All Forum Posts by: Jack Gibson

welcome to BP Ryan!  3 singles already is a nice start!  I own a lot of small multi-family so don't hesitate to reach out with any questions.  I've learned a lot in the last year from the podcasts too.  

@Rickey Wiley Brandon Turners books are really good, also the Millionaire Real Estate Investor is awesome.  I do agree though with the other comments here, I learned the most from the BP Podcasts and Webinars, and the Blogs here are excellent resource.  

@Kayla V. give Shawn Huss a call - Talmer Bank in Cincy, he definitely can do under $50k, and they are very fast.  I just tried to post the number and email but it won't let me, so if you still need it PM me.  

Hey @Jun Ku, I started buying turnkey in Indianapolis exactly a year ago, and now control over 100 units. My first 2 turnkey buys with other companies did not go well, so I'm glad I didn't give up on it and 3rd time was a charm. I was so thrilled with my experience and my ROI I started referring my friends and colleagues, and then that went so well I partnered with my turnkey provider and I help other investors build portfolios. You can check out my website to look at sample deals, and there's a link on my calendar to book a Strategy call as well. In any event, good luck with your search!

@Shayne Fee I have a ton of multi-family in Indianapolis, over 100 units, currently I have 10 MF duplexes available in Indianapolis, $55k for $1050 rent - all brick, wood floors, and rented with long term tenants. The PM is stellar, I use them for all 100 of my units and they make my life stress free. I can get you rehab projects as well if you prefer to go the BRRR route. In any event, if I can't help you, good luck with your RE career!

This SFH is cash flowing and has a new 1 year lease renewed from tenant. Slightly under market rent of $750. All wood floors, sound mechanicals, this property is going to cash flow very nicely and will rent quickly in a year if tenant moves out. Comes with solid Property Management that manages over 500 properties in Indianapolis.

Purchase Price:  $42,000

Rent:  $8340

Gross Income %:  19.8%

PM (10%):  834

Taxes: $600

Insurance: $500

Maintenance - 0 1st year, comes with a 1 year Home Warranty

Total Net Income:  $6406

Net ROI: 15.3%

@John Powell yes that's one of the main draws to turnkey - you don't touch the rehab work.  I pay cash up front, then depending how much leverage I want to take on, refi out after the property is performing.  I am in Indianapolis right now for the high yields, and I'm always open to talk real estate - PM me or call me anytime!

@Ismael Souley I control over 100 units in the Indianapolis area, I haven't looked at PA but Ohio I have several connections and pretty solid there too I believe, you can definitely find what you are looking for per your description in Indy, multi-family C class for under $75k.  

I think that is incredible and inspiring - he must have felt in his heart that was the right thing to do and he'll certainly be blessed 10 fold down the line. 

I own - sorry, control - over 100 units of Turnkey out of state rentals, with huge rent rolls steady every month - and I started exactly 12 months ago - so I may be able to add some value to this thread.  First and foremost @John Powell, in my humble opinion, providing the givens that you are in decent working class neighborhoods, have solid PM, and aren't going for appreciation play - the most important factor to making the cash flow net numbers work are your Purchase Price to Rent ratios.  If you pay $100,000 for a property and get $1,000 rent, hitting the 1% rule, it doesn't matter what the turnkey provider says or how he slices and dices the cash flow spreadsheet - you're going to be very thin on net cash flow, recently rehabbed or not.  I am simply not comfortable with that thin of margin, especially out of state.  If I'm going to take on an out of state purchase - which all of mine are - I want $1500-$2000 rent for a $100,000 purchase.  If I don't find it - I'll simply wait for the market to correct, or I'll keep searching until I find it.  Sitting in cash is not all that bad with the coming Demographic Cliff and over-stimulated economy.   For example, @Jerome Daughtrey, we have 10 all brick, wood floor doubles available, rented and turnkey for $55,000, renting for $1,050/mo. In this scenario, you're basically at the 2% rule, with a solid property that will certainly not see much in repairs or CapX anytime soon - and if you do, no problem, your cash flow margin is plenty high enough to offset any potential problems down the road. And by the way, I'm not knocking anyone for selling a property for $100k for $1,000 rent - theirs may be in a better neighborhood, with a much nicer house - I don't really care about that, I care about my ROI, and protecting my cash flow for the coming economic storm. I could go on and on, but hopefully that helps!