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All Forum Posts by: Adrien C.

Adrien C. has started 37 posts and replied 1300 times.

Post: NW Indiana rental ready and turn key properties

Adrien C.
Pro Member
Posted
  • Property Manager
  • Griffith, IN
  • Posts 1,374
  • Votes 913

Howdy- we have properties available in NW Indiana that have been fully rehabbed and are either ready for. You to buy and put your own renter in as well as properties with tenants and management in place. Our baseline is a minimum of $300/month cash flow. PM me if you want more info. Great opportunities for out of state investors to enjoy the growth of our market here. 

Post: I Found a Motivated Seller - Strategy Advice?

Adrien C.
Pro Member
Posted
  • Property Manager
  • Griffith, IN
  • Posts 1,374
  • Votes 913

There's always the fallback of "sub-2" Give them some cash down ($3-5K) and take over payments. You're not getting the house at your lower amount but since its leveraged for you with little down, you're well ahead of your ROI numbers. One downside with the older couple is the issue with the current loan should both die.

Post: Separate Security Deposit Accounts - Indiana

Adrien C.
Pro Member
Posted
  • Property Manager
  • Griffith, IN
  • Posts 1,374
  • Votes 913

Dave- I'm originally from Maine and have thought of moving back until I talk with my Uncle who has several MFHs in the L/A area. The regulations in Maine are crazy restrictive compared to IN. My sister has been renting a house from the same guy for several years. After a trip to Europe, they had a bed bug investation. They stuck the $1200 extermination bill on the landlord because it's his responsibility. I could see that if they just moved in but not 3 yrs later. He paid it without arguing but promptly raised their rent enough to force them out. I can evict in under 30 days in most situations here and usually by the end of the month for nonpayment. Props to you guys who deal with it up there. 

Shameless plug- we have turn keys with great numbers here in NW Indiana. PM for details. Great for out of staters (just ignore my occasional yellow letter to absentee owners). 

Post: Rental home in Indiana

Adrien C.
Pro Member
Posted
  • Property Manager
  • Griffith, IN
  • Posts 1,374
  • Votes 913

Howdy- welcome to BP. Where is your IN rental home? 

Post: Whats happens if you can't assign your contract to a buyer

Adrien C.
Pro Member
Posted
  • Property Manager
  • Griffith, IN
  • Posts 1,374
  • Votes 913

is calling the 6-8 cash buyers I have that constantly buy and telling them I have a property considered marketing? No craigslist ads, no bandit signs, no BP ads, but just a couple of phone calls and an email with details. Does it matter that I can close if needed? Sometimes it makes sense to assign and not pay closing twice. And keep in mind, these are properties that the owner either can't or doesn't want to list with a realtor. A good wholesaler doesn't go to a decent house, twist the owners arm into a 50% offer, and then weasel out of the contract.

Post: Whats happens if you can't assign your contract to a buyer

Adrien C.
Pro Member
Posted
  • Property Manager
  • Griffith, IN
  • Posts 1,374
  • Votes 913

I'm a wholesaler but understand the resentment towards us. The problem is gurus and even here on BP, wholesaling is pitched as the no money way to get into real estate. Most newbies get too deep before they know enough. It's a profession so educate yourself like a professional would and you'll avoid the problems that give wholesalers a bad name. 

Post: Question for Leveraging experts

Adrien C.
Pro Member
Posted
  • Property Manager
  • Griffith, IN
  • Posts 1,374
  • Votes 913

First- thank you for your service and congrats on putting yourself in a great starting position to get out of the rat race. 

I think the first thing you need to answer is your personal life- when getting married/kids etc.  Assuming you're single (since you live at home), I'd keep personal living expenses as low as possible. Either stay at home or go rent some super cheap place or house hack. You want the majority of your salary working towards your RE goals. 

Make connections locally and you can find some good deals that need love. You can find folks willing to do owner financing with some down. Your rents cover the payments plus. You can buy some properties that need work but are livable and do lease options with them. For example, I'm looking at a property that is ARV of 80K. I'm trying to get it for 30K. It is livable so I'll do a lease option for 55K with 5k down. They pay $800/month and fix it up them selfs. They have equity and when they exercise the option, I'll get the last 20K. So I did no rehab and made 25K plus rents. It's a win for everyone. There are dozen of other ways to increase your portfolio quickly without getting a bunch of bank loans.

Post: Whats happens if you can't assign your contract to a buyer

Adrien C.
Pro Member
Posted
  • Property Manager
  • Griffith, IN
  • Posts 1,374
  • Votes 913

if you do that, I'll introduce you to my friends - Adrian Peterson and Ray Rice. You'll have buyers first before doing that again. Don't be focused on making money with a quick flip- focus on helping people get what they want. 

Post: Following Up with Sellers

Adrien C.
Pro Member
Posted
  • Property Manager
  • Griffith, IN
  • Posts 1,374
  • Votes 913

I would leave a voice mail first assuming they don't answer and follow up a day or two later if they don't return call. The text would be simple "hi, this is Adrien. I left you a message on Thursday. Have you found a buyer yet?" 

An initial text is not yet professional. 

Post: Can you wholesale bank owned/REO properties?

Adrien C.
Pro Member
Posted
  • Property Manager
  • Griffith, IN
  • Posts 1,374
  • Votes 913

you can wholesale anything you purchase w your cash. Can not assign (at least to my knowledge) a REO.