All Forum Posts by: Chris Wood

@Amie Lieurance Did this sell? thanks

@Zachary Clevenger.  Welcome. There is a wealth of knowledge here. Let me know if I can help you at anytime. Sounds like we might be neighbors (center grove). If you ever want to do lunch and talk shop let me know! 

I would like to find someone who deals with Eastside of Indianapolis properties. I have a property that I would either like to sell or managed by a company. Looking for reputable companies, that are established. Need to some advice for this particular home. Please send me a message with phone number as I would like to move forward with this property this week. Thanks 

What u qualify for is the max amount they want to lend you due to your financial situation. However the price of the property may very and may not be worth 200k. So if said property is worth 150k, then 50k is no longer an option because its not worth 200k. Like Chris stated above, if a property needs work and you want to buy for less than the after repair value (ARV), then there are options for that. But you have to make sure that you know what you are getting into. Remodels very often go over budget and often create huge problems financially when people don't give themselves some wiggle room (or extra money for the just in case). Good luck

Sometime last year I bought my first major project. I am finishing the details but should be done by the end of this month or next depending how things pan out. My question is, normally I am a buy and hold guy, however the numbers are making me question what I should do. This is a house in Greenwood, probably a B area and close to everything. Great neighbors, including one who is a friend. 

Numbers

bought for 20k

Rehab 30k to 40k 

all in 50k-60k max when it is done

Everything will be brand new (at least all of the capex stuff). My guess is the ARV is 100-110k. Rents in the area are going for 900-1000. I currently have 2 different people who want to move in to rent (one is already a current tenant).

Knowing that expenses are about 5 years out, would u rent and then sell or sell and repeat this process when the next one pops up? 

Feel free to give any and all insight, I am trying to figure this one out. I am normally a buy and hold guy but I am struggling with how I could reinvest this money to make it work more and make more profit…..

We had it sold, buyer put down a deposit and all was good. But he had some troubles with money and then had to back out. Don't have the time to do the rehab, or else I would probably entertain keeping it. It needs some work, but is so close to ISU. 920 7th Avenue, Terre Haute, IN, 47807. Would sell on contract but need a good down payment.

@Mark S.  Thanks Mark, I really like Belize. I will try to stay in touch, this is something I hope to do in the future.

Great job! Great story. Keep it up and make sure to share how your next project goes. U are an inspiration. 

Thanks @Jim Holmes

I will try to connect with you next week. 

Jim do u have any buyers for my duplex by chance?

Good luck, sounds like a pretty good find. Just make sure you run your numbers good before u buy at her pay off. A deal can quickly be broken due those expenses, but sounds like u understand this. I am not sure about your market but Indy areas are very hot and things are moving quick this year and at higher prices, especially with forecast of rates going up.