All Forum Posts by: Evan Manship

@Tom McArdle This is from our architect. As much as I want to agree with @Colin L. that Fiverr could be able to do this, I think the best money spent is with a true architectural rendering indicating what full SD would look like in its full fabric.

@Sulaiman Shah All cash acquisition (hard money or my own) and used the BRRR method to take all my cash back out and do it on bigger and bigger deals.

Buying right and using that strategy is the essence of real estate investing. 

@Sean Rozenberg It depends on the neighborhood. Send me the address and I will investigate to see if this is grandfathered in

@Peter Tverdov I read Rich Dad Poor Dad in high school which really changed my mindset. When I graduated from college, I wanted a job in real estate so that I could leverage my knowledge into my retirement portfolio of real estate. My first gig was a property tax consultant valuing large multi-family properties, office deals, retail properties, and other large scale commercial deals which provided me with a LOT of knowledge into the real estate language. 

People I met on BP, family friends, etc. provided me with ample opportunity to discuss goals and quasi-raise capital through organic conversations discussing possible opportunities. Pair that with beginning to acquire in 2012 through 2018 and you've got a pretty solid profile for balance sheet building.

@Peter Tverdov The BRRR strategy is king and turn key real estate investing is absolute trash. I have never understood turn key investments as I have no ability to sell and realize my equity built in the deal (which is none with TK). I didn't come from any money but I worked the same capital back and forth many, many times to rent and refinance over and over again.

@Dave Charron Happy I could be an example. Happy to help if anyone has questions!

I wanted to share my personal success story with BP to fully encapsulate my experiences and hopefully motivate others that were in my position when I first started looking into real estate investing four years ago -- a recent college grad, mounds of student debt, and not the first clue in the world how to invest in real estate. See my first ever post on BP below, asking questions about house hacking. Little did I know that four short years later I would be a professional real estate investor with 500+ deals under my belt, 50 flipped houses, and under way on my first commercial development. 

Stick to your guns, learn every day, and always ask why. See my first BP post and story below:

"Originally posted by @Evan Manship: 

posted over 3 years ago

Hey BP,

First time poster, long time reader. I am currently living with my parents but am considering purchasing my first home using FHA financing.I understand that FHA requires "owner occupancy" for at least one year, but the question I have is:

Can I use FHA financing to acquire a property while still living at home? I am thinking of buying a 4-plex, but instead of renting out the 4th unit that should be mine, it will be vacant.

How can I utilize this loan product while living at home?

All info and tips are appreciated in advance.

Thanks to all!"

First post - June 2013

First deal - February 2014

First wholesale - July 2014

First flip - January 2015

Full-Time Investor - September 2016

First Development Deal - December 2017

See my group's latest and greatest below -- a three story, 9,500 square foot, mixed-use development in Indianapolis' historic Old Northside, sandwiched between breweries and million dollar homes -- just the way I like it!

A craft brewery has signed a letter of intent to occupy the bottom floor retail space, while a local title company has done the same for the 2nd floor office space. My group and our six employees will occupy the third floor of the space and accompanying outdoor amenity as our new headquarters.

Indianapolis is the perfect market for our group, our investors, and our model. Going full-time into this industry is the best decision I have ever made. For those wishing to jump full-time into real estate, get to work, go for it, and always #AskWhy. 

@Frank Sousa This is a question I love getting from out-of-state folks. Indiana property tax is assessed as 100% of the amount you see on the property record card you can find here. 

Primary Residences = 1% tax rate

Other Residential Properties (rentals, apartments, vacation homes) = 2% tax rate

All Commercial Properties (retail, industrial, office) =3% tax rate

Therefore, the amount you see on the property record card, multiply that number by 2% and you should have a very good estimate on what the tax is (or will be once corrected). Indiana IS NOT ASSESSED BY TRUE MARKET VALUE, but rather "market value-in-use" which essentially means "what would another similar user pay for the same utility of the property?"

Therefore, while a property may be worth $100,000 on the open market, a similar investor may only pay $80,000 to achieve the same gross rent multiplier, therefore the property is assessed at $80,000. @Mike D'Arrigo had it somewhat correct in that Indiana does not reassess every year, but rather every four (4) years. One of Indiana's four (4) assessment districts receives a "trending" factor each year, pushing it in the general direction of the market, paired with a formal reassessment and full-blown adjustment of its value every four.

I formally negotiated commercial property assessment appeals for large student housing facilities and industrial projects. Indiana is its own monster!

Happy to chat more should you have any questions.

@Mike Greenberg 

Mike-

Not sure about Tennessee, but I can imagine its close to the same as Indianapolis. Indy has duplexes galore for the uneducated investor to purchase. In my opinion, only a select neighborhood makes sense for an investor to acquire a duplex, particularly one of substantial price. There are many bad decisions to be made regarding a multi-family property in markets like Indy before someone ends up getting burned. 

@Jules Haddix be advised on the "Plan 2020" deal as it could very easily turn into the Plan 2025.... Plan 2030..... etc.

That said, I am a huge proponent of the near east side. Indianapolis is stabilizing a good amount in the St. Clar, Springdale, and Little Flower areas which bodes well for your strategy. I would look for actual growth and play off of that before diving into the Plan 2020, because, while Plan 2020 says the River West may be up and developed by then, I am not about to start buying up SFRs up and down White River Parkway to hold for 5 years.

@Matt Burr @Randy Charboneau

I am an investor from Indianapolis who is in love with investing in this city. We bought a vacation rental in Grand Haven a while back and it has performed well but getting it to market was a nightmare compared with what it was like in Indy.

Happy to answer questions anyone has in Indy. It is a much less volatile city with steady Eddy growth and considerable upsides in some neighborhoods near downtown where our group has significant investment.