 with no mandatory repairs.

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*This link comes directly from our calculators, based on information input by the member who posted.

Welcome @Michael Hans! Lots of great content on the Indy market here. Have you set up keywords to get pinged when someone posts about Indianapolis? I’m out of state looking for properties in the market. PM me if you want to connect!

Thanks all for the tips! A few PMs sent and received. Thanks all!