All Forum Posts by: Mark Aiken

Thanks Jason, I'm glad your thoughts agree with my research.  

I'm in the process of signing a wholesale deal but I ran into a roadblock.  The home is in the name of his dead brother and he doesn't have a will supporting he is the owner.  His brother died over 10 years ago and he has been taking care of the property and paying the bills and taxes ever since.

How do I go about ensuring the seller has the right to sell the property.  Who should I talk to?

Muncie, IN Duplex and Single-Family home for $95,000 (Off-market)

Duplex:

- 1,600+ sq ft with a 2 bed/1 bath on the bottom floor and a 1 bed/1 bath in the upstairs.

- Vacant and ready to be rented after minimal.

- Rents are $1,600+ ($1,000 downstairs and $600 upstairs).

- Detached 1 car garage with a connecting roof and slab for extra entertaining space.

- Additional off street parking.

- Large front porch.

- New insulation in all the walls.

- Appliances included. Newer furnace for downstairs and has AC. 

- Only one family has owned the property.

Single Family Home:

- 747 sq ft with a 1 bed/1 bath.

- Right next door to the duplex.

- off street parking.

- Tenants are paying $100/week and have lived there 20+ years.

Buy: $95K
Reno: $21k max to rehab both properties but only $6k need to get tenants in place for the duplex and rented at $1,600+ per month.
ARV: $140K-$150K

I’ve had a contractor inspect both properties and submit a detailed rehab budget.  He also has potential renters lined up and can act as property manager if desired.  These properties are a great deal with significant cashflow potential.

If interested, please call 260.348.5454 or email me at [email protected].  I have pictures, bid, and additional details if you contact me.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $140,000
Cash invested: $45,000

Currently renting for $1,500. I plan on refinancing in February 2024 after 12 months of seasoning.

Yeah, I’m concerned I won’t be able to supervise the project closely. I want to learn as much as possible but don’t want to lose a ton of money. I’ll probably end up using a GC for the bulk of the work but sub out some work to meet more vendors for future projects. 

It’s going to be difficult to be there everyday with my job.  But I plan on having my father in law visit the house if I can’t.  He’s retired so it will be fun for him to get out of the house… I hope. 

 Thanks for the order and advice Matt. I’m excited to do it myself and learn as much as possible. I was planning to buy all of the materials but was worried I would end up spending more. So I’m glad to hear you actually save money. 

I'm preparing for my first full rehab on my rental property.  I've been looking for a General Contractor and all are booked at least 8 weeks out.  I don't want my property to sit vacant longer than it has to.  To avoid delays, I thought about attempting to be the GC until one becomes available and sub out as much work as possible. 

I'm curious what order I should schedule the work to be completed (e.g. painting, drywall, flooring, cabinets, lighting, mechanicals, plumbing, etc.)?  Some work I wanted to complete until the tenants move out in May, such as exterior painting, concrete repair, fencing and landscaping.  However, the inside is more complicated because I don't want new flooring or paint to get ruined during other stages of the rehab.  Also, the tenant was a smoker for 15 years so I want to focus on removing the smell before brining new items into the house (any tips on this is appreciated).

Maybe I'm biting off more than I can chew, but I would like to accomplish as much as possible on my own in the first 8 weeks.

Thank you in advance for any feedback.
 

Does anyone know of good reliable contractor and/or handyman in the Muncie, IN area?  I need drywall work completed and will be rehabbing a single family home in the near future.  Also looking for a good handyman to help me with regular maintenance at my properties. 

@Kerry Baird I have not pulled the trigger yet due to COVID and life, things have been hectic.  I'm still interested in the business but it is on hold currently.  My biggest hurdle or concern was how to manage the cars, such as deliver them to guests, clean and maintenance since I live about an hour from the airport and work fulltime.  My idea was to hire college students $15-$20/hr to run the cars to and from the airport since there is a university not too far from the airport.  Let me know if your kids pursue this venture.