All Forum Posts by: Mayank S.

I am running some numbers on potential property 3/1 on N Grant Ave little flower near Brookside park. Here is what I have:

PP: $29,900 (wholesale)

Rehab: ~10k approx. Rental grade cosmetic rehab- paint, carpet to go, hardwood underneath so polishing ,  install window/central AC and/or fencing depends on the rehab budget.

roof, windows appears new. furnace, hot water heater in good condition, no fencing or central AC, basement and foundation in good condition (little moisture there though) waiting on contractor rehab estimate.

Rent range - $695-750 . $750 if install central AC and fencing. No garage.

PM - 10%

Vacancy - 8%

maintenance - 10%

Tax: $973/annual

Insurance: $550/annum

Overall aim is to get everything within 40k with rent $725.

What do you have to say in terms of neighborhood, ARV based on above rehab items, fair rent range, Cap rate other local savvy investors are getting. Overall trend for area around this part of center township.

Purpose: Long term buy and hold for stable cash flow so please pour in your expert opinions Indy investors. Thanks!

@Lee Smith   I am running some numbers on potential property on N Grant Ave near Brookside park. Here is what I have:

PP: $29,900 (wholesale)

Rehab: ~10k (rental grade rehab - waiting on contractor rehab estimate)

Rent range - $695-750 . $750 if install central AC and fencing. No garage.

PM - 10%

Vacancy - 8%

maintenance - 10%  

Tax: $973/annual

Insurance: $550/annum

Overall aim is to get everything within 40k with rent $725.  

I have great team and PM in place whom I am working for the past couple of years. 

I don't intend to hijack this thread however I am also analyzing a property in little flower. It is 3/1 on Grant ave close to Brookside park. What are experts opinion on that street/area? Is it B or C class and what do you think 3/1 would fetch average rent? 

@Lee Smith Everything you mentioned is absolutely correct and I totally concur with it. These are real time situations faced by investors. That's why it is even more important to do due diligence when buying out of state sight unseen. I am glad you have a heart to help other novice international/OOS investors taken on a wild ride and duped by shady operators every single day. I am out of state investor myself and thankfully I have a great team in place  with @Ryan Mullin whom I trust and communicate regularly. At the end of the day, we all need to tread with caution and do necessary due diligence before ready to part with hard earned $$$...

@Jennifer Roberts is a great investor friendly realtor. She works with @Ryan Mullin / @Ashley Mullinthrough FS House brokerage and may be able to help you.

@Lee Smith Not sure what you meant by "be careful with FS or Bates Hendrick area". I believe this area is booming with all the gentrification happening in downtown. Indeed Indy is tricky and varies street by street in terms of price/rent/crimes etc. and one should have feet on the ground to know which areas are good and which ones bad but that's true for areas outside center township too.

@Brandon Clark Best way is to house hack and live in one unit and your tenants in other unit. let your tenants pay the mortgage in the form of rent. Basically you are living for free as a landlord. You may qualify for FHA 3.5% down payment in that case if Heloc scenario doesn't work in your favor.

I wouldn't pay more than the appraised price. Simply because it leaves a bad taste in my mouth later on to some philosphy I hold on to. Another thing to consider is how lower the appraised price is and are you comfortable with pulling the trigger. We have investors with different mindsets and risk taking personality so it boils down to are you comfortable with paying over the market price or not. I wouldn't if you ask. 

That threat of calling the note due with immediate effect is always looming and there is no risk mitigation unless you have plan in place to deal with the worst case scenario. Basically we are the puppets in the hand of lenders and it's up to them what they wanna do on violating the clause.

First of all ask this question- why do you want to transfer to LLC as opposed to your name? is it because of asset protection, better tax treatment or putting on a " entrepreneur" hat with business entity/cards in place. If it is the first two reasons, there are some ways to go around it. Lots of threads on BP to see what others did.

You would need to check first if you qualify for loan. That is always the first step. Conventional lenders go through certain cafeterias to check that. If this is your first property and you are planning to finance and not paying cash, buy on your own name since banks do not lend to LLCs.