All Forum Posts by: Neil Goradia

Welcome to BP @Account Closed! I like your plan - stick to your day job for as long as you can, especially when you're just starting out in RE. This is what I did back in the day as well. 

Multi-family in Indy is a little tricky because I feel like the duplexes are many times in no so great areas or are really old (built in the early 1900's). It is very possible to get good deals however if you're willing to deal with those types of issues. Let me know if I can help and good luck!

You can get really creative with real estate related jobs that will basically pay you to learn. You may need to take a pay cut but if you can cut your expenses you could still live on the lower income until you can find something better. You can get jobs at the county treasurer, assessor, or recorders offices. This will help you immensely and get you used to the systems they use, learn about tax and surplus sales, how to look up information in the public record, etc. I'm positive you could get some good deals just by working there. Another job I've considered taking is to become a VA. You would only get paid $3/hr, but you would basically be paid to learn how to wholesale using someone elses professional system. You could also work at a Title company and increase your network with cash buyers and landlords. Good luck.

I personally don't think its hard to find renters in Indianapolis at all, especially in the B- or C+ areas. I would much rather base your decision on which states are the most landlord friendly as far as eviction, etc. I have heard Illinois is a very tenant friendly state and it takes a long time to get bad tenants out. In Indy, I can file an eviction and have them out within 3 weeks or less.

I've lived here my entire life and if you are willing to look at single family instead of multi-family, 50-80k is a perfect price range for B area properties. Good luck!

If a property you own sells for $100k, all this money goes into a 1031 escrow account (it never goes to your personal bank account). Then this money is free to use to "trade up" to a higher priced property. If you find one that is $150k, you use $100 from the escrow account and bring another $50k to the table. It is a method of deferring the capital gains tax on the $100k property you sold. You do not "get something for free" by trading up, per say.

A good job to get is at the recorders, assessors, or treasurers offices. They will teach you all about how you can find good deals. Another good job would be to become a VA so you can learn from other real estate experts on the proper way to get quality deals under contract. You'll only get paid $2-3 / hr but the real value you're getting is to learn their systems....basically getting paid to learn. I am currently trying to do this as well. Good luck.

I always tell all my realtors that whoever finds me the deal will get the sale through them, but I am not exclusive to anyone. That may be a good way to go about it.

Hey @Mark Beno, I knew you were only looking in Atlanta, but thought I'd mention Indy anyways because a lot of lead generation systems can be applied to any city. In fact, I actually did 3 co-wholesale deals in Indianapolis all the way from Taiwan last year! :) No worries if you're not interested, just thought I'd ask. Good luck!

Hey @Mark Beno. I do co-wholesales like this all the time. I would be interested in partnering with you if you'd be willing to do the marketing in Indianapolis. It's a hot market and there is plenty of opportunity. Please send me a message and we'll go over details.

Other than spreading out the repairs to avoid having to put it all in at once, the other thing you could do is just put it up for sale to avoid having to put anything else into it (depending on how extensive the repairs will need to be). For the last 10 years, did you pocket the extra cashflow, or have you been barely squeaking by without doing any corrective maintenance? That should give you the answer on whether its an investment worth keeping or not.