All Forum Posts by: Eric Bretzman

Indianapolis West Side land adjacent to Speedway and 465/Crawfordsville Road Development

7050 Waterfront Drive, Indianapolis, IN 46214

2.16 Acres with flexible Zoning D-P. Easy highway access to I-465 and I-74. West Side location minutes from Brownsburg and Speedway. New hotels and retail projects only ¾ mile away. Significant development occurring at Crawfordsville Rd and Speedway.

Townhomes, apartments, homes, and commercial uses possible. Electric and gas at property, water at adjacent property and can be run to this parcel. Current survey and 2016 Phase 1 from parcel split and zoning of adjacent property. Approximately 1.4 acres Flood X as shown in 2023 survey. Lake on two sides of property would make nice green space for your project.

Asking $125,000 but am flexible with the right offers for simple transaction or possible owner financing.

Contact [email protected] to discuss opportunity.

You’ll be able to find it with a little work on Google. Was a big to do here in town about a decade ago when the state switched to market value assessments. Ended up with with tax caps based on the property use. A residence would be 1% cap of assessed value while a rental house would be 2%. So if you are buying to hold and rent from somebody that was claiming house as a residence there is a good chance the taxes will double for you the following year. 

I agree with the gentleman above regarding pulling your own permits. It isn't crazy to think you can't pull some of your own permits. I'm not sure about your specific area but the best thing you can do is go in person to the permitting office and talk to the folks in the department. I should actually say listen, not talk, but ask questions. If you explain what the goal is and ask how to get it done on the front end they will likely be very helpful. Don't bug them on the phone, go see them in person.

Pass a quick 40 question test in Indianapolis and they'll give you your electrician's license. They even give you the little book to study! I'd say the most important things they are going to want are your plans and design on the front end (I bet they'll show you examples if you ask) and the inspections before you button things up. You can also apply for a GC license if you need one and I've gotten some quotes on GC insurance out of curiosity and it wasn't bad but never went through the official process and acquired it so maybe it isn't that easy.

The way I understand GC insurance and permitting is that would allow a GC to hire labor to work for them that aren't individually insured but would work under his umbrella. If you are hiring licensed subs that are insured they can surely pull the permits for you. 

But, time is money. The right GC can make you money. We found just the right GC for a quick project and rehabbed a 3500sq ft fine dining restaurant from bare crawl space to new subfloors, flooring, bath rooms build outs, new wiring, plumbing, paint, roof, hvac and ductwork in 22 days. Passed inspections and board of health and tenant reopened for business in 24 days total. Plan. Plan. Plan. And don't surprise the permit and inspector folks. Work with them.

So what are the most common rehab budget items you miss on and why does it recur? I'm not talking about not knowing to budget for holding costs and things that should have their own line item. I'm thinking about the items you budget X$/sq ft or time and materials or however you do it with your experience and yet that particular line item goes over budget an inordinate amount of times? Maybe it is work you are actually doing or you are hiring out but either way the same couple things end up more than they really should be.

For instance, you can predict carpet costs well but half the time the tile guy runs over due to discovering extra surface prep is required. Or you always get the interior paint estimate close but exterior is 20% over what it could have been because more times than not there is some rotted trim that needs replaced and primed that couldn't be seen in advance.

I put an overage percentage in my calculations but it is global. I don't know enough to guess which hole the whack-a-mole is likely to pop out! Those of you with more rehabs under your belt may be able to pass on the most common budget hot spots. Is there a pattern? Have certain trades been raising rates faster than others recently?

Thank you both. Spent the morning making calls on property and jumped in the car to look at a few and drive some neighborhoods drumming up new places to investigate. We've had a lot of luck with properties that have come natural to us but now that I'm trying to find more it always seems like I'm a day late. Literally got a call on the way to the appointment to look at a distressed house today saying they took an offer that beat me by just a few hours. Must be on the right track, just have to move faster I suppose!

Will see you around the the BP site. Have a great weekend.

Hello. I'm an investor in the Indianapolis area with a couple rental houses and a commercial restaurant building. Thanks to the properties and experiences we have met a great group of generals, subs, attorneys, bankers, book keepers, and contacts that have helped us continue to add. I am looking to add onto our buy and hold SFR collection and maybe even work on some flips to up our working capital. Love the BP pod casts and some of the ideas kicking around on the forums. Finally had to sign up and see who else I might meet.