All Forum Posts by: Kevin Kramer

I would sue in Civil Court. First, $30k is a lot of money and secondly, they can't just be able to screw people like this, there have to be consequences.

Sure you may force them into BK, but so what? They may be forced to re-structure and pay creditors something...or not, but still they need to feel some pain for this.

I would pay an attorney to send them a letter first. Threaten the court action and give them 10 days to pay up first....

Thank you for your input Bruce. I am thinking about sending a demand letter currently.

1 Vote

Indianapolis, Indiana

Quote from @Chris Seveney:

@Kevin Kramer

Were they licensed ?

Did you have a contract?

File a complaint with the state licensing agency as well.

I would file a lawsuit over a $30k issue

@Chris Seveney Yes, they are licensed and we did have a contract. Thank you for your input!

0 Votes

Indianapolis, Indiana

Hi All,

I overpaid a contractor and they have failed to perform on the contracted work. There were red flags but I had worked with this contractor before and did not have issues. I am weighing suing the contractor but not sure if it makes sense. My estimate is they walked with $30,000 and Im not sure if it is worth it to go after them. My concern is we sue and they cant pay the settlement and we got tied into bankruptcy court. If anyone has any helpful advice, it would be appreciated.

1 Vote

Indianapolis, Indiana

Quote from @Alexander Rovsek:

Hey all!

I have a quick question. I am an out of state investor in California and i recently acquired a 4-plex in Indiana. I have an incredible PM that my friends/family have worked with for over a decade. Im running into an issue of us filling it/getting applications with good tenants. Does anyone have any ideas about how to solve this and get our units filled quicker? Any thoughts on this would be helpful thank you!

@Alexander Rovsek Would you mind sharing the PM?

0 Votes

Fort Wayne, Indiana

Hi @Luis Balcazar I am looking for a PM in Fort Wayne, would you mind sharing if you recommend their services?

0 Votes

Fort Wayne, Indiana

Hi @William Leonard I am also interested in this opportunity.

0 Votes

Indianapolis, Indiana

Quote from @Michael Powell:

Hey Kevin, CONGRATS!

I have a few questions if you don’t mind. I feel like thought process can help us new folks out!

1. This would be a success flip, not BRRRR right?

2. You were $150k in with acquisition/rehab. However were there additional fees for holding and eviction over the course of the year?

3. Cash to purchase, was it also cash for rehab? Zero financing?

4. Did you consider actually BRRRRing this property? With a $200k appraisal, a 75% LTV would have put you back at $150k and you would have recouped all your money back. Additionally you would have had a 2-4 unit available to place multiple tenants in and potentially good cash flow?! If you did consider but chose not to. Could you explain why?

I’m looking for my first deal and just want to learn as much as I can. Congrats again on your success!!

Hey Michael thank you!

The full intention was to keep this property as a long term hold.After we placed tenants, we refinanced and took all of our money out. I had a flip going on at the same time so there was no repeating for me at that time. We were cash flowing a couple hundred bucks a month on the property but were riddled with repair requests and eventually the eviction of Section 8 tenants. I bought the property in cash and did the rehab with cash too. Hope this helps @Michael Powell

1 Vote

Quote from @Bruce Woodruff:

Quote from @Kevin Kramer:

@Bruce Woodruff Seemed a little high to me based on past projects I have completed.

Were they recent projects? Prices of materials and labor have doubled in the past few years. Never a bad idea to get a couple bids though :-)....

@Bruce Woodruff Not terribly recent. I was a little surprised by the paint bid coming back at 7k on a 1800 sq ft property. What is your take on that?

0 Votes

Indianapolis, Indiana

@Bruce Woodruff Seemed a little high to me based on past projects I have completed.

0 Votes

Indianapolis, Indiana

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $85,000
Cash invested: $65,000
Sale price: $191,500

I purchased this property with all cash, completed renovations, and completed a BRRRR. All in at 150k, property appraised at 200,000. After holding the property for a year and dealing with evictions, squatters, etc. I sold the property for 191, 500 after concessions were made.

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

I found this property on the MLS.

How did you finance this deal?

Cash into a cash-out refi

How did you add value to the deal?

I completed $65,000 of repairs and cosmetic updates to the property.

What was the outcome?

I offloaded the property as I was consolidating.

3 Votes

All Forum Posts by: Kevin Kramer

Kevin Kramer has started 3 posts and replied 11 times.

Post: Should I sue my former contractor?

Post: Should I sue my former contractor?

Post: Should I sue my former contractor?

Post: Filling Units for Residential MF

Post: Offer accepted on duplex, question about PM fees.

Post: Indianapolis Duplex For Sale - Off Market Listing Only

Post: First attempted and successful BRRRR in Indianapolis, Indiana

Post: General Contractors for Porftolio renovations

Post: General Contractors for Porftolio renovations

Post: First attempted and successful BRRRR in Indianapolis, Indiana