All Forum Posts by: Michael Wessel

Hello Douglas. welcome! I am in Greensburg as well with a couple small multifamily.    It would good to swap learnings sometime!

Thank you all for the encouraging words and well wishes. Hopefully I will be here for a long time to come!

 Hello Matt,

I certainly did, thanks for pointing me to it, it was informative. One of the reasons it is taking a while to get to closing (been about 8weeks since I got it under contract) is waiting on the bank to make some repairs. I had gone back and forth on having them do it vs. just ask for money.  In the end the bank was not even willing to talk to me below a certain price so I asked for a decent list of repairs which they agreed to.  Regarding the other issue I'm not sure how I will resolve that yet.  I plan to attempt to re-position these a bit higher in the market with updates and the like so I think my approach will be similar to what yours seemed to be. As far as the property management company goes I have not made up my mind yet. 

 Thanks Mario!

These are similar in terms of price/unit and unit rent and future plans. :-)  These are ~50k per duplex and ~$550 a unit rent.  Most are currently rented but one of the duplexes will need the interior completely redone when those tenants leave. I have been hoping to reposition these some as well.  Time will tell!

Hey Matt,

I just saw from your profile that you played poker professionally.  I think you probably looked at these properties, the realtor mentioned to me at one point when I was looking into it that there was a professional gambler who was interested in it as well.  I'm guessing that was you. Is that right?

Hello Matt,

Thanks for the reply. It is just south of Tipton St.  on S. Broadway.  It was a bank owned property that just finally got out of bankruptcy after several years. I was fortunate to find it a few months ago around the time they dropped the price by 70k.

Hello fellow BPers!

I joined the site a few months ago to read and learn but have not been active yet. The information and motivation from this site has gotten me to finally get moving!

After looking at dozens of potential deals in July I acquired my first duplex in Greensburg, IN and I am about to close on a set of 4 duplexes in Seymour, IN. Going from 0 to 10 units in 4 months! Going to be an exciting ride!  Have a great week!