All Forum Posts by: Adam Beckstetdt

Your best bet in Fort Wayne is off market deals. All but one deal I have purchased in the last 2 years has been off market. Btw, welcome to Fort Wayne.

Great idea. I'm interested. I think some of these things will depend on how many attend. The bigger it is the harder food may be. If it's a more core group I'm sure we can pool our resources and contacts for a good place to meet. I may have some options depending on the size.

Engelo. On this certain deal I had a partner that was handling all of that but is no longer in the picture. So now I am looking for a good team. I definitely agree with having a team first however even then you are not sure until you have them working with you.

I have a 6 plex that I am rounding out 1 year ownership. I plan to search out some city funding for repairs to the build my but I am looking for a good team. I am an out of state investor and in need of a good property manager and also contractor. Since I have very little experience in Toledo your help would be much appreciated. For reference the property is in old west end right off of Collingwood. I am looking to rehab 5 of the 6 units that are very spacious. Thank you in advance.

Nothing specific is needed. Depending how you structure the purchase you may need an EIN.

Hi Steve. I am also an investor in Fort Wayne. Once you have some experience under your belt debt to income becomes obsolete. Feel free to reach out. We have acquired o we 30 units in a bit over a year and have had some of the same growth pains. To much to do with so little time. Sometimes things sit empty waiting. If you do end up not being able to close the deals I would be interested in looking at them with a finders fee to you.

Thank you so much for your comments. Overwhelmingly the consensus is to get one. I have bought 9 other properties but I did have other knowing people look at the properties. Just not actual inspectors. I hope to learn a lot from this one. Thanks

I have an accepted offer on a 10plex and am debating on if I need a home inspection. It will be a bit over $100/unit. It's not a ton of money however I have never gotten one on a rental and typically they don't stand even if something is found later. I was hoping to get others take on this. This does include radon and termite inspections. To add a bit of info there is no gas for the property as the heat is radiant ceiling heat. Thank you for your time.

We have had two property managers and neither worked out. I am currently talking to another about the possibilities. In order for me to few right about renting them out I will need to put another 20-25k into the building. Even though it will still cashflow my concern is the issue we have had to find a good property manager. Without a good one it doesn't work for me being so far away. And if the property won't sell for what I have in it I am concerned about putting more into it. Apparently in this area it doesn't matter if it's a 20 cap or more. Investors don't seem to care enough to buy them. If it was in my hometown I would kill to buy 20 caps all day.

We have a 6plex in a partnership that we have had for about 1 year. My partner was doing repairs and property managing but is now wanting out of the partnership due to another opportunity. Currently I am trying to sell it but due to its area I am finding it very difficult to do so at a price that I will not lose a significant amount of money. The thing is that it will cashflow and be considered a 20+ Cap. It is about 1.5 hours away from me and very hard to deal with so far away and is the main reason I would prefer to sell it.

Here is my main questions. It currently has 2/6 rented and I have 2 other renters wanting to move in making it 4/6 rented. The issue entails in that the apartments need work IMO. I dont necessarily want to be a slumlord though. 

Will have 4 of 6 rented increase my chances of selling even in poor condition. Yes, the tenants know the condition. Or will having them occupied decrease the chances of selling it.

I am looking for some advice from experienced people that have dealt with similar situations. If push comes to shove and my loses would be too high to sell I may have to invest more in order to get the property to somewhat of a respectable point. I very much appreciate any and all experienced advice.

As a side note If I filled each apartment this thing would still be a 20 Cap or higher which is a great deal. Just far away.