All Forum Posts by: Brandon Wells

@Jeremy Johnson I use Taft for my personal investment items.  However, if you are building a team I would recommend leveraging that team and their resources.  For example, your Property Manager should have Rental Agreements, Applications, Rental Criteria readily available and most already have relationship with an eviction Attorney.  For example, my company use Landman and Beatty for all their evictions for a nominal fee that gets charged back to the tenant  

Indy is an amazing market and a lot of quality connections to be made here.

@Zach Baker hey Zack there are some good areas locally that I would at for a duplex and triplex. Little flower and Irvington are good areas. If you have a litle higher risk appetite and are strong operationally or have a good pm, you may be able to get away with some C- neighborhoods. A lot of great resources from the Indy market on here. Feel free to message anyone of us with questions.

@Calvin Lin Look into Zumper.

@Ziv Erez a few local neighborhoods here in Indy that I would consider looking into are Arsenal Heights, Irvington and Little Flower.  These are just a few you may look into.  Happy hunting!

@Cameron O'Connor @Bryan Richardson Thank you both. Was great meeting you. As Cameron mentioned, it would be great to get this thing to a respectable size. We want people who do SFH rentals, flips, storage units, multifamily etc. Would love to have a diverse group of people for others to pull experiences from.

Looking forward to the next on January 23rd at District Tap. If you have any questions or suggestions please feel free to message me.

Going to have a sales rep from Zumper (listing service for you rentals both sf and mf).  He will be able to give you a brief overview of the service.

Also, if you are interested in being a part of this quickly growing group message me for details.

@Dom Chit George is a highly respected commercial agent here in Indianapolis.  As Ivan mentioned, there are others to be considered as well, but you will need to bring your "A" game and show them that you are a sophisticated buyer that knows what you want, but also have the ability to actually close.  

I recommend doing your homework, and even narrowing your search down further.  Reason being is that anything stabilized in that size is going to have a multitude of buyers and you'd be facing fierce competition from more established players.

I would also recommend maybe looking for some value-add opportunities that are being operated inefficiently and/or need heavy capital improvements.  These are the deals that you may be better suited looking for and have a higher opportunity to get.  

In regards to Property Management, it depends on the asset you end up with or decide you want to pursue.  Some specialize in value-add, student housing, tax credit etc.  This would be another area I would recommend narrowing down what you need out a property management company and then identifying companies that fit those specific needs.  

If you have any additional questions, feel free to dm me.  Good luck in your future endeavors! 

@Jaron Walling if you don't find someone, let me know.  I have multiple referrals I could send your way.

@Brandon Stevenson message me your email and I will get you added to the group.  

@Spencer Gray Looks like we are planning for January 23rd, at District Tap (north location) from 6pm-8pm.  I can message you here with more details once they come.

As the group grows I am creating a FB Group so as the group grows, it will be easier to stay in communication, while also posting on here to promote to interested people.

@Spencer Gray hoping to have it secured by the weeks end so we can start pushing it out there in hopes to get a good turnout.  As of now, we are considering Downtown, Northside or Irvington area.  If you have any recommendations, let me know.  Of the group that came, Thursday evenings seem to be a good day of the week.  Work for you?

@Jennifer Hudgins a lot of different opinions on here but as an owner of a property management company I would say a few things:

1) It sounds like your agreement does spell out the managers spending threshold.  However, it should also indicate if they have permission to handle emergency related services and then inform you in a reasonable amount of time (I would say that waiting to inform you on the financial statement isn't a reasonable amount of time).  For example, if I have a pipe burst, in order to protect your asset I need to fix that now, not play phone tag and wait for approval. However, I would be responsible for sending you a text/email/voicemail, depending on your preferred method, with a detailed explanation as to what happened.

2)It is imperative that as an owner/investor you specify in your agreements that if the repair (non-emergency) is over X amount of $$$,  the PM is required to submit proposals that are identical in scope and that only you, as the investor, can choose the contractor.  

I wouldn't agree to pay a manager a minimum trip charge, or any of these bogus fees.  I have a full-time maintenance person that is my employee.  As my client, you are responsible for an already agreed upon hourly rate for normal business hours work and then after hours work. However, just because that rate is already agreed upon there is ALWAYS an official work order that has the residents info, a description of their issue, a description of what my tech did, the parts used and a time they arrived and a time they finished.  This way there is complete transparency between the manager and client.

In my opinion there should only be three types of fees paid to a manager they are management fee, maintenance repair fee and then if your manager is a full service there can be a construction fee if they are overseeing a large renovation or project.  Making trips are part of normal operations as is leasing and filling the unit so there shouldn't be extra fees for that.

As investors, I recommend you be very picky in who you are choosing to operate your asset.  In most cases your property manager is either going to make the investment a success or they are going to be a major reason why your owner goals aren't met.  It is important that you partner with someone who is going to keep you apprised of all the details as if you were onsite yourself.