All Forum Posts by: Jason Lawrence

Did you find someone for this? It's not super far from me I would be willing to do a drive by for you.

What part of town are they?

In my opinion would probably hold out until the market softens a bit and you have more cash to invest. I'm located in Indianapolis and people are getting pretty crazy on multi-families and buying things at numbers where I personally couldn't make them cash flow. As for single family properties there isn't enough to go around and I have investor clients making pretty reasonable offers on homes and getting beat out by traditional home buyers that are willing to overpay because they are sick of looking at houses and getting beat out over and over. If you want to buy something now I think the play is doing value adds, find a place that needs some work or could be converted from a 2 bed to 3 bed or 3 to 4 bed. Possibly add a bath and force appreciation. Just my thoughts. Good luck Morgan hope it works out either way for ya.

Welcome friend. How do you like the BP Forums!

What score do you require a tenant to have to lease with you?

I think it’s a C+ area. There is over head power going there and a separate meter on the garage. Yes my biggest concern was the water and sewer plus the zoning. How do I overcome the zoning? I think it’s only zoned for a 2. 

This is posted twice? @Johann Jells

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $76,000
Cash invested: $7,500

I have had the same tenant for 8 years. I do rental increases every year or every other year. Just put a new roof on my property in 7/2018. Maintenance is extremely minimal at this property. Not a home run but it's a good base hit.

What made you interested in investing in this type of deal?

I got married and this was my home before we got married

How did you find this deal and how did you negotiate it?

I found this through the MLS. Listed at $90k and purchased for $82k

How did you finance this deal?

FHA

How did you add value to the deal?

New SS Appliances

What was the outcome?

I still own this property.

Lessons learned? Challenges?

I wish I would have purchased it a little cheaper so it would make better cash flow. In 2010 is was much easier to negotiate than it is now. Overall I am happy with the purchase.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a RE Agent now but then I used another agent.

I am looking at purchasing a duplex in Indianapolis, Indiana that has a garage that has been converted to a storage area. No roll up doors, just a single door in the middle. Its about 32ft wide and 20ft deep. I want to know how to get permission to build a 1 bedroom apartment in that garage from the city. I have been trying to find zoning and planning on the internet but I'm not having much luck. Has anyone ever done this and could they give advise on how to best accomplish this?

Where did Property Managers get their agreement made to use between them and the property owners.