All Forum Posts by: Robert Lindsley

Hi @Brett Snodgrass,

Thanks a lot for your advice -- I really appreciate it! I've been to a couple of REIA meetings in my area, but now the I know the landscape around investing a little better I think I'll be a lot more successful.

Right now I think the most important thing for me is education.  I have a great coach and have managed to assemble a terrific team.  Now I just need a local area mentor that I can work with to give me the guidance in this tough market.  I'm excited to take my career to the next level!

I see you're from Indianapolis.  I've been thinking about purchasing a turnkey property there!  If you're available and willing to spend 15 minutes, I have a few questions about the area before I jump in.  If not no worries but can't hurt to ask

Thanks!
Robert.

Thanks @Ben Staples.  If you'd ever like to grab coffee let me know.  My treat!

@Account Closed I would look at what you can't do while working at your current job and outsource that piece. I have a full time job and realized I couldn't spend the time needed to analyze deals, so I got a VA to do that. I still look at the properties, but only the ones where I know the numbers work.

My VA not only analyzes deals from the MLS, but she works on my direct mail campaigns and scours Craigslist.

Perhaps a scenario like that would work for you?  That said, if you've wanted to be a firefighter, I think you should go do it!  But if you're looking for more free time, there are other ways to go.

Thanks,
Robert.

That's crazy @Ben Staples. Sounds like it took quite awhile before you made your deal! Did you end up getting your property through MLS or through the cold calling? I imagine cold calling to be difficult, but probably easier as you continue to do it!

Hi @Dmitriy Fomichenko

Thanks for the welcome and the recommendations.  I plan on jumping in, participating in the forums and meeting lots of great people.

I can't wait to explore and see what's on the site!

Thanks,
Robert.

Thanks @Ben Staples!  I appreciate the warm welcome.

I'd love to hear more about your buy and hold in Malden. How long were you looking before you found something? Did you find it on the MLS?

Thanks!
Robert.

Hi @Tom Ott,

Thanks!  I'm really excited to be here.  People have been so gracious and given me so much great info.  As soon as the right deal comes along I'm ready to jump in.

I'll reach out to you with any questions.  It's great to meet you!

Thanks!
Robert.

Hi Matt,

Thanks very much!  It sounds like you're doing great.  I currently have no rentals but am planning on getting my first one in the next week or so.

Is your rental in the Melrose area?  I'd be curious how you made the numbers work.  I can't seem to make the rental numbers work toward a positive cash flow on any property in the area -- so I'm exploring other areas around the US.

I agree the market is absolutely crazy right now! I've been looking for a property that meets my flip criteria (65% minus repairs of ARV) and those are very few and far between. I'm seeing some properties come in at 80% ARV *before* repairs. Absolutely crazy.

Do you have a GC that you're looking at properties with?  My GC fell through, so I'm looking for any great recommendations!

Thanks!
Robert.

Hello there!

My name is Robert Lindsley and I'm a new real estate investor from the Boston, MA area.  I'm focusing mainly on the Somerville, Malden, Medford, Melrose, Everett areas just north of Boston.

For the past 30 years I've been in the video game industry, working in Production/Project Management.  Over the past year I've been doing a lot of research about real estate with the goal of spending more time with my family and having enough money to retire comfortably.  I feel I finally have enough information to jump in!

I'm focusing in two areas; fix and flip, and buy and hold properties.  The flx and flips would serve as my primary source of income and the buy and hold/rental properties are my retirement strategy.

I started back in October/November of 2015.  I randomly got an email from a guy named Josh Cantwell and he was discussing his program, 40k Flips.  I signed up and have learned some amazing fundamentals about flipping (how the math works, how to line up private funding, how to find and market properties, etc).  From there I learned about buy and hold properties, and as I've been learning I discovered Biggerpockets which is an insanely great site and community.

My network is growing -- I have a great coach, a RE agent and a terrific RE attorney. I also have a full-time VA working on analyzing deals and I'm looking at tons of places. I haven't started my first flip yet but am continuing to look. I'm also getting ready to purchase my first rental property.

I'd love to find a mentor in my area as well as make the right connections to line up private funding.

Thanks for letting me a part of the Biggerpockets community, and I'm looking forward to meeting all of you!

Thanks!
Robert.

I spoke with Clayton Morris last week.  He was really forthcoming and answered all my questions.  He is clearly really passionate about this business.

Here's what I found out:

- He operates exclusively in Indianapolis
- He's selling/rehabbing around 15 properties per month
- From what I could gather, he prefers cash because it's faster and doesn't have all the bank-financed red-tape (inspections, appraisals, etc)
- He makes money by essentially being a wholesaler -- his team identifies the property and he sells it to investors.  At that point he brings in his crew for the rehab.  When the rehab is completed you take ownership and he recommends a Property Management company -- you can choose to use them or not.

A few hours after we finished our conversation Clayton sent me a duplex that was available. I asked if he had an SFR available and he sent that over to me as well. I ran the numbers on the SFR which came out to between 12%-20% return depending on expenses. When running numbers Clayton recommends taking out 40% of the monthly rent for expenses, which nets 12%.

I also asked if I could see a blank Purchase Agreement and the Property Manager's information; both of which he provided straight away.  The PA is the standard Indiana Realtor's Agreement.

I spoke with the Property Manager (Natalie) today and her and the company are amazing.  They focus on one area of Indianapolis called Center Township where they manage 300+ properties.  They are a full-service Property Management company, taking care of everything.  Natalie followed-up via email with all the forms they use for investors and tenants.

I have one last thing I need to figure out and that's how the purchase price compares with other comps in the area.  I'd like to buy a property somewhat below-market so I have some extra equity going in.  But if I'm getting 12%-20%, maybe day-of-purchase equity isn't the most important thing???  Looking for some thoughts on that one.

At this point I couldn't be more impressed with the operation.  Once I figure out the comps I'll most likely make a move. 

If you have any questions feel free to ask and I'll answer them if I can.

Thanks,
Robert.