All Forum Posts by: Marc Phelps

At this point, we are most comfortable in the 3-7mil range but not confined there.  We could do as little as 500k or as much as 15mil.  As the capital requirement increases, our risk appetite decreases.  Call me if you want to chat, 812-219-7270

After putting together my first syndication deal earlier this year, my investors are looking for more opportunities.

If you have a track record of success and a promising project, please send me the details. We are flexible on deal type and structure but expect secure annualized COC over 15% (our first project is hitting 22%).

I will consider any deal but am most comfortable with east coast, Midwest, and southeast residential projects - condos, apartments, development, etc.

Do you have anything in this area now?

Do you currently have any properties in this zip code?

Thanks Michael, I don't think the problem is the way I am going about my communication but I could've been clearer in my post. The contractors who I have been able to reach are tied up with major rehabs (down to the studs) and not interested in doing smaller jobs.  It's not that they are suggesting that I over renovate my projects, it's that they have a glut of bigger jobs and don't want to bother with a $20,000 project. Indy is a new market for me but I'm not new to this type of work. 

I'm sure there are some solid contractors in the area who need work, I could use some help finding them.  

Maybe it's time to outsource some research. I've heard of others doing that for new markets.  

I am really struggling to find a reliable contractor to help me with rehabs in downtown Indianapolis. It seems lile all the reputable contractors want to over-renovate and over-charge.  Does anyone have a recommendation for a licensed contractor to handle basic rehabs... lipstick jobs? (floors, paint, kitchen, etc)  I'm used to this type of rehab running 15-30k. Maybe I am underestimating the prices in Indy?  Hopefully, I just haven't found the right contractor.

Good luck.  Savannah is a tough town for contractors.  If you find some good ones, please let me know.

@Chuks Erinne I am. I'll shoot you a message.

You won't be able to put it on airbnb due to zoning. Savannah is very friendly to airbnb except in midtown where they have outlawed it and they enforce the rule.

I'm an investor here specializing in airbnb. If I can help, let me know.

@Zach Stillman  What part of town is your unit located and how often do you reprice?  I have a unit on the beach in Georgia... about as seasonal as it gets but I keep it about 30% more full than others by repricing regularly and ensuring it makes it to the top of the search results.  

Seasonality is a double edged sword in locations like the beach because, in the summer I am guaranteed to be near 100% booked but I have to work to stay 60% booked in the offseason.  What I've found is that can be offset quite a bit based on location of the unit.  In the winter, my beach condo fills up with business travelers who are enticed to stay 30 minutes away from the city by the price.  Buying in areas with tourism AND business seems to be the key to stable month-to-month revenue.  Areas like major downtowns are best.

Airdna has a free tool called Rentalyzer (sp?) that I find to be a little on the opticmistic side of attainable.