All Forum Posts by: Justin Capps

Hey Dan, I understand your comment is a very generic statement that may not apply here. I've pulled 3 comps within 1/2 mile, under 10% gross adjustment in sq ft. with same lot size within the last 6 months. As a broker, I understand how an appraiser will evaluate the property. There's plenty of other comps a little further away but distance or age didn't make them ideal. I'm not a newer investor as I originally wrote. This specific deal was essentially handed to me by a family friend and after reviewing it over and over again, I can't pass it up. This home is only 30 minutes outside of Indianapolis but there's farmland in between and the town only has 6,500. That's why Longhorn won't touch it. It's USDA approved so I guess it's classified as rural. Funny thing is we have some suburbs of Indy that have portions of the outskirts of town that are USDA eligible. Oh well. I think I've got it figured out. 

Thanks for the replies. I do own other real estate. 

I've been speaking to a lot of hard money lenders and am finding out that lending too far outside of Indianapolis is a no go for many. Does anyone lend on rural flips? Comps are pretty strong in the area.

Home is in Rushville, IN

Purchase Price $165,000 smaller cosmetic rehab

ARV $275,000

I have experience flipping. 

Thank you,

Justin

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $55,000
Cash invested: $21,000

BRRRR-able property south of Fountain Square, north of Bean Creek. Refinanced. I pulled a renter from another property. 0 days of vacancy and was able to refinance quickly.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $60,000
Cash invested: $7,000

Old home on west side that at some point was chopped up into 3 units. At the time of purchase, 1 tenant was evicted from the downstairs efficiency apartment. The 2 other tenanted units were both long term. The initial money I spent at the property was cleaning up the property and repairs in the efficiency unit. We converted the efficency unit into a 3rd bedroom for the growing family downstairs, turning the home into a duplex. Rent was increased as it took them from a 2 bedroom to a 3 bedroom. The property has been neglected for years. I felt it was a better short term decision to increase rent and make it a duplex rather than deal with another vacancy and rehab(they were planning on moving out).

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $60,000
Cash invested: $7,000

Old home on west side that at some point was chopped up into 3 units. At the time of purchase, 1 tenant was evicted from the downstairs efficiency apartment. The 2 other tenanted units were both long term. The initial money I spent at the property was cleaning up the property and repairs in the efficiency unit. We converted the efficency unit into a 3rd bedroom for the growing family downstairs, turning the home into a duplex. Rent was increased as it took them from a 2 bedroom to a 3 bedroom. The property has been neglected for years. I felt it was a better short term decision to increase rent and make it a duplex rather than deal with another vacancy and rehab(they were planning on moving out).

@Guanzhong Xu I'd love to chat with you at some point to see if I can help. Welcome to Indy!

 @Jaspreet Baveja, Thanks for the referral! Glad to be working with you! @Gloria N Gear Hey Buddy! Hope you're doing well.

I was just contacted by Jeremy Gaston. I asked for references. He gave me two names, David Wilcox being one of them. I noticed David Wilcox was one of the individuals working for this company in this thread. I emailed both David and Joshua to get their story and they both replied almost instantly that "Mr. Jeremy is upstanding and excellent". Yea, ok...

Is there still a BiggerPockets Tools on Android? I can't find it