Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Luis Moreno

Luis Moreno has started 14 posts and replied 44 times.

Post: Indianapolis investors: Your thoughts please

Luis MorenoPosted
  • Rental Property Investor
  • Fishers, IN
  • Posts 45
  • Votes 30

@Joshua Huang,

That is true, I couldn't belive my eyes when I flew out to Indianapolis for the first time and saw some B class neighborhoods close to D neighborhoods but most of those areas I noticed where closer to the city of Indianapolis. when I drove around out there with my agent I notice areas out there that weren't as bad and they where actualy very safe and beutiful affordable neighborhoods.  I grew up in San Diego my whole life and haven't experienced neighborhoods that change street by steer like that before, but with that being said if you have the right agent, property manager and lender by your side they will definitely help you avoid those ruff and bad investing areas for sure.

I've helped my father in law in buying 3 rental properties last year. Also helped my best friend buy his 2 rental properties last year as well. Currently helping 2 other friends get their first rentals as well. All three of us who bought our investment properties from out of state and have found success. We are all cash flow positive and have benifited also by sheltering our taxes because of depreciation from the properties we bought.

Investing in Indianapolis is great only if you have the right team put together that have your best interest at heart.

sounds good @Javier Roca

I will check my messages now    

Thanks BP fam and good luck on your investing 

-Luis Moreno

Post: I need a good contractor in Indianapolis!

Luis MorenoPosted
  • Rental Property Investor
  • Fishers, IN
  • Posts 45
  • Votes 30

I'll call him up tomorrow and see if he would be able to help you out. If he can't I'll ask if he knows any other contractor you could trust that is near your property. Is the property North, West, East or South of Indianapolis? I just want to make sure I don't give you a contact that can't help you out. 

Post: I need a good contractor in Indianapolis!

Luis MorenoPosted
  • Rental Property Investor
  • Fishers, IN
  • Posts 45
  • Votes 30

Hi @Jared Smith,

How far outside of indianapolis is your property? I might have a contractor for you if your not to far out. I just remodeled my property in Speedway and couldn't be happier with the final product.

Best Regards,

Luis Moreno 

Post: Indianapolis investors: Your thoughts please

Luis MorenoPosted
  • Rental Property Investor
  • Fishers, IN
  • Posts 45
  • Votes 30

Hi Daniel,

Yes Indianapolis is still a great place to invest in. I just started investing out there in June 2018 and have already bought 2 properties. The first property I bought in Lawrence for $77,000 with a 20% down payment and it cash flows almost $400 after all expenses are paid each month and the second property cash flows around $494 a month after all expenses are paid. 

The second property I bought in speedway Indianapolis for $65,000 with a 20% down payment and put $28,000 into rehabbing it because I wanted to try the BRRRR method out myself. I didn't have the money for the rehab after I paid the 20% down payment and closing cost. So I opened up a line of credit and used that to find the entire rehab. The mortgage is $518 a month and it rents for $1,100 a month. I'm going to refinance the property in June because it's worth around 115K-120K now after the rehab because I turned it from a 3 bed/1.5 bath into a 4 bed/2 bath with and everything is new in the property at this point. I should be able to pull out about $38K-43K when I refinance the property. So to answer your other question about using the BRRRR stratagy. Yes it is possible to use it out there and I found both properties on the MLS and made offers lower then the asking price for both properties and they both excepted the offers without a problem. I live in California and rent a tiny studio because it's so expensive out here, but because of @David Greene podcast on investing out of state. I used the strategies from that podcast a book to invest with  success of the state. 

I hope this helps Daniel and have a great day. 

-Luis Moreno

Post: Second Buy and Hold off the MLS

Luis MorenoPosted
  • Rental Property Investor
  • Fishers, IN
  • Posts 45
  • Votes 30

Hi @Saurabh R.,

Thanks and I purchased the house in Speedway IN 46224. 

Post: Buy and hold property, Indianapolis

Luis MorenoPosted
  • Rental Property Investor
  • Fishers, IN
  • Posts 45
  • Votes 30

Hi @Account Closed,

I did have some money set aside but when the Fridge went out my Property manager was quick to get it replaced for $600. The cool part was my property manager payed for everything up front and then just took it out of the rent piece by piece. 

