All Forum Posts by: Jameson Drew

 Contractors were done through the property management company.  Construction costs generally were pretty low.

 Thanks for this.  My insurance is a little lower but otherwise these numbers are spot on.

Property located in Muncie, IN.  Local bank owned the note and just wanted it gone from their portfolio for $6900.  Too good to pass up.  Got on a plane to Indiana to check it out.

Property had sat empty over a very cold winter and the pipes burst due to improper winterization.  Asset manager thought it would be a very expensive rehab, hence the price.  Turns out, everything was mostly cosmetic.  Each unit is a 3/1.5, roughly 1000sqft a piece.  HVAC was still intact, but I added two swamp coolers to the units for renter retention (renters moved in 2 years ago and havent heard a peep from them since).  Drywall and pergo installed.  Total renovation cost of around $20,000.  Each unit rents for $600 and unit is fully occupied.  Taxes are $945 a year.  Property is locally managed for 10% of the rent.

Property is assessed at $44,000, but local realtors have given me an estimated value of $50,000.  Still, Im holding onto this money maker for some time.

Hello everyone!

My name is Tyler and I a real estate investor located in San Diego.  I am a former property preservation executive turned real estate flipper and investor.  I work in both the market here in California and out in the Midwest (a town called Muncie, IN).

I currently own 30 rentals in the city of Muncie and am involved with an investment group here in CA that does flipping and buy-and-hold strategies.  

Im primarily here to learn and network with like-minded individuals.