All Forum Posts by: Jordan Richardson

I was able to save the hardwood floors. Also ended up keeping the property for my wife and I to live in. Here is a before and after of the floors. 

Thanks for all the suggestions @Nicole Pettis @Katie Neason @Kyle Samuel @Anthony Dooley @Brandon Luke ! I have decided to go light sage green with dove white accents. The awnings have to go along with all shrubs. I have a landscaping crew coming out this week to lay rock and plant new shrubs. Unfortunately the original hardwood floors were beyond repair so I'm installing vinyl plank throughout kitchen/dining/living room and basement, carpet in both bedrooms, luxury vinyl tile in bathroom. I will post before/after pics of interior and exterior once completed! 

Excuse my grammatical errors..I was too excited to post about my first purchase! 

Hi all,

I finally pulled the trigger and purchased a property at auction! The finally cost after auctioneer fees and closing was $63,800. All new HVAC and roof. The repairs seem to be mostly cosmetic and I would like to stay under 75k. I need opinions on a few repairs:

1. The hardwood floors appear to be salvageable, but if not would you recommend a nice laminate throughout the home? Or laminate in living room/bedrooms and tile in bath/kitchen? 

2. Exterior needs painted and the landscaping has grown out of hand. Should I consider pulling out shrubs surrounding house and put mulch or rock down and plant new plants? Or should I just trim shrubs to save on cost and deal with the less appealing look? Any paint scheme suggestions?

3. The basement is the best part of the home but half is carpet half is concrete. Should I go with a stained concrete or pull up current carpet and relay new carpet? 

 Any suggestions would be appreciated 

@Mike D'Arrigo Working class is what I am looking for - can't seem to get any off MLS due to competition with other investors. I'm considering Mars Hill as a possible farm area. They seem to have decent value homes that could be good buy-hold properties. I have scoured the Greenwood market but even the less desirable areas are going for $70k+, unless the home is borderline unrepairable. Any insight on good areas around south indy? Possibly Garfield Park? @Rodney Kuhl Under $50k @ $825/mo is an excellent find. What part of Indy is that..if you don't mind me asking? Also how are the tenants in that property?

After a year of 30+ declined offers on properties $100k+, I have decided that maybe homes under $50k in the "Not so good" parts of town, with the assistance of a property management team, is a better route to take. If anyone could direct me to a reliable property management company in central Indiana (Greenwood, Indianapolis, Etc.) I would very much appreciate the help. Also in the market for partners, investors, or wholesalers looking to add a buyer to their list. Financing is in place - just struggling to obtain deals off MLS. Thanks everyone!

I have a situation I'm trying to work out - figured I'd bring it here for some advice. So a lifelong buddy of mine just returned home from basic and would like to partner up with me in a long-term flip (holding it for at least a year). We plan to purchase a Fannie Mae property as owner occupants. Hopefully we'll have a better chance of obtaining the property before other investors get the opportunity to bid. My question is how should we structure this deal between us? Should we cosign, possibly put the entity in an LLC? Possibly just have it under my name and view him as a "private lender"? I don't see him flaking on me but stuff happens. Any advice would be appreciated.

@Brian Gibbons I believe the property is owned by the wholesaler. He has several properties in my local area and I am hoping that he could be a good starter lead for me as I begin my journey. He mentioned $2,500 down then $359/month until full amount is paid. I've ran several comps in the area and the average sale price is around $45K. Home appears to need minor cosmetic work ($2-5k). After all costs I'd be looking to net around $8-10k. I am also considering a bank loan, put 3.5% down and just have a minimal mortgage payment until I finish the project and find a potential buyer. The bank option sounds the most intriguing at the moment - just wanted a little more advice before pulling the trigger. Really appreciate the feedback.

I recently came across a deal that turned out to be owned by a wholesaler. The two options he gave me for financing were $29k cash or seller financing. The specifics on seller financing have yet to be determined. Obtaining the cash would not be an issue, so my question would be do I pay cash in full upfront or take his seller financing offer? This is my first deal - not sure if that makes a difference. Any suggestions would be greatly appreciated!