As far as having reserves for  when the property is vacant. The tenant had been perfect so far and actually asked 6 months in advance to the sign the lease renewal because they want to stay. I raised the rent from $900 to $935, so now my cash flow is even stronger and I’ll start saving up for a vacant property with ease. Sorry I’m not writing this in a bragging way. This property just seems to be going way to well and it makes me sound like I’m bragging but I am waiting for something to go wrong and if it does I know my property manager will pay for the cost and just take it out of monthly rent so I can focus my cash on getting the next property.

Yes I’ll be refinancing this property when the tenant moves out and I get a chance to rehab it and force the appreciation a bit more. 

Thank you,

Luis Moreno

Post: Second Buy and Hold off the MLS

Luis MorenoPosted
  • Rental Property Investor
  • Fishers, IN
  • Posts 45
  • Votes 30

Thank you @Steve Rozenberg.

Post: Second Buy and Hold off the MLS

Luis MorenoPosted
  • Rental Property Investor
  • Fishers, IN
  • Posts 45
  • Votes 30

Investment Info:

Single-family residence buy & hold investment in Speedway.

Purchase price: $65,000
Cash invested: $14,000

Purchased this property off the MLS. Twenty percent down and the mortgages is $518, property management $88 and it rents for $1,100. Cash flow is $494 a month. Rehabbed property for $28,000 and now it's worth $115,000.

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

Cash flow and forced appreciation

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

The MLS and I offered $10,000 lower than asking price.

How did you finance this deal?

Saved up $14,000 cash and then used unsecured personal line of credit for the Rehab.

How did you add value to the deal?

Put $28K into rehab and now the property nearly doubled in price.

What was the outcome?

Forced appreciation, strong cash flow, able to refinance and pull my money out, solid tenant in place

Lessons learned? Challenges?

It was a process finding a good contractor, Landscaper, electrician, but now I’ve added them to my team and have them ready to work on my next property in the future.

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

Yes, private message me

Post: Buy and hold property, Indianapolis

Luis MorenoPosted
  • Rental Property Investor
  • Fishers, IN
  • Posts 45
  • Votes 30

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $77,000
Cash invested: $18,000

Purchased this property on the MLS. The day it went into escrow I also recied an appoval of a tenant that would be moving in 2 weeks before ecscro closed. Mortgage is $493.44 and the property management cost $58.50. So that leaves me with $348.06 of positive cash flow every month. The property has also gone up to $90,000 in value which gives me about $39,000 in equity in less then a year. This buy and hold property went very smooth and the rent comes in like clock work.

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

The monthly cash flow, tax shelter and write off’s, appreciation with the goal of retiring early.

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

Found it on the MLS for $89,000 and offered $77,000. It was accepted right away.

How did you finance this deal?

Saved up $20,000 cash over the years.

How did you add value to the deal?

I purchased it low which gave me instant equity from day one.

What was the outcome?

The out come was the prosses was to easy and I achieved my goal of monthly cash flow, tax shelter and instant equity.

Lessons learned? Challenges?

Found out that the flipper bought the home for 30,000 and had slipped it in three months with very little minor changes, so I could have possibly offerd $65,00 and been accepted.

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

Yes Private message me if you would like info on who I used.

Post: Purchased first Buy and Hold on the MLS

Luis MorenoPosted
  • Rental Property Investor
  • Fishers, IN
  • Posts 45
  • Votes 30

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $77,000
Cash invested: $18,000

Purchased this property on the MLS and the day it went into escrow I also recied an appoval of a tenant that would be moving in 2 weeks before ecscro closed. Mortgage is $493.44 and the property management cost $58.50. So that leaves me with $348.06 of positive cash flow every month. The property has also gone up to $90,000 in value which gives me about $39,000 in equity in less then a year. This buy and hold property went very smoothly thanks to the team I put together out in Indianapolis. They truly help make this passive income a walk in the park. Most days I forget about my property until my phone alerts me that another rent check has come in like clock work.

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

The monthly cash flow, tax shelter and write off’s, appreciation with the goal of retiring early.

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

Found it on the MLS for $89,000 and offered $77,000. It was accepted right away.

How did you finance this deal?

Saved up $20,000 cash over the years.

How did you add value to the deal?

I purchased it low which gave me instant equity from day one.

What was the outcome?

The out come was the prosses was to easy and I achieved my goal of monthly cash flow, tax shelter and instant equity.

Lessons learned? Challenges?

Found out that the flipper bought the home for 30,000 and had slipped it in three months with very little minor changes, so I could have possibly offerd $65,00 and been accepted.

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

Yes Private message me if you would like info on who I used.