All Forum Posts by: Adrien C.

No- the group never came back after being shut down from covid 

For all of you saying the tenant is fine with ten day notice are incorrect. It's an annual lease and the ten days is the notice needed at the end of the term - which is 8 months from now if they are currently 4 months in. 

As long as you leave the 2 prong outlets there, you're code in most cities. But it sucks for tenants not being able to use some of their devices. We run into this often in the houses built 1920-1950s after KnT was phased out for the 2 wire cloth junk. It sucks since there's no conduit to run the grounding wire. If a ranch, we've had good luck grounding the outlets with access in the basement. On slabs and 2 stories, it's an expensive pain in the backside. 

Congrats- looks like a solid property. 

HI @Felix Z. Happy to connect. My office is in Griffith on 45th. I've had rentals in pretty much every city in NWI and each has it's pros and cons. 

Regarding EC, we manage a lot of properties there and most are multi units. It's a solid C area. The numbers on paper still look good. The brick buildings definitely are appealing but keep in mind that brick is 100+ yrs old and takes a beating from the moisture off the lack and the acid rain. When running your numbers, I would bump up your maintenance 2-3% because older buildings have old building issues. We are constantly dealing with slow drains up there because it's all old cast iron sewers. But you can still make a ton of money there if you buy right. 

@Scott Swanson EC, like most of NWI, has had massive appreciation the last 18 months. I sold a 2 unit in February 2020 for $90K and that was a record. It was a great building. That same building would got for $125K easily now. 

Might be able to help. Are you looking for rentals or flips? We’re just over the border in NW Indiana. 

My head hurts reading all this illegal nonsense. Go read up on fair housing rules before you get sued. You literally have a public post telling a judge how you want to discriminate. It’s a slam dunk case. You’re basically saying you want a middle age white married Christian couple with 1 kid and a cute little dog. 

You need to nail down your criteria and then process applications in the order received. If they meet your criteria, offer them the place. You just need to be consistent. With fair housing violations, the burden of proof is pretty minimal for you to get fined. Asking for a letter about them is a horrible idea. Just gives them another thing to use against you if they’re not selected. 

You're in class D ghetto hoods. You'll be luck to keep it at the HUD guidelines of 2+1. Those are exactly the type of tenants going after someone like you for a quick buck. And in this case, they deserve to win.

In the hood, 4 times rent is plenty good. I’d also eliminate anyone with evictions within 5 years and felonies within 8 with the exception of sex crimes which are lifetime ban. You can pick a credit score minimum but it’s the hood and the 750s are never happening. You’re gonna get someone in the 500s with medical charge offs of $200 and Victoria secret charge offs of $480 and old utility company charge offs, some phone bill charge offs and half a dozen student loans in deferment for a degree never finished. Probably a car repo too. As long as they have sufficient income and no debt for past landlords, you’re good. That shows they care about paying the landlord but screw everyone else. 

Btw- I’d stick with your property manager as he seems to know what he’s taking about. 

Find a good agent out there that can send you MLS deals. I can't imagine the competition is that crazy in that county.

@Aleksandar Popivoda Welcome to BP! I jumped on BP back in 2015 and it was a great platform for me to learn some basic REI101. I've bought about 500 houses through NWI so happy to catch you up on some of the areas and what's currently working and what isn't. I also have a management company and can give you some trends I'm currently seeing in the market. 

@Grant R. What cities are you seeing units trade in that 35-50k range? Even Gary which is straight up D hood is trading higher now. 

Yeah- i used to use them and go to church with them. I'd still use them if i didn't start my own. We're right next to the post office in Griffith- stop in some time.