All Forum Posts by: Neil Furry

Has anyone seen any success in this shipping container trend? I am in central Indy and have not seen much of it yet I see in other markets it has a lot of success. Interested in where this would be a financially viable business model to pursue if not here and what the margins would look like

You are correct that most if not every insurance company will not purchase just due to wear and tear.  The idea is that A) if its on someone else's insurance history then it never hurts to offer the situation to save everyone money, and B) a good contractor can leverage a wear spot to be hail, or find old hail spots on the roof that can be attributed to a recent storm (within the last 2 years, in some cases 1 year).  This is a very common strategy with many contractors working in areas that get small hail, we run a zip code that we want to focus on to get all the recent storms that we can attribute any damage to within the last year or two.  

Something to keep in mind, probably a lot of useless information but I always like to help homeowners save money and even help the sale process move more smoothly due to everyone saving money.  Homeowner saves cost of the roof, and the new purchaser gets a new roof and immediate increase in value! 

Have the current homeowner try and file a wind/hail claim before the sale goes through.  If you can find/know an experienced contractor, they should be able to navigate the insurance process with you.  I do this all the time with homeowners as well as real estate agents here in the Indianapolis market.  The buyer will want to get the roof replaced, the homeowner doesn't want to foot the bill.. ok, well we step in and get the roof purchased with insurance money.  Just make sure the sale agreement states that the current homeowner has to see through the claim as well as the installation of the new roof.  Definitely find a contractor that specializes in insurance work. There is an art to working with insurance companies that takes a few years to master, especially when dealing with a home for sale.  If you have any questions, I am very experienced in this field. 

I am currently a GC here in Indianapolis, and I have started to notice the opportunities in development in the area.  I want to hear from the people that have experience in stepping into this field and making the leap from renovation to building new.  I am thinking about a small to medium sized complex with multiple buildings that would be zoned residential, ideally 2-4 units each.  I have a little knowledge on the actual process once the ball is rolling, but what are some of the first steps to get your development on paper, and start moving the boulder? Any insight would be fantastic.  Also, if you have experience in the funding aspect of a project like this, I would love to hear from you as well.  

@Michael Chu Shawn Forsyth - personally used him before multiple times. Excellent to work with and has great resources in the area. +13174696911

If there is a current actively growing market for residential building happening in a designated area, and there is no existing 3-4 unit houses currently located there, would looking into building a complex with multiple 3-4 unit buildings be a good/recommended move? Would that be a marketable project for property investors to buy these buildings as they are built for their own portfolios? Or would you say, if I could gather the resources to accomplish a project of this size to just rent the units individually or sell the property as a whole?

Looking for opinions on the matter.

@Greg Scott the business is an LLC, we file S-Corp. I appreciate the feedback on this, I am looking to start adding multi-family to my portfolio within the year so knowing that those should be separated off in a different LLC really helps with the process. When first getting into a real estate portfolio, would the age of the LLC be taken into any factors considering it would be a young entity with no proven track history?

I have just purchased my first commercial purchase. It is a unit I am going to build out for working space for my business. The commercial loan was taken out in the business with me (100% owner of the business) as a guarantor. I am not super privvy to what all that entails, but I got the building in a hurry due to a hot growing market with a ton of appreciation on the way. Put 15% down and financed the rest over 15 years.

What I am wanting to accomplish is to have the business pay me rent monthly while leaving the debt in the business. Is this possible? Beneficial? Looking for feedback on the process or any experience in this matter.

@Nick Giulioni I am currently in Indianapolis as well. I read your profile and am 31 looking to even do half of what you have accomplished. I own a small business and have started to see success, but would love to network with you and see how you started to build in the beginning. Thanks for the time and consideration

@Tarrin EdvalsonI am a local roofing GC here in Indianapolis. I currently work mostly on the north side of indy in the carmel, wesfield, Noblesville area, but am open to talking about what we can do for you! DM me so we can get in touch