All Forum Posts by: Rick Prag

I'm looking to build my team of Realtors, Property Managers, and Contractors in the following cities: Indianapolis, Kansas City, Columbus. I'm planning on investing in apartment buildings (5+ units) up to 500k. Any referrals on good people are appreciated!

I am looking at commercial.  5+

@ Rick Santucci, I started by looking at large cities (top 100 metro markets) with the best rent to purchase price ratio (gathered from 2 different sources) and then factored expenses like property taxes, state taxes. Once I had top areas I considered the unemployment rate, future job growth, and crime.

I've been researching markets that provide the best cash flow for multi-unit properties and I've narrowed it down to 3: Kansas City, Indianapolis, and Columbus. I am also considering the health of the economy and future outlook, thus I've eliminated cities like Detroit, Cleveland, and Memphis. Appreciation is not a concern. Any thoughts?

I'm looking to invest in multi-unit properties (up to 500k) in C-B class neighborhoods that I can bring up a class by rehabbing and I need a local Indianapolis Realtor who can help. Any references are appreciated!

I'm looking for a neighborhood or zip code classification rated from A-D, similar to this one created for Cleveland https://www.biggerpockets.com/blogs/4704/42419-cle...

I haven't found anything on Indianapolis. Can anyone help?

@Sky Mikesell This post is a bit old, but if you still have property managers I would appreciate it if you could PM me. I am considering going with BHB.  Thanks!

In my previous flips I've had an equity partner who put up 100% of the funds.  We split the profit 50/50. I am looking to do these deals solo, paying only a flat fee for the money lent, not a percent of the deal.  Maybe it will help if I post the numbers.  I have a history of flips, and these are conservative:

City Heights Flip
purchase price: 129k
rehab: 55k
arv: 320k

Rancho Penasquitos Flip
purchase price: 423k
rehab: 35k
arv: 580k

I posted earlier today and someone removed my post because they claimed talking about financing was considered soliciting. I will be vague and hopefully I can read the responses before it is removed again.

I have 2 flips with a possible third that I've secured, but now I need to lock in financing. I really need to keep my savings for working capital, which means I need 100% financing on the purchase price and the rehab budget. The spreads are great on both deals. I have talked to several hard money lenders and there are several that require 10% down payment on the purchase price. Do lenders exist that finance 100%?  If not, how can I do the deal? Two lenders?  Someone mentioned something about gap financing?

I know that most people would hang onto a good contractor (good work at a fair price and on time), but I thought I would still ask for a referral. I'm a licensed general contractor and on previous projects I've been the GC, but we're growing and I can't be on the jobsite everyday.  Any referrals would be greatly appreciated!  By the way, we don't have so many jobs that we would permanently remove a contractor from the open market, but we do have 2 projects lined up in the 1-4 month time frame. Thanks!