All Forum Posts by: N/A N/A

If you are wholesaling, you definitely don't want to buy unless you have to. However, its always a good idea to have money lined up ahead of time as you will run across deals where you have to move on it then or lose it. Of course, if you have trusted relationships with cash buyers, that is about the same effect! :D

Just for comparison, I own a PM company in Indianapolis and we manage a little over 150 units. The charges in our area are pretty standard. I charge 10% of collected and one months rent to fill a unit, but its not charged again if the tenant doesnt stay 1 year. Our handyman work is $30 hr.

Just an FYI, but around here, I've NEVER heard of anybody charging any kind of 'base fee' or whatever. Seems to me paying anything that isnt based upon performance isnt keeping the PM's focus 100% in line with yours. Just my 2 cents.

Got to say thats the one thing I love about the Indianapolis market. I am finding absolutely ridiculous deals, ESPECIALLY with the REOs. There are just so many foreclosures here banks will take about anything to get them off their hands. Its pretty nice, especially on 2-4 unit properties, because say on a double, I can buy it, redo all mechanicals, exterior, windows, etc, get it filled--and still make good money selling it to investors where one side basically covers the payment.

Gotta love this market!

This was the EXACT comment i was going to make! If you can find a property manager you trust, and who is already working in those areas, lower income might be a good way to go. Hand them off to an expert where management IS their business, and save yourself the headache. That way you can focus more on the deals and less on the day to day.

If you have something typed up already I would LOVE to find out what your experience was like.

Yes, if you have a pic, please post it. I recently encountered an almost exact scenario on a house south of Indy. The house was completely gutted except that stone. The stone you have is nice though, and thats ultimately what i decided as well.

I basically did what all the advice here said to do. I concentrated more on what was around it with light carpet, light walls, and a lighter stained mantle. One thing we did with the mantle was we decided a 'simple' design that had little 'ornate' edges would be best, and that really helped tie it all togther.

Anyway, would love to see the after pic!

I'd like to offer a slightly different perspective as I dont know your current situation. Whether you should do all cash really comes down to what that money means to you. Without making this overly long winded, if that money is anything but completely unnecessary for your day to day life, i'd think hard about it.

In other words, if you dont need that money in the forseeable future, then as everybody has said, cash is king and it WILL afford you discounts you wouldnt have other wise received.

However, if you are running deal to deal, or somewhat early on, OPM is the best by far. In that case you keep your cash in case you need it, and use everyone elses. Sure, it costs you 'interest,' but that is easily something you can just decide is the cost of doing business. Also keep in mind, there IS a cost to using cash. Its just most dont necessarily like to look at it from that perspective. :D

In the end though, there's no doubt, if you got it--CASH IS KING.

Truer words were never spoken. Please dont think your typical 'jack of all trades' type residential handyman can do the work. Its a whole different animal and especially if you haven't managed commercial development a lot, I'd strongly recommend going with a GC who can bring the appropriate contractors to the table as needed. This way you have an end-to-end solution, and you have one person to go to for the 'buck stops here.' You'll be thankful in the end.

Can you confirm the property is in fact in Cali? I have a few recommendations depending on the state. Also, how is the clients credit? With somewhat decent credit they can often find a more middle of the road financing.

Here in Central Indiana the more current trend BY FAR is an off white base matched up with a sort of taupe wall. Unfortunately Taupe very's A LOT from manufacturer to manufacturer, so you have to watch it.

BTW, i'm speaking to the new construction homes built or recently rennovated in the middle income areas.