All Forum Posts by: Ben G.

So all wholesalers are bad actors? I'm confused, I wasn't sure as to whether that was a compliment or an insult.  

What about the wholesalers that close on their houses and then resell them?  Or are you only the wholesalers that assign bad actors?

Has anyone in Indianapolis ever worked with Carlos Altamirano with CFA Investments LLC ?

Looking at his BP profile I see he's from Orange County California.

One of my customers sent me a screenshot of an email he sent to my customer basically accusing me of being a scammer.

I've never had any contact with Carlos or his company, but apparently he doesn't mind dragging my company name through the mud all the way from Orange County California. Are there any local Indianapolis cash buyers that have experience with this so called professional who is operating out of Orange County?

See below:

We have an A+ rating with the BBB and dozens and dozens of testimonials and 5 star reviews from our customers.

If you ever find out that you're competing with this guy beware that he may be spreading lies about your company.

@Daniel Han if you're looking into notes or turnkey investing I think you need to take it upon yourself to complete your own due dilligence. Make sure the numbers make sense, verify the leases of turnkey properties, if purchasing a note make sure the borrowers are on time on payments and that you're purchasing the note at a price that meets your criteria as it relates to value of the home.  No background checks can help you do that. 

I think you need to narrow down your list and focus more. That's a huge list to try and make a decision from. Also focus on the reputation and relationship with the seller whose sourcing those properties. 

MLS is the best and in my opinion only option to take running comps seriously.

@Patrick Cruse this was a house in Fletcher Place, it really depends on what you want to spend in most cases after you fix the things that absolutely need fixing. 

@Patrick Cruse one contractor will tell you 10k and another one will tell you 20k.  I've witnessed it 1st hand getting estimates on other homes.  I had one contractor give me a 45k bid said foundation was fine and another one give me a 180k bid saying house needs rebuilt from foundation up. 

@Patrick Cruse it all depends on your contractors and whether or not they treat you fairly.  If you're planning on holding onto this forever then it may make sense to go ahead and invest more than $15,000 into it because your returns are going to increase exponentially over time.  

In the midwest turnkey companies typically pay $15 per square foot for heavy rehab. I wouldn't call this a heavy rehab. The kicker here is turnkey companies have access to contractors and materials cheaper than you and I do.

However, it may take you a little more time, but if you ask around for contractor recommendations in your network, and then hire each job individually I think you'll save the most money that way rather than hiring a GC. That is what I did for my flip in Brownsburg. If time is an issue then spend the extra money and hire a GC. It really all depends on the time you have to commit to managing the contractors and the work. For some investors it makes more sense for them to spend the extra money and hire a project manager and GC, for others they manage everything themselves.

You don't need granite in this type of home. There are other materials that are extremely durable just like granite, but at a much lower cost.  

Some people will say yes this can be done for less than $15,000, while others will say no. The best thing to do is to come up with worse case scenario. Say something blows up and now it's $20,000 in repairs. You're still not losing money, and you've learned a lot along the way, you have a cash flowing investment, and you've built relationships that you can leverage on future deals. 

@James Wise that's a great response, but would you be kind enough to take it a step further for some of us new to multi-family home investing?

What would be your expense assumptions (% of monthly rent) or dollar amount monthly for: 

• Vacancy
• Repairs
• Maintenance
• Non payment of rent
• Capital expenditures
• Utilities

on a A unit type and class, B unit type and class, and C unit type in class?  

This info would be extremely valuable coming from someone such as yourself who has experience owning and managing multi-family buildings.  Also, can we use the assumption that these are 4-8 unit homes and not large commercial apartments? 

My name is Ben Grise and I am a full time real estate wholesaler in Indy and I'm on pace to do a quarter million dollars in wholesale revenue in 2016. BiggerPockets helped me get there. You can learn more about my start.

I am looking to partner with a trustworthy and reputable wholesaler so that I can expand my investing business into the Charlotte market.  

Can anyone recommend any trustworthy and reputable Charlotte wholesalers for me to network with?