All Forum Posts by: Corky Bless

Hi folks, we've got a turnkey 5 unit (2/1 per unit) apartment complex for sale in North Irvington area in Indy.  This property was a top to bottom rehab and all units have been turned around.  Brand new roof, new paint, refinished low maintenance hardwood flooring, laundry hookups in each unit.  Units have both central heat and AC units (definite plus to have AC).  Property is currently vacant as rehab has just concluded.  Market rents are between $550-600/mo.  All units are individually metered for gas and electric for tenant to pay.  Our property management firm is actively seeking qualified tenants.  If tenants are placed we conduct FULL screening on tenants.  We do not turkey stuff our properties to "appear" full as many investors do.  We treat all of our properties as buy and holds even when turning them for sale.  Offered at $180,000 Please advise if you'd like further info!  Flier for 2258 Hawthorne Ln

Hi there Richard! Saw your post. I presently own a few MF properties in and around Indianapolis. Our biggest challenge has been the financing on the commercial MF as the loan balances are small (175k and 155k). Considering doing a 1031 exchange and leveraging up to a better more expensive property. Is your minimum loan amount for commercial MF 500k? Please advise! Thank you so much.

Regards,
Corky Bless
619-208-0929
CMB Realty Holdings, Inc.  

Looking to sell a 12 unit complex we have taken and turned around...we put forth the effort of making this property rent ready (and are in the process of filling it with GOOD tenants now--as of this post we have 4 of 12 rented and showings are frequent). VERY low maintenance property. Roof less than 5 years old. Cinder block construction, vinyl flooring in all units (10 year life at the minimum) List price is $350,000, slab on grade (no basements to leak and worry about). Average rent is $525/unit (eleven 2 bed 1 bath units and one 1 bed 1 bath unit). Has ample parking out back. Each unit individually metered for electricity (all electric systems, furnace and hot water heaters in units). Remote surveillance system going up very soon (I live in Costa Rica so I like to see what's going on at my properties even though I'm not physically there--VERY handy).

We have an excellent property manager in place who is fair and honest (believe me, this is rare in Indy and I speak from painful experience). I also have a lender that will lend up to 65% of the purchase price if needed (commercial lending has been a bit tricky I've found). Excellent opportunity to own a commercial multifamily property that is in fantastic shape. Please message me with questions and comments!

Please download the flyer here which includes cap rate and cash flow analysis:   

https://www.dropbox.com/s/h8mm3jdwmt7znb1/1254%20W%2023rd%20St%20Flyer.pdf?dl=0

Daniel...glad you are thinking along these lines.  As you can see, anything is possible if you put your mind to it!  And given you have a W-2 job you have a powerful ally in your corner: the ability to finance investment real estate with traditional/conventional financing.  I'm from San Diego, CA and I invest in Indianapolis...we have turnkey properties all the time that are quite profitable.  Here are some numbers from a REAL deal we have....37k purchase price, 20% down payment ($7400), rents for $600/mo...accounting for closing costs, property management, insurance and your mortgage payment this property generates 30% cash-on-cash return annually.  Show me another investment that can do that!!  Best of luck to you sir!  

Looking to sell a 12 unit complex we have taken and turned around...we put forth the effort of making this property rent ready (and are in the process of filling it with GOOD tenants now--as of this post we have 4 of 12 rented and showings are frequent).  VERY low maintenance property.  Roof less than 5 years old.  Cinder block construction, vinyl flooring in all units (10 year life at the minimum) List price is $350,000, slab on grade (no basements to leak and worry about).  Average rent is $525/unit (eleven 2 bed 1 bath units and one 1 bed 1 bath unit).  Has ample parking out back.  Each unit individually metered for electricity (all electric systems, furnace and hot water heaters in units).  Remote surveillance system going up very soon (I live in Costa Rica so I like to see what's going on at my properties even though I'm not physically there--VERY handy).  

We have an excellent property manager in place who is fair and honest (believe me, this is rare in Indy and I speak from painful experience).  I also have a lender that will lend up to 65% of the purchase price if needed (commercial lending has been a bit tricky I've found).  Excellent opportunity to own a commercial multifamily property that is in fantastic shape.  Please message me with questions and comments!