All Forum Posts by: Darren Finney

If you google "Indianapolis Crime Map" you'll get some decent ones but if you want to get really granular, you'll need to go to maps.indy.gov and you can get down in the weeds there.

I feel like if you just look at these stats with no context then you'll start getting worried and believe "the market is crashing"...but in reality it's probably just resetting back to a normal level.  What percentage of homes had price cuts prior to the insanity of the last couple of years?  And what percentage of the stated price reductions this year have been related to bad real estate agents and foolish sellers trying to continue to capitalize on that former market insanity and pushing their initial list price past where a good agent would know the property would sell? 

People here in Indianapolis are still buying and selling houses.  Interest rates aren't that crazy but I do think as money gets more expensive you as a seller have to realize that you're trying to appease a different buyer than what you would have over the last couple of years.  What I mean by that is if you're selling a house for $400k now, you need to provide a product that buyers would have expected to get at $450k over the last couple of years; you need nicer finishes, you need to correct the functional issues that you may have previously left, and you have to pay attention to the details.  I think a lot of the lesser quality rehabbers that have been skating by are going to be weeded out if they don't understand this and execute on it.

Just my two cents.

  

 I use Quality Reglazing - their phone number is on their FB page.  The owner is Paul, and he'll treat you fairly.

Yah I would expect to pay about $850 here in Indianapolis for the bath tub and surround.  Never re-glazed tiled walls before but based on the cost of the tub and surround I would imagine it would be about the same so your prices are probably spot on.

I've never gotten an appraisal for an all cash deal nor have I ever heard of anyone getting an appraisal for an all cash deal.  That said...I do have one lender that requires an appraisal prior to final loan approval.  It's not usually a big deal for me.  I explain it up front to the seller(s) and let them know that sometimes the appraiser will do a drive by appraisal just to ensure the house is actually still there and looks like the pictures I submitted to the lender and other times they'll actually want to walk the property for the appraisal.  I like to get my General Contractor into our projects after I get a signed contract anyway so they can refine their bid and be certain of what they're going to need for materials, scheduling, etc so I always try to get the contractor and appraiser there on the same day if possible to minimize the amount of bother for the seller.  That's how I would go about it if you feel like you need to get an appraisal on your cash deal.

Hi Tiffany and welcome to the investing world.  I live and work in Indy, and it's a great place to invest!

 Hahaha, yes definitely better than a wall for sure!  It was a tight parking area, and this kid apparently liked to zoom quickly into the driveway of my unit to facilitate him backing into his own spot.  I guess that particular time he got his foot crossed up around the gas/brake pedals or something and couldn't stop.  He really didn't want to make that phone call to let me know about it, I can tell you that.

 Hi James - I'd recommend checking out the Central Indiana Real Estate Investors Association.  Some of the property managers above are members there as well.  We provide alot of opportunity for you to network and be able to get face to face with other investors, vendors and the like so you can up your game.  If you do a web search for CIREIA you'll find our website, where you can jump on our schedule and figure out if there's a meeting you'd like to come to.

Investment Info:

Condo fix & flip investment.

Purchase price: $82,200
Cash invested: $53,000
Sale price: $205,000

Great little flip on this condo! Unfortunately, the day we listed it for sale a neighbor accidentally drove through the garage door (yah, weird I know). The community dictates what style of garage door you have to have and it was special order so the sale process took a bit longer than normal so we could get that new door on for the buyer before closing. Still, an easy flip on a condo in a high demand area yielded big profit!

What made you interested in investing in this type of deal?

Low/No Exterior repairs required because it's a condo - you do still have to be heavy on trying to hold the property managers accountable though because a condo that's sat vacant or had a distressed homeowner in it for some time likely has alot of unreported issues on its exterior (which this one did).

How did you find this deal and how did you negotiate it?

Direct mail. Walked the property, evaluated the rehab, shot my shot.

How did you finance this deal?

Private Money

How did you add value to the deal?

Upgrades and updated finishes, as well as curing functional issues that were created by 70s builders such as doors into bathrooms through closets, no actual master shower, no doors to master bathroom.

@Aaron Sheagley we use Sherwin Williams Repose Gray inside our houses