All Forum Posts by: April Savoie

Awesome! I have a duplex not far from Delphi. We're open to investing in Delphi as well. Did you purchase this flip off the MLS? Congratulations!

I have been working this lead I picked up and trying to figure it out as I go.

Checking with the city on zoning and codes etc. Doing research on underwriting.

Ive been advised to get it under contract with the seller before I bring contractors in and start vetting investors.

Do I just Google real estate attorneys and have someone draw something up?

Further communicating with current owner, there is one main meter which she is responsible for. She has had sub meters put in on the second floor for the second floor apartments and then bill back the tenants. They pay her their monthly rent plus they pay her for their usage. The city says this is against code. She did not get permits before having construction done. There were only two apartments when she purchased almost 3 years ago. 

That’s great news. The building commissioner made it seem like a big deal, “the meters are out of code”. He also said I’d have to rearrange the layout of apartments because there has to be a window to the open air per bedroom (which isn’t how the 2/1 or the 1/1 I saw is set up. 

 so often I hear, interview agents to find a good real estate friendly one...

What questions should I be asking and what should I expect to hear?

@Spencer Gray

I’ve already walked the property with the owner. Took a bunch of pictures. Went to the city building and pulled what codes are in violation with the building.

This is off market so no re agents are working with this. I asked for the contractors she used for the second floor renovations but never received an answer. I asked her if she had a local attorney ( she lives about 1 1/2 hours south ), she said she has one but not in the area where the deal is located and that he could draw up a contract and send electronically. I asked for his info to have my attorney contact his.. I haven’t received a reply to that yet.

I’ve already checked zoning for the building. 4 story building. 2nd floor has 5 apartments already. 3rd and 4th floors need gutted and converted from commercial to residential.

Current landlord/lady has all units separately electric and water metered but is inside building. City code states all meters are to be outside of building. Does anyone have an idea of cost to correct this? Also, all bedrooms have to have windows and not all do. This will also have to be corrected.

I started looking for contractors to get an idea but was suggested I get it under contract first. I’d like to get an idea of cost to correct prior to getting under contract.

The current owner has offered to have her attorney send me a contract. I’ve asked for his info to have my attorney (don’t have one yet!) contact him and sort out the contract.

What contingencies should be in the contract to ensure I don’t lock myself into something that’s not going to be good. A good attorney will know well what to put when given the rundown of the situation right?

Thanks for any help and advice in advance.

Should I get something in writing with the seller before I have a contractor walk the property with me? That seems like an obvious yes. So should I get a lawyer or just a self written statement with my and sellers signature will do?

I've contacted the zoning and it's cleared. Also checked the historical site online but they don't have any funds available for grants for 2021 yet. I have a list of codes that are already in violation for the property. Talked to the fire inspector. I have a list of contractors from the city but it isn't very organized as to who does what type of work.

@Kathy Henley

Thank you for your reply! So many helpful questions. I haven’t gotten to the inspection part yet. I will certainly be looking out for these things.

listed price is 60k, 3bd 2ba. Logansport, in 46947. i plan to do a live-in fix up & rent out in the spring. no major rehab needed. just some cosmetic upgrading. i expect to rent it for $850 a month. 

the majority of properties are older homes. should i worry about the age of the property? what are some things to look for in homes of this age? 

i don't expect a home run on my first go. numbers look good to me (i am a newbie though).