All Forum Posts by: Ronn Johnstone

Vera-- No, I'm a retired college professor. Honestly, I haven't invested anything yet in Indy.  However, I had a good experience with Steve out of FS Houses here in Indy.

Hope that helps,

Ronn

Do you know anything about the area, is it in the decline? 2 years seems wacky (and I'm a newbie here too). Some of the "old-timers" who've responded can probably give you insight into the neighborhood. If it's of any value--and not too far out of my way--I can run out and take some pictures of the property if that would help. See if the PM has let the place go. 

Ronn  

@Andrew Wilson Welcome! Ditto the podcast advice, also the beginners guide if you haven't already--and make connections with other investors/professionals in the INDY area. Two heads are better than one at just about anything REI related.

@Ross Denman Nice link to the Indiana courts--how exactly do you search that for evictions ( and bravo on purchase the best due-diligence advice I've read this month)?

Ronn

@Katie Drab -- @Jay Hinrichs will no doubt respond in short order, but YES have someone you trust look over the property first. There is a  thread--someone help her out-- about a young investor from CA working with them Morris right now. Connect with him. PM me the address and I'll shot some pictures of the place and the area if it's not too far out. 

Hope that Helps,

Ronn

@Jacob Eddy

I think both responses are sound advice; the take-away for me is fair--and fair can benefit you, as can a discount.Honestly, once in a blue moon are you gonna get 50 cents on the dollar. If you always aim for that, you'll miss a lot of opportunities. So what is fair? Here's where @Andrew Johnson advice is very sound: fair is defined by the numbers. 

There's duplex up the street from me I want so bad I can taste it! But the numbers say they're asking 30,000 too much.

Hope that helps,

Ronn

@Andrew Johnson

Very clear reasoning in what you say. Thanks!

Ronn

@Ross Denman@Ross Denman

Great insights-- I had not given much thought to going outside the box (or the circle as it may be) in that way. Many thanks for the new ideas!!!!

Ronn

@Dan Johnson

I'm new here myself, so I've not much more to offer than WELCOME!

Ronn

@Ross Denman

Thanks for your input. I too think planning any deal with conservative numbers is the best move--unless you NEED 12-15% CAP rate--but then we might be gambling and not investing ;-). Its good to have feel more secure in my numbers as I start to assess properties.

The FS, B-H, Old Northside, and somewhat St. Claire areas seem to be attracting the new, younger money. But in terms of maintenance and capex, I wonder if it's wiser to look to a 10 to 25 year-old home in Westfield and lose the charm to win the race with decay.  

Anyway, thanks again. I appreciate your insights as a PM.

Ronn

@Rico Stewart

Welcome! @ pieces of great advice so far--def. connect locally and practice running the numbers. I started on my first "test run" and quickly realized I', clueless as to insurance costs, or even trash pick up (Republic doesn't  seem to have street pick-up rates listed on their sight).

However, unless your pro you only get 5 turns on the "toys", so maybe practice with this one www.biggerpockets.com/tools/REIPropertyAnalyzer.xls-- then you can also figure % for maintenance and/or capex (older house, higher%, new home...)

Have fun!

Ronn