All Forum Posts by: Clay Manship

@Raian Huq happy to help how I can. I am local to Indy and have bought and sold thousands of deals here since 2013. I'm a young dude and some of these guys know a lot more than me. But happy to chat! Happy investing!

Have you bought a property in Indianapolis yet? I own one of the bigger wholesale shops here and I usually encourage first time buyers in Indy to find something on the MLS. Primarily, I am a sports guy, so I compare it to just getting on base. Find a way to just get in the game and get your feet wet. There are a lot of reasons that BRRRRR deals might not go according to plan--no need in overcomplicating your first one.

Further, when you are ready, you need to get hooked into INVENTORY. It is rare (very rare) for a broker to have access to loads of off-market inventory. You need to spend some time on Facebook and other social networking sites seeing who the inventory professionals (fancy word for wholesalers) are in the city. If their inventory sucks, move on to the next guy. There is nothing special about what a wholesaler does, and if they don't find you good deals, they don't deserve to be in business.

Best of luck, and happy investing! Welcome to Indianapolis!

@Paul Beets no kidding? Good to hear! Do you mind sharing what your appraisal came back at? Did you capture all of your cash back out of the deal? Congrats on the quick renting of this unit! Looks great

@Gavin G.

Hi Gavin-

Not sure where the hostility is coming from. Some people are just angry at the world, I get that. But in order to appease you, an update is below:

I took the time to read back through some of these posts and will continue to do so when this reply is concluded. It lets me appreciate where my real estate investing career came from, and where it is going in the next 5 years.

As for this address, I ended up closing it in cash via a private lender and began rehab independent of a 203k loan. Mid-rehab, a developer approached me and cashed me out of the deal. I ended up using a 1031 exchange into another 4 unit building I still currently own.

As for now, I own a real estate company with 11 employees. We wholesale, flip, and develop. We own 23 rentals, 1 apartment building, and 3 commercial assets. Pretty cool! But if I can do it...ANYONE CAN!

Gavin—I hope that you are satisfied by the response. Happy to answer any questions you, or anyone else has. I will wait on bated breath to ensure that you feel I have added ample value to the community.

Clay

Hey 

@Graziano Casale, would love to have you in our office and chat about what we do with our clients here in Indy. We are mostly rental property guys, but we do have clients who do flips with us. Let me know if I can help out in any way during your time here.

Cheers!

@Steve Hall I think this is a good list, but owning a wholesale operation in Indy, as well as owning a handful of commercial buildings, leads me to be the devil’s advocate:

In many situations, this detailed information is not available. What should investors be looking for, on a base level, for a SFH as well as multi family? There are many times that a mom and pop owner won't have audited T12 or roof age or utility metering specifics available. How would you expect someone offering that property to you to present it?

@Ross Denman nailed it above... ^^^^^^^^^^^

I want to publicly thank @Todd Burton for his continued work and diligence in the unfortunate Morris scam. He has been a mouthpiece for justice in this sphere for quite some time, and should be recognized for his commitment to protecting investors here. Locals such as myself, and investors across the states owe him a thank you, and then some.

Truly embodies what it means to be a Hoosier! Thank you Todd!

Hey @Kameron Patterson

I grew up in Greenwood and still consider it home. I was like you several years ago, so it's good to see more young guns taking their first step into real estate investing, and specifically, value-add investing as you are describing.

The first thing I would recommend to you, or to anybody, is FIND A WAY TO ACQUIRE A DISTRESSED PROPERTY WITH CASH/HML. Do not thing you are limited by the cash you have on hand...you are not. I would find a private lender (rich uncle, parents, someone like me, etc...) who is willing to fund the purchase/rehab. You would then be able to pay them off with a refinance from a local bank.

To this day, this is really all my group does. Buy at 60% of ARV, add some value, and then refinance. Happy to chat more with you if you'd like...I can talk more in detail about how I would raise acquisition funds. My two cents!

Best of luck

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