All Forum Posts by: Hugh Scarlett

 Thanks Dale. Decided I am going to dump the property, $10 or donate to a charity.

@Dale Stevens - Thanks for the attorney offer, have a good one in Crown Point, but what I am looking for is a builder for a demo and build. Have some concepts and need someone to discuss things with that is happy to do affordable housing using SIPS.

The property started as a rehab project purchased via a Commissioners Sale, now it has turned into a demolition job and then redevelop the block. Zoning allows for 4 residences but this would have to be multi story which is not where we wish to go.

Our plan is to construct a duplex targeting the affordable housing market using innovative materials and construction techniques that will end up providing very energy efficient houses.

This is the first and with everything going well our intention is to "rinse and repeat".

We are looking for some funding support to bring the project to fruition as funding from Australia is not a viable option with the current $AUS-US exchange rate.

Any ideas would be much appreciated

Pros and Cons with everything, the big snow dump in March last year worked for me as I flew in for the Lake County tax sale. Damn it was cold!! I come from the tropics!! But when checking properties out I soon knew which was lived in. The big downer was doing external inspections, hard to check a roof covered in snow!

All a matter of perception, winter can work particularly if you are selling and a buyer walks into a nice warm, cozy house with the aroma of fresh coffee.... almost instant sale!

I know a guy, Milton Howard, Not sure if he is approved for the areas you mention, I know he doesn't have approval of Hammond city. Terrific guy and pretty conscientious about his work. Check him out on howardshomerepair.com I also know he is busy.

Welcome on board. I have been doing a bit with Tax sales in the NW Indiana area for the last couple of years so it would be good to keep in touch. Don't know if I will come to the US this year, but if I do and someone gets a BP group together would be good to catch up when I am in town.

I am intrigued as to what the American attitude is to metal roofs in city locations. Apart from commercial/industrial they don't seem to be used with the overarching preference being Asphalt. Is this a code issue or are they simply unacceptable to home buyers?

In Australia they are as common as tiles, I even have a house not far from me with a Titanium roof!! They are durable, light, fast to install, totally leak proof (if installed properly) and last considerably longer that asphalt, yet they are not being used for residential construction except in rural areas, why is this? Down under all fascias are metal, no painting, rot or maintenance and can be finished with spouting in less that a day.

I have a roof to replace in East Chicago so was interested in finding our if metal would be an option, the property will be flipped once re-habed. Both the house and double garage need re-roofing, so maybe metal is an option for the garage if it not acceptable for the house, or are metal roofs more expensive as they are not in common use?

Comments please.

Johnny, reading between the lines I am getting the feeling that you are starting to get emotionally involved with this property... this is not good.

To successfully progress an investing career you have to accept that you may win some but will probably lose a lot more. Set your maximum price having taken into consideration every possible eventuality, and then some, then stick to it and DON'T budge!

It is no different to eBay, you set your maximum purchase price and if it goes beyond, so be it, invariably something either the same or similar will come on the market.

Setting your maximum bid price is a critical element to an exit strategy. If, once you get access you find you have to pump a lot more into the rehab, it still gives you the buffer to make a profit or get out even... if your rehab to rent leaves you going out backwards, can you up the quality of the rehab and flip for a profit?

Good luck

 Thanks Tim. We will hopefully be talking some more. Love the 760 story, touched a soft spot, been there, done that in Australia with a couple of places, one we even lived in whilst doing it!! Thinking back, that's probably why our daughter H-A-T-E-S renovations!! ( Now we do it when she's away)

Still we made good money.

Just wish I could be on the ground doing it in D as well!

 Hi Johanna R., where in Indy are you targeting?