All Forum Posts by: Drew Stroud

Hey Indy group, 

I'm moving out of the area and leaving a duplex behind. With not being local, I am I'm in search of a few specialists to take over property needs. I will remain as the "manager" dealing with the tenant/lease/etc. but need to be able to reliably call on the following: 

- General contractor for property maintenance, repairs, possibly renovations (1920s home, would like to see experience working with older homes - simple repairs can become a unique challenge) 

- Lawn care providers 

- Plumber (on-call repairs/emergency repairs) 

- HVAC specialist (on-call repairs/emergency repairs)

- Electrician specialist (on-call repairs/emergency repairs)

I'm grateful for any recommendations you may have. 

DS

Hi All, 

Gutter board at my property in Indianapolis has rotted and detached from the home. I am looking for a company to replace gutter board and reinstall gutters. Who is your go-to company?

Watson-McCord, 5 min south of Oliver Johnson

Got any recommendations? Discovered clogged main sewage line in 1920s house. Need someone out here tomorrow to assess and fix. 

Thanks in advance!

@Adam Sankowski Thank you for the thoughtful reassurance. It helps me be excited about my first deal, versus stressed out! It is close to Holy Cross, there are quite a few renovations happening in the area. 

Those rehab numbers are from my educated guess, I am really hoping they are an overestimate. We are getting a contractor in there in the next 10 days to get some bids. Also, I am definitely planning to do some work myself. However, for the sake of the loan, I need to budget for everything being done by the contractor. I will be able to save some serious money painting, laying the floor, landscaping, etc. 

Thanks again for the response Adam, looking forward to the deal!

Hey @Matthew McMenamin - thanks for the question. The loan is a little grey on living there. It is expected that the property will be the buyers primary residence, until "life happens" and requires a move. So if there are external circumstances that would require a move (job relocation, family, etc.) I would be permitted to move out. I haven't thought too much about refi - but I would consider doing that when I have abt 20% equity. It is really nice not having PMI with such a low down payment

Hi Indy BP. 

I wanted to share my first (potential) deal here in Indy...

I just had my offer accepted on my first duplex. This property is a "white box"; it has updated plumbing and electrical (home was built in 1895) and new drywall put up but needs all of the finishes (kitchen, bathrooms, paint, floor, etc.).

Preface on the loan: I am using a specialty loan by Indianapolis called "Revive Indy". Loan requires 3% down of total price (house & repairs), and has no PMI.

Here are the details:

• Offer: 151K
• 3bed/1.5bath per side
• ~1400 sq ft/side
• Estimated renovation costs (See picture below): ~60K
• Estimated ARV: ~220K (??)
• Repair Costs: 

Now for the financials:

• Cash to Close (3% down total appraised value): ~12K
• Rent: 1K (1 side)
• P&I: ~$910 (3.44% fixed, No PMI)
• Expenses (Detailed Below): ~$770
• Monthly Cashflow (while house hacking): -$977

Expenses Breakdown (CapEx Picture Below):

CapEx Estimation:

Conclusion: Truthfully, I am very nervous at the moment. I feel that I am overpaying, and will go over budget on repairs. Am I getting myself in too deep? Are my numbers off? Would you have done this deal?

Let me know you're thoughts!

Waddup BP! 

I just had my offer accepted on my first duplex. This property is a "white box"; it has updated plumbing and electrical (home was built in 1895) and new drywall put up but needs all of the finishes (kitchen, bathrooms, paint, floor, etc.).

Preface on the loan: I am using a specialty loan by Indianapolis called "Revive Indy". Loan requires 3% down of total price (house & repairs), and has no PMI.

Here are the details: 

• Offer: 151K
• 3bed/1.5bath per side
• ~1400 sq ft/side
• Estimated renovation costs (See picture below): ~60K
• Estimated ARV: ~220K (??)
• Repair Costs: 
  

Now for the financials: 

• Cash to Close (3% down total appraised value): ~12K
• Rent: 1K (1 side)
• P&I: ~$910 (3.44% fixed, No PMI)
• Expenses (Detailed Below): ~$770
• Monthly Cashflow (while house hacking): -$977

Expenses Breakdown (CapEx Picture Below):

CapEx Estimation:

Conclusion: Truthfully, I am very nervous at the moment. I feel that I am overpaying, and will go over budget on repairs. Am I getting myself in too deep? Are my numbers off? Would you have done this deal?

Let me know you're thoughts! 

Hi Indy BP!

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Keep up the hardwork y'all!

Nice info!

my question is on the process of it all. Would you have to provide plans before making an offer, or would that happen during the closing period?