All Forum Posts by: Isaiah Alofaituli

@Darin L Brown Hi Darin - that would be great!  Do you happen to have a good Electrical contractor that you use in the area?

Hi All,

Wanted to reach out and see if there is anybody out there with success near New Castle, Indiana. Looking for references for a strong contractor and/or wholesalers in the area. We had a couple GC’s start and stop or just up and leave all together so struggling to find somebody reliable that can finish the job.

Plans are to renovate a total of (6) units, (3) units are 2 bed 1 bath, and the other (3) are 1 bed 2 bath.

Appreciate any help.

Thanks,

Isaiah

Hi All,

Wanted to reach out and share my struggles that I am having in a new out of state market for me, New Castle, IN. I went in on this with a partner who has had a lot of success in Indiana in other markets but not so much in New Castle. We bought the property almost two years ago now and we have had a lot of set backs. We had a contractor in place prior to purchase, then he couldn't start right away, then he started demo and then disappeared with a single payment. Another contractor upgraded our plumbing and then had an astronomical price to do the electrical upgrades that were not included in his estimate. We've been talking to wholesalers but haven't had any real/serious offers.

I was wondering if anybody knows the area and could offer some pointers on either wholersalers or contractors in the area. All in all I'm in it for about $80k, (3) of the units are 1-bed and the other (3) are 2-bed. Figuring rental income at $590 for 1-bed and $690 for 2-bed, fully rented out at $3,840 a month +/-. If I had an honest and reliable contractor that could bang the renovation out I would hold on to it, we just haven't been able to find one. Any suggestions and pointers would be greatly appreciated!

Thanks,

Isaiah

Thank you Anthony! That makes sense, essentially that’s what I did the first time with my first property. I was out of pocket $300-$400 a month but I knew the market would eventually recover. Appreciate the comment!

I'm struggling with the idea of purchasing an investment property in such a high market.  I recently sold my first and only property (single family) which I purchased in 2012 so I may a very good profit on the sale.  In 2012, properties were just starting to come up after an all time low, and now they are at an all time high which was obviously the perfect scenario for me.  But now, I don't know if purchasing a du/triplex is the best idea being that the market is so high.  I'm trying to decide as to whether or not I should look for the multi-unit property and attack now, or wait until the market cools off and just continue to save money.