All Forum Posts by: Gabe G.

@Mike D'Arrigo  Ha. Yes you were one of those that said stay away from most duplexes in Indianapolis. I have to say you were right!  I had some years I cash flowed ok, and came out of the house in the positive. But the hassles weren't really worth it. Once you put together an older building that needs more maintenance, higher turnover that sfr, and then you add in poor tenant quality. Those 3 together make it a hard proposition, unless you get the property for free,ha.

 Yes. And there was some cash flow on top of that for a few years as well.

Based on the purchase, and horror stories I have heard of other duplex owners in indy. I made out ok.

Hi, I agree. The issue with the duplex were really two fold

1. tenant quality.  While I advertised and the price was right, the available pool of applicants that showed up to showings was just lower on the quality scale. Felons, previous evictions etc. The very few that came through that were quality did not want to live there:). The ones that I did end up renting too, also a high percentage of them ending up being hoarders, so when left or got evicted, I had expensive to come in and clean up the childs mess(tenant)

2.  The building was built in the early 1900s, older plumbing/electric etc, this resulted in higher capex and maintenance then a newer building. 

I could of managed 1 or 2, but 1 and 2, resulted in higher operating expenses then any of my other units. Some years I had cash flow that resulted in a profit for that year, but it was never what it should of been based on the numbers.

Outside of a few areas in indy. I would seriously reconsider buying one of these older duplexes. And if you do make sure you give yourself a large cushion in the number to account for 1 and 2 above

I bought a duplex on the east side of indy, in emerson heights in 2014. I battled tenant quality issues year after year. This was the only indy duplex I ended up buying, as it was highly recommended on this board to stay away. I have to say much of that is true. I paid 59k through a land contract in 2014, and sold for 93k a month ago. not as much as I would of hoped for, but multifamilies don't seem to appreciate all that much in indy. This was a 3/1 each side duplex. Anybody have their pulse on selling prices of these older duplexes in the emerson heights area? 

@Kenneth Garrett no time to contact them as its on Monday.

And I still havent even received the declaration.

Thank you for the response. My question was more along the lines of what the constable will do. Usually a constable is not in the business of playing judge and jury , they simply enforce the courts order. Sorry to hear about your tenant

I filed for eviction on a tenant before the cdc order was in effect. The court date was set for one month out. I showed up, provided evidence that the tenant was not only behind on rent but also in violation of a lease policy to not have any pets in the home without approval. Prejudgement order of possession was entered for both non payment and the pet violation. A writ was issued. The date of move out came, and went and the tenant did not move out. I scheduled the move out crew and the move out date is this Monday. While I have not received the cdc declaration form I have heard from the tenants they will be mailing it. My question, I am not concerned about me violating the order, as there was multiple reasons for the eviction, other than non payment, including the pet. If the declaration is shown to the constable and move out crew on Monday. What is your thoughts on how the constable will handle it? My expectation normally would be the constable doesn't get involved, they have the judges order to remove them from the home, and that's what they would do. However, these are abnormal times.

Obviously I would make it clear to the constable the order does not apply, as the possession order was for both non payment and other breaches of lease.

Anybody gotten to this point yet?

This is in indiana

Where is some good spots to come upon indianapolis deals that make sense for a flip or buy/hold?

I sold one of my rentals, and took a look at the sheriff sales and the prices there, aren't leaving alot of meat on the bone, especially considering you don't get to enter or inspect the property before buying.

I have lived in my past primary residence for 13 years. 

I am considering renting it out for a small period of time, then selling.

What are the rules for doing this.

If I lived in it for 2 years, of the past 5 before the sale takes place, do I still qualify for the exclusion?

So effectively. I moved out of the home on 6/11/2018. I could rent the home out for 3 years, then sell and I would still qualify for the exclusion.

Is that correct, based on today's law?

@Larry S.

Right now i am capped at 10 mortgages (conventional)  So the money would go to pay down debt if the property was sold.

@Thomas S.

Kinda what i was thinking.  Plus, I could only rent it out for 2 years, for the free capital gain, because its a primary.

I probably profited 40k or so, from purchase date.