All Forum Posts by: Fas McO'nen

This would make a great investment property with a market rent of $675/mo. 

I recently rehabbed this property. The only part of the house that needs work is the basement (~$4,000). 

Very quiet street, nice neighbors. I currently live in Texas and no longer have the time or cash to get it rent-ready. 

Leave me an e-mail if interested to see pictures. 

Thanks

Fas

@Clay Sellers They're all in the 46218 zip code. You're right, I heard the same. They're pretty swamped with work, which is probably why they're taking advantage of it and giving a lot of us some outrageous estimates. 

Hi @Jeb Brilliant I did. I'm an out of state investor, and after receiving quotes, I decided to fly out to Indy and was able to find that some of the work they proposed was bogus (wanting to change a perfectly new carpet with hardwood for instance). Their prices look inflated for the most part so I wanted a second opinion if anyone knows of a reputable company. 

Thanks

Fas

Hello BP! I’m looking for a good contractor in Indianapolis. I have three properties that need some work. As most of you know, finding a good contractor is a pain! Any recommendations will be greatly appreciated. Thanks Fas

Hi Maria, I too am a Morris Invest client and have bought properties through their company. I’m going to Indy next week to view the properties. They just finished rehabbing one recently but I’ve been getting direct mail letters from investors wanting to buy the property, which tells me that it may still be in bad shape. Instead of us simply sharing and complaining about Morris Invest, we should collectively bring this guy down if we can prove that he has been ripping people off. My first property with Morris Invest has been rehabbed and rented out very fast. Since I am an out of state investor, what I did was hire a local realtor that would go inside the properties after they’ve been rehabbed and do a walk through. I had her do a walk through on my second property and she she liked the rehab and even sent me pictures. Problem is that the property has been sitting vacant for 2 months now. And this is because Oceanpointe, I learned, only advertises using front yard signs and doesn’t do any type of online marketing. I fired Oceanpointe recently, after interviewing three other PM companies. Hopefully the new PM will rent it out quickly. I’m visiting my property next week and if it doesn’t look rent-ready and costs me another penny I’m ready to bring Clayton Morris and his team down because this cannot continue. I’ll follow up with you by the end of next week. in your case though, I would: 1) fire Oceanpointe immediately and get another PM team 2) your place May still be a solid investment if under another PM so I would find out what costs you are looking at to get rid of the squatters and clean/fix it up a little. I’m saying this because my first property with Morris Invest is pretty good and it’s been putting money in my pocket so don’t give up just yet. 3) not sure if you have a vacant property insurance but I would get one as soon as you get rid of the squatters, until you rent it out again. 4) reach out to Clayton Morris on his FB page, YouTube channel, etc.. and have him buy it back from you if you don’t want the property anymore. I heard he usually works things out with investors so I would at least try that. Sorry you had to go through this. I’ll keep you posted with my findings next week and best wishes to you. Fas

I'm looking for a great property management company in the Indianapolis area. The property management team that I'm currently using for my rental properties only advertises using a front yard sign which is inefficient. It' not in a high traffic area, so the only people that would see the sign are residents in the neighborhood. Any referrals to a great Property Management company would be greatly appreciated.

Hello BP family,

I currently own three rental properties in Indianapolis and was wondering if anyone knows of local banks there that do cash out refi on rentals properties. I'd greatly appreciate your recommendations.

Thank you

Fas

Hi Michael,

Do you have an estimate repair cost? What would it rent for? if you can send me details @ [email protected], I'd greatly appreciate it. I'll do my own due diligence but I wanted high level numbers.

Thanks

Fas

@Vinod Dasani - Thanks for the info. I'll definitely look into it.

@Rene Montelongo - Thanks Rene. The ROI is actually amazing. It doesn't need any work at all. In fact they changed the roof 2 months ago and done some other major work recently. The owner just simply wants to retire. All four units are occupied. I actually mainly target San Antonio for now, which is where the property is. I've been looking for one for quite some time, but didn't find any with a great return until this one came along. I"ll definitely keep you posted.

@Vinod Dasani - I hear you. I've always heard re-zoning from residential to commercial as well, but I thought I'd still ask. Thanks for your input. I didn't even think about any costs associated with getting it re-zoned.

Is this your first commercial loan that you'll be getting? or have you had one in the past?