All Forum Posts by: Greg Bieberich

I am looking for a good general contractor for a specific job (and to have on hand in the future).  I had a water pipe burst in a crawl in one of my south side Indianapolis (Southport)  duplexes causing the sub floor to buckle in the kitchen and hallway areas.  I am working with insurance and water / mold remediation companies, but will need a quote and quick sub floor repair including vinyl / tile replacement (unit is occupied).  My go to contractor is booked and I would like recommendations for this and future repair needs.

Thanks!

Call Bloom Bank (Bloomfield).  I have used them in the past.

When I don't just go to Lowes and use their in stock carpet on the back wall, I use Reardon's Carpet 5563 S Belmont Ave, Indianapolis, IN 46217.  They are reasonable, have a wide selection and install themselves.

I agree with Lee.  I have looked at many multi-family units in the downtown Lebanon area over the last few years.  All are older and most had not been professionally rehabbed and lacked upkeep. Tenants seem to stay in the area for years, but move frequently from one unit to another.  If you are looking at the older multi-units around the center of town, a lot are metered together so the owner pays heat, water.  The price may look good, but when you factor in the repairs and rehab needed, plus the monthly utility expense, the cash flow does not make sense.  Also, unfortunately drug use is a problem in that area, which brings burglary, theft and other issues.

Sorry, She should have directed you to her commercial counterpart who handles commercial loans. call their number and ask for a commercial loan rep. I can't remember his name at the Carmel location, but they do those types of loans. 

Bloomfield Bank does portfolio loans. Ask for Dee at their Carmel office.

Hello Ken,

Congratulations on owning rentals in the Castleton area. That is a strong area to be in and you should have no problems finding good tenants if screened properly. You are correct, the Indianapolis market has tightened significantly over the last several years. I started buying here at the bottom of the market when everything was in foreclosure and pre-foreclosure. Great deals are harder to find in this market, especially in stronger areas. I would say that you lucked out with your neighbor if you bought that property right.

You can look at local wholesalers, but will probably not find their inventory in better areas like where you are invested now, and conventional financing will probably not be an option, depending on condition. In that case, you will be managing properties in areas with higher turnover and more tenant issues.

You can get with a local realtor who knows the investment climate in the area and set up an email notification for any new MLS listings hitting the market that meet your specific criteria. You will have to be prepared to act fast after analyzing the property and determining that it is a good deal, or pay current retail for the property in areas of likely appreciation. You can also look at properties that are about to expire off the MLS to find motivated sellers. PM me if you want to talk further about this.

You can "drive for dollars" and send out mailers to property owners, but that is time consuming, and may involve a cash offer to get the deal done.  Networking with other investors at local investors associations such as CIREIA can also be helpful.  There are a lot of people out there trying to do similar things!

Good Luck.

Yes it is.  Very high crime and high turnover.  Many vacant properties.

Julie,

I am a realtor with Century 21 serving the Indianapolis area.  If I can be of assistance to you please let me know.