All Forum Posts by: Dimitri Wilson

@Ray Harrell Great advice. Although after reading Dan's comment and shared link I realized the problem itself lay not with the PM nor tenants. The numbers were doomed from the beginning due to the type of property I bought and tenant base I chose. As an OOS investor this type of investments won't work period, not unless you're banking on a whole lot of luck that Indianapolis is gonna become the next Silicone Valley. The CapEx reserve alone would take out $250 of cashflow per month, because of the age of the building. Yikes.

@Dan Heuschele Fantastic comment and article you shared. I've been on the fence for these properties and you've just validated my worst fears for the imminent CapEx events. I was hoping that appreciation and inflation would help mitigate some of those future costs but that article clearly refuted any of that hope.

Expensive lessons but I'm glad I'm learning them early. Thank you again for the pointers!

@Steve Vaughan you're totally spot-on for the grossly overpriced USED appliances supplied by the PM. Thank God for Thumbtack I've found some decent handyman that would do his items for 1/4 the price. The problem is, any job order that's below $350 they have free say. I hate to micro manage but seriously is this the only way for OOS investing to work? So much for "passive-income" investing.

@Nathan G. @Nathan G. Thanks Nathan. I agree with you that most of the line items are legitimate, however it's the high costs that really bugs me, knowing most of the non-urgent work items should cost 1/2 as much. If the monthly rents are $600 and each time we get some leaky plumbing and some roaches coming over from next door costing $120 - I don't see how OOS investors can make a profit? Both the duplex and SFH had significant rehab prior to renting, and most of the work orders have been for fairly small issues as we can see. These are older buildings in the 1900s, what kind of preventative maintenance can I do to improve the situation?

@Ray Harrell Thanks Ray. I believe you because my handyman reported finding non-existent requests when I sent him over to fix work orders setup by the PM. I thought it might have been just a small miscommunication but perhaps there's something more sinister going on. How'd you go about firing your PM? Did you have to pay an penalty for ending the contract early with them?

New investor (8 months in) investing remotely in Indianapolis. I currently own a SFH and Duplex both being managed by the same PM team.

Apart from the expected late rents from C class tenants, the monthly maintenance calls has gotten me alarmed and concerned. From the way things are going, I project maintenance calls alone would eat up to 30%-40% of gross rental income.  (see attached for past work orders)

Any experienced investor can tell me if this is the norm for investing in working-class housing? How should I go about resolving this issue with my PM as it is clearly in their interests to respond to as many service requests as possible for extra income and have an easier time dealing with tenants?

21.13 acres of C-3 (General Commercial) zoned land in Indianapolis (prime location next to Speedway with 465 FWY access).
Looking for development partners or potential buyer that can work with short closing date for an incredible off market price. 

Includes previous approved development plans for 103 multifamily units.
$450,000 asking price for quick close (within 10 days). 

Was on market for 585k in 2010, housing prices increased by 50% since then

Address: 1405 N High School Rd, Indianapolis, IN 46224

Please Contact Dimitri @ 9494910506 or [email protected] - Brokers welcome (5% commission)

21.13 acres of C-3 (General Commercial) zoned land in Indianapolis (prime location next to Speedway with 465 FWY access). 

Looking for development partners or potential buyer that can work with short closing (10 days) for an incredible off market price. Includes previous approved development plans for 103 multifamily units.

450K asking price for quick close. (Was on market for 585k in 2010, housing prices increased by 50% since then)

Address: 1405 N High School Rd, Indianapolis, IN 46224

Contact me at 9494910506 or [email protected]