All Forum Posts by: Jim Canull

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $380,000
Cash invested: $30,000
Sale price: $525,000

This was the ideal flip everyone asks for, although the purchase price was higher than my norm. It really just needed a refresh of paint, lighting and hardware. It was during a hot market, and I was able to scoop it up because the owners started too high and didn't do any repairs or remodeling. Even if they simply staged it they could have sold for a handful more. But they didn't want to and I was willing to take the risk and it paid off nicely.

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

The popular location and hot market, paired with the minimal amount needed

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

A friend asked for my opinion on what to do. I let them know, but the owner didn't want to put $$ into it.

How did you finance this deal?

private lender

How did you add value to the deal?

mostly aesthetic choices

What was the outcome?

A quick sale with multiple offers

Lessons learned? Challenges?

Keep your ears open for new deals and always offer free advice.

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

JJ Canull I was the only agent involved on both sides:)

100% agree on contacting investor friendly realtors who have had good experiences  Generally someone who has been in the business for at least 10 years +

 Any interest in Indianapolis?  Feel free to reach out to see what is in our pipeline

 Indianapolis, of course

Any time you can get a good value on your dollar is a good time.  The hard part is finding the deals.  I know around here there are plenty of people looking for them, so they don't pop up often.  When they do pop up me or any of the other quick wholesalers hop on em!

My house is in a flood plain, so I get the question all the time.  I had an investor ask me about it when I had pitched him a property in my neighborhood.  My response is the fact there are 622 properties in my neighborhood; all of which are owned by people that were ok living here:)  Not only that the prices in this neighborhood are higher then other surrounding neighborhoods, so that's a pretty easy meter the flood plain doesn't matter.  It's all about the bottom line (total monthly expenses with the flood insurance) and if that works for the buyer.  There's a difference between being in a flood plain that hasn't flooded in over 100 years and one that floods annually.  I would not live in one that I thought there was a decent chance of flooding.

Veronica,

Seeing if you were able to find a good Turnkey provider in Indy?  We would love to help out as we keep finding a few good deals per month when it seems others are having issues finding any with the low surplus.

JJ

I haven't listed my personal property for rent for 15 years.  Where do you feel people (students) are looking online nowadays to find their rental options.  I have a great property next to a University and want to make sure I am posting the property where they'll be looking.  I will likely geo-target the area on Facebook ads, but didn't know if there was a new "Craigslist" type place people are posting nowadays.  Speaking of Universities, what's the best timing during the year to lock students into a lease?  Thanks a trillion!

Noam, 

Have you come across any good ones yet?  I agree with the areas mentioned, of course most of them in my opinion are block by block neighborhoods.  Of course that is the best way to get the most value, by simply seeing the patterns of development and riding the wave.  Or trying to spy out new areas understanding why the patterns started.  Stringtown is one of those areas.  Have you seen any info on that one yet?  Too me it's the next Bates Hendricks, Fountain Square, etc...  for obvious reasons if you want to chat on it. I live and work mostly in Broad Ripple where we can find good deals here and there, but I like prospecting new areas as well.

We also have a couple homes available to flip in SoBro if you'd like the numbers on them?