All Forum Posts by: Christopher Manus

Freshly renovated rental in Indianapolis, IN. Asking ~$4,000 under appraisal w/ +$400 cash flow and close to a 10% cap rate. New kitchen, new bath, fresh paint throughout and refinished hardwood floors. Fenced in yard with off-street parking. 

@Tanya H.

Hey! That's awesome that you're looking to get involved - Our organization will not be limited to Indianapolis. Once we get a solid foundation under us, we would love to partner up with communities and property managers across the U.S.. Once we are up and running, I will provide you with some additional information on what we do and how we do it! Thanks, Tanya and Larry! 

Hey! Thanks everyone, I'm glad so many people are already looking to get involved! 

As I mentioned above, we are currently looking to launch in early to mid-March. We are awaiting our 501(c)(3) approval from the IRS and unfortunately, my hands are tied until then. 

Our website is currently under construction but as soon as it is ready, I will provide that information so everyone can learn a little more about this cause and how they can help! 

Thanks Again! 

Hey! 

I am currently looking for property owners in the Indianapolis, IN area who might be interested in leasing their properties to my nonprofit organization, Homeless Veterans Initiative Program, instead of leasing to traditional tenants!. 

Homeless VIP will officially launch in early to mid-March and will provide cost-free housing to Veterans in the Indianapolis area transitioning out of homelessness. Our strategy is to sign 6 to 12 month leases and pay them IN FULL (or monthly depending on LL's preference) before placing a Veteran into the property. 

I'm currently looking to build a private portfolio in Indianapolis using the BRRR strategy and using these properties for this cause as well.

If you are interested, please shoot me a message with your contact information! 

Thanks! 

Chris Manus 

@Luke Miller

I've been doing research all day and in fact, we do have something very similar here in Indianapolis! Thank you for the information - I was afraid that there would be limited resources out there but fortunately I was wrong. I imagine there will likely be a ton of red tape to navigate but I plan on starting that process as soon as Monday, thanks again! 

FYI - I might be moving to Denver come June, it's reassuring to know that they have programs in place as well! 

@Kat W.

Wow, this is incredibly helpful - I can't thank you enough for the information, Kat. 

Good Day All, 

This topic is perhaps outside the scope of the general investing inquiries we're use to answering here on BP. However, I'm hoping that someone out there can share some advice and suggestions regarding an idea I have been bouncing off the wall for the last few months. 

I am currently finishing renovations on my first BRRR property here in Indianapolis, IN. Instead of renting the property out to a traditional tenant, I am looking to partner with organizations such as the VA, Community Solutions, The Salvation Army, etc. etc., and open the door to 3 homeless Veterans and provide cost-free housing until they are "back on their feet".

I am currently connecting with the aforementioned organizations to determine if there is a way to offset the operational costs of this venture through government grants and organizational/individual donations. I would like to convert my LLC, House to Home Rehab, to an NPO - By doing so, is anyone aware of any programs that would allow me to purchase/acquire distressed properties at a discount, if my intentions are to renovate them for the sole purpose of converting them into temporary housing for the homeless?

I have several other inquiries but at the moment I'll only present one more - Can anyone point me in the direction of an attorney and/or accountant that could answer some of my questions regarding the legality and tax ramifications involved in such an initiative? 

Any information is greatly appreciated, thanks in advance for your time! 

Chris 

Thanks @Andrew Syrios - I have a lender lined up who will refi @ 75% the ARV, I'll just have to endure the first 12 months of being cashflow neutral.

Thanks @Kevin Trumbull The deal I mentioned in the beginning of this thread has slipped through my fingers, unfortunately. Paralysis by analysis actually saved me this time, tho. Now that I have the refi locked down and we are all on the same page, I'll be able to quickly pull the trigger on the next one that I come across. Finding the private investor, by the way, was pure luck - I just posted a $500 "Finders Fee" on Facebook (That was before I knew about BP) and within a day I was talking to a friend of a friend of a friend and we hit it off. I already had a great deal lined up, so it made it easy for him to say yes. 

I'd say find a deal and start asking everyone you know to ask everyone they know and offer an incentive like a finders fee, someone is willing to bite on an 18% annualized return! Once you do a few deals, you can likely negotiate that rate down. 

Good Evening! 

Quick question - I have all the pieces lined up (upfront capital and backed refinancing) to move forward on a couple buy-and-hold properties. I've already determined that I want to target distressed properties here in the Indy market in need of rehab with the goal of creating ~25% sweat equity. 

I've come across a few Turnkey companies in the Indy market which will allow you to actually purchase the property pre-rehab and you can utilize their construction crew to complete the renovations. I'm already assuming that there's a markup involved here but I was wondering if anyone has experimented with this route and if at the end of the day, the total costs involved ended up being less than market value or what it would cost to just purchase a rehabbed property - And if so, on average, how much? 

Eventually I'd like to hunt down the deals myself and manage the rehab but I've started a new job recently which is eating up a lot of my time and I'm also preparing for the brokerage exam - I figured this would get me off the sidelines until things settle down a bit. 

Any advice is greatly appreciated, thanks! 

Chris 

@Andrew Syrios

Thanks for calling me out on that, that could have been a very costly error. I was unaware that the refi would only cover 75% of the acquisition costs - Dodged a bullet there, thanks! I spoke with my investor and he's willing to front me an 18-month loan, I just need to talk him down a bit from 18% because that will kill my cashflow until I can refi in a year or so. 

Thanks again, here goes nothing!