All Forum Posts by: Eric G.

Hello Keith - I have had success with the approach you outlined with Property Managers acting as rehab project managers. I've used Triple E Property Management in that capacity and I'm quite pleased with their work. They are timely, trustworthy, and do a great job placement tenants thereafter. I'd recommend them. 

Thanks

Eric

Hi Aries - we own vacant lots in Indy which we redevelop into single family homes. We have always used Hahn Surveying to complete lot lines. I have not found any entity (HOA, permit office etc.) who would accept a DIY plot line (after all imagine, if all your neighbors could submit their own version of plot lines). In my opinion, this is a case where it is best to get it done and done right in the first instance instead of walking up to/over the line (pun intended).

Thanks

Eric

Hello Michael - I'm an out of state investor with rentals and new builds. I always use Nations Title Agency (ask for Nancy). They always facilitate a remote closing for me. So someone comes to me here in my home with the paperwork - I sign, the notary does his thing and then he sends the documents back to Nations. I usually have the notary come by at 8:30am by 1:30pm I'm closed. No need to head to Indy just for a closing. 

Other folks have commented about the suboptimal merits of this deal so I wont pile on.

Let me know if you have any other questions about title agencies or investing in specific neighborhoods in Indy - always happy to share. 

Good luck,

Eric  

Joshua - welcome to Indianapolis. I'm doing new build construction and also have rentals. Best property manager is Edwin Watson at Triple E Property Management. 

Eric 

@Juan A Lopez, I am also an out of state investor - with both rental properties and single family new build construction. Let me know which path you are exploring and I'm happy to share my pointers/lessons learned. 

@Olu Efunwoye, I am an out of state investor. I use and recommend Triple E Property Management. 

@Cody Z. I am also an out of state investor with both rentals and single family new builds. Best folks to contact are the guys at Bildwise (@Ritch Bonisa) they are fantastic in providing boots on the ground, scope of rehab quotes and then running the rehab (or new build) as your project manager. 

PM me if you want to talk specific projects the guys at Bildwise (@Ritch Bonisa) have done for me. 

Eric  

@Eloisa Gil Villafuerte. Welcome. I too invest in Indy rentals from out of state. I recommend my property manager Edwin Watson at Triple E Property Management. He's fantastic. 

http://www.3epropertymgt.com/

Irvington is fairly well established as a neighborhood and the pricing reflects that. First, it is quite hard to find a house in need of rehab that is priced below market. Most sellers are aware of what rehabbed homes in Irvington go for and as such the sale price reflects that. Second, Irviington as a neighborhood is quite nice and as I said settled. As such the neighborhood itself does not have a ton of (quick) equity to be gained from a househack. By that, I mean the cost to buy a home in Irvington, and the cost to hack it (even if you are doing most of the work and are handy) and bring it up to Irvington standards is high such that there isn't very much in leftover equity to pocket. Now if you intended to stay there closer to 5-7 years then you can slowly build that equity, however, if you are looking more like 2-3 years and try to make a decent margin that's going to be hard to do. That's my two cents.

I think you may want to look at neighborhoods which aren't fully settled yet. Brandon Turner - the guy who runs this website and has written a good book on real estate investing - says that when he walks into a home that smells bad he thinks to himself "smells like money." It is quite hard, in my estimation, to find a lot of those types of homes in Irvington. You may have better luck in neighborhoods that are still "transitioning" such as Garfield Park, St. Clair Place, Mapleton-Fall Creek. In short, places that aren't Fountain Square, Fletcher Place, Broad Ripple or Old Northside, but will get there in 5 years.

Keep the questions coming, always happy to share what I know and self-educate from other passionate investors on this forum.

I've had quite the best experiences working with Nations Title. I'd recommend them in a heartbeat and you can let Nancy know I sent you.