All Forum Posts by: Kerry Edwards

What area?

Personally it is worth the expense to me having a "good" PM company . After you get a few phone calls in the middle of the night or at an inopportune time the value of a property management becomes clear.

Of course PM companies are a necessity for passive and out of town investors. In some situations where a PM has a menu optional services and add on fee's it may be possible to find some less than perfect dealings. IMHO a company that is sure of its process and systems will penalize itself or offer discounts and perks for early tenant turnover if it placed the tenant.

just my opinion

welcome to BP Ben

Hey guy's and gal's, CIREIA meeting tonight 5:30-9:00 @ The Monon Center Monon Community Center East Building

1235 Central Park Drive East,Carmel, IN 46032

Link: <https://maps.google.com/maps?hl=en&ie=UTF8&q=monon+center&fb=1&gl=us&hq=monon+center&cid=17022914651591356876&t=m&z=16&vpsrc=0&iwloc=A>

Our son has his first basketball game today so my wife and I will be late.

I have to set up better alerts! Maybe see you guy's at CIREIA tonight.

If I see you and don't say anything its just because I don't have glasses on so just say "what's Kerry"

Green Flag: surface mold (sellers always know its a non starter for some people), minor foundation issues ( buy price goes down).

Red Flag:

1.as @MichaelSiekerka said bad neighbors. If you are a buy & hold guy or a fix & flip bad neighbors will cost you money. So if its a project that you are set on doing don't forget to discount your buy price. Figure 15% less rent and at least 10% less on exit.

2. 3 or more boarded or vacant houses in the same block. Unless you are to the point that you can turn the whole block.

3.Looming sewer/water assessments. Some cities have pockets where the houses have never been connected and are still on a well and septic. Most of those cities have now made it mandatory to be on city services so there will be a $15-20k bill coming at some point.

There are area's that I would totally stay away from. As @Mike D'Arrigo stated Indy is cash flow market on the investor side. So while formulating your model/plan you should be sure of the viability of your exit strategy.

The neighborhoods that cash flow well typically are over 60 % investor owned. That can be good and bad, on the buy side you can skew the comps down due to cash, HUD, Tax, non MLS and private deals. But then on the sell side you'll struggle to show retail value and will usually have to owner finance or find another investor. One of the great things about being an out of market investor is if the numbers work they work.

That being said, if you have an attractive package of doubles in Broadripple, Butler/Tarkington, Irvington, or Meridian Kessler it should move fairly quick.

Outside of the 465 loop you'll find many of the newer "vinyl villages" that still have lots of HUD,REO, Foreclosure and prices are still unstable. IMO unless you are in for the very long term you might wait to get in there. Very long term they should be good even at current price point.

Well done @SilvoL

I'm sure there are members better suited to help you on this than me. But is the estate having the auction to satisfy the debts or did the probate court order the property to be sold at auction? From my past experience (many years ago) if the court orders the auction it could be a "absolute auction". A absolute auction should give clear title if sold at $1 or the $178K.

I haven't dealt with probate in a while so thing may have changed.

Keep me in the loop on a BP meet up. My wife and I are planning on attending the CREIA meet 10/3 @ The Monon Center