All Forum Posts by: Richard G.

I recently had to do two evictions in Indy.  Straightforward process.  

Rent due 1st of the month, late after 5th.  On the 6th I sent the 10-day notice to pay or vacate.  After the 10 day period, I filed in court for the eviction.  Took about 3 weeks to get the eviction hearing.  Very straightforward process in court, they looked at lease and notice, asked whether the tenant paid any rent since that time, and set a date for the tenant to vacate, approximately 2 weeks.  I also got a date set for the damages hearing.  Luckily both tenants vacated and I didn’t need to pursue an eviction with the constable, although I prepaid for it just in case...

FYI - you can fill out all the paperwork on line as well.

If you would like any help or other information, PM me.  Good luck.. 

@ Nick Giulioni

Thanks

Hi All,

I would appreciate any leasing agent recommendations for the Indianapolis area.

Thanks

I have started investing in Indy as well. I agree that the cash flow potential is there. I recently purchased a duplex from MLS and a single family at auction. Working on both right now. It's been a good learning experience to say the least.

I would recommend staying clear of the turnkey providers if you can.  In my research, they mark up the properties, usually beyond the appraisal value, which kills the return, as you are already starting out with negative equity.

Welcome to the forum!  Interesting situation you’re in.  You’re probably ahead though if you’re still living at home and don’t need to pay rent.  You’ve also got good resources in terms of your dad to lean on for advice.  Have you built up any knowledge of your local market where your family invests?  If so, you might want to try to analyze some properties for cash flow/return, etc.  Consider analyzing your family’s current properties to understand their costs and returns, as you will have the most insight into those.  Then apply that knowledge and insight to other properties for sale in your area.  You’ll be quickly able to filter through potential deals the more you do it.  Hope this helps.

I just bought my first 2 unit in Indy and was able to get it at 2%.  I’m currently looking for multi unit properties in B-C neighborhoods, and agree that you need to be looking at the market every day, as properties have been going fast (the good investments anyway), even during the winter.  I would appreciate any good leads anyone has to offer.  I would also appreciate any recommendations for handymen and reasonably priced contractors.  Thanks.

To minimize your time stuck in traffic and ensure good schooling, I would agree that in MD, Rockville or Bethesda are the best choices, but very pricey as a result...  Where do you need to drive to/from, as that will also affect this answer?

He’s asking for 75k, Zillow estimates it at 71k, my offer is for 65k.  

Hi all, I recently started investing in multi family properties and came across one that I think is a potential deal, but the seller is stuck on his asking price while the property is worth about 5-10k less...  He wants to sell and is asking for the value of the current mortgage on the property, I.e. if he sells for less, he will be under water.  How would an experienced real estate investor negotiate with this seller?  Or would you walk away?

I’m offering 10k less than he wants.  And the property would be ready to rent with minimal rehab needed.  Would it be worth going in with negative equity in this case if the cash flow supports it in the long term?  Thanks for any insights.

Raises an interesting question of if you can’t get both equity and cash flow from the get go, is it still worth it if the cash flow is there and you should eventually gain equity over time.  Obviously, starting with both is the ideal situation.  I recently purchased a duplex with only about 6k of equity in it, needing about 6k of rehab.  I.e. I will be at about 0 equity very soon...  it was still worth it for me as there was already a renter on one side who would cover the mortgage during the rehab, and given my plan to buy and hold.  The same situation might not fit someone else and depends on what you’re comfortable with.  

In the situation described above, I would try to negotiate a better deal...