All Forum Posts by: Ryan Mullin

With almost 400 doors under management in Indy we have decided to take on Louisville with our (boots on the ground local) partners. We currently have 12 doors under management in Louisville now and we're ready to take on 20 - 50 units ASAP. We have very high standards in regards to property upkeep, tenant selection and overall customer service, and we'd like to work with like minded investors. We charge 10% of monthly rent as our management fee and first month's rent for leasing. There is no "lease renewal" fee and all pet fees and late fees go to the property owner.

We're looking for a 'partnership' type of relationship with investors who want to grow together steadily and profitably.

Please get in touch with us with any questions or concerns! Thanks.

2 Votes

All the areas I invest in are F's and D's on that map. :)

6 Votes

Indianapolis, Indiana

Originally posted by @Patrick Cruse:

I can confirm that it is a rough area, but I am hopeful that it is improving. I think a big part of the potential for improvement is the positive impact that the Paramount School of Excellence is having on the community. I recently renovated a property very close to the school and we had some very brazen break-ins. It is a bad problem in that neighborhood that as soon as work starts being done on a house or if it is vacant the break-ins start happening. The first time they broke in, they kicked in a barely attached basement window and stole the old water heater and of course left the water running. I bought 6 new basement windows and some fake security cameras and left them hidden in a bedroom closet for my contractor to install the next day. My mistake, because they broke in that night and stole the new windows and cameras before they were installed. I bought new windows basement windows (again) and had my contractor pick them up this time so he could install them. They kicked in a new basement window this time, but I had the door from the basement going upstairs deadbolted shut. Now they were trapped in the basement! No big deal for these animals though...they just busted through the drywall at the top of the basement steps and out into the kitchen. Sheesh, these guys were relentlessly. I eventually had steel bars put on all the main level windows, barricaded the basement windows, installed a plywood front door (like HUD homes commonly have on their front doors), and installed SimpliSafe cameras/alarm system. No issues since then, but you had better take plenty of precautions secure the house and don't leave any materials or tools at the job site. I called the police and they basically just said "ya, we know this is a problem, but not much we can do". I talked to another investor that had stuff stolen and found it for sale on Facebook and the cops still wouldn't help him, for some reason.

I'm hopeful to have tenants in my house soon, but it's been a rough process so far. I think once it's occupied it will be much less of an issue.

Good luck!

The main thief lives on the 1300 block of N. Dearborn (DM me if you want is exact address :) You have to basically catch them in the act. Simply safe alarms are a MUST. Keep track of serial numbers on furnaces, ac units, etc.. use a very permanent marker to label your tools, ladders, etc. maybe even scratch it in so they can't erase it. Having our contractors company info on one of his ladders was the only thing that "proved" that it was stolen goods. Same thing tho.. selling on Facebook. Cops really didn't want to get involved but our contractor got all detective and finally got the guy arrested. Of course just a couple weeks later the same dude steals our AC units... contractor finds them in the garage at 13** dearborn, same guy that went to jail already. the cops give our ac units back but no arrest for the second go around because we didn't catch him in the act!?! Which I really don't understand because I though "possession of stolen goods" was a thing. Very frustrating but I will say that over all I give IMPD an A+ for all the crap they have to put up with and they really do usually do an excellent job IMO.

The area is rough and has its problems, but its also steadily improving. Dont let that one jerk (and his friends) ruin it for everyone. On the flip that we had all those problems we still sold to a very happy home owner, made a decent profit and moved on. We manage 15 or 20 units in the neighborhood and they all preform very nicely.

3 Votes

Indianapolis, Indiana

https://www.forbes.com/sites/ellenparis/2019/04/29...

Just gonna leave this right here.. :)

2 Votes

In my opinion (mostly based on reading BP forums for the past decade) the best markets for rental properties (turnkey or otherwise) are (in no particular order):

Indy

Cleveland and other smaller Ohio cities like Dayton, Toledo, Columbus

Kansas City

Jacksonville

Memphis - I get the exit strategy argument but there are some excellent operators here

Birmingham

Louisville - Not sure of any operators though

Charlotte

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Seems like the sweet spot is 65K - 125K across the board.

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To me it seems like Dallas, Houston, Atlanta, Denver and Vegas seem to be priced out of that sweet spot. ???

Just my opinions!

2 Votes

Totally goes hand in hand. Having a license opens up a lot of doors. Saves a ton of money, and there is absolutely no down side to it.

3 Votes

Most good wholesalers have evolving businesses and they end up owning / fixing properties up.. but in the beginning they usually don't have access to cash or the ability to structure a partnership.

5 Votes

This is very typical spread in Indy... and why I hate the grading system that people use on here. Yes this is "D" type rental grade area. and yes a completely fixed up home will sell for 100k+. Dilapidated its only worth 28k. The problem with majority of the oceanpointe properties is not that the area couldn't work.. its the fact that Clayton and Bert Whalen took all the equity out of these homes one way or another. No one wants to dump 50k or 70k in rehab money into a D class rental area and hope to break even. any "profit" potential is long gone. Even though it is possible to turn some of these properties around, once you been burned I think it makes more sense to dump the property off, get what you can out of it.. rather than rolling the dice again and see what happens... depending on the scenario of course. Some situations aren't a total nightmare.. but obviously some are. Truly sad.

I'm really confused.

The listing says the property was sold Oct 2018 for $28,000 and now is Pending in March 2019 for $116,000

Is it that the market really isn't a rental market, it's a Fix & Flip market? That a huge jump in value in such a short time.

1 Vote

Mailchimp!

0 Votes

Originally posted by @Nathan Gesner:

@Ryan Mullin keep in mind the Landlord is responsible for the actions of the PM. I knew a guy that owned an apartment complex in California for over 30 years. He always used a property manager. About five years ago, his Landlord was sued for violating Fair Housing and the owners were named in the suit even though they had no direct involvement. They paid almost $300,000 in attorney fees, lost the case, and had to sell the property to satisfy the judgment.

Handing responsibility to someone else doesn't exonerate you from responsibility.

Thats why I brought up the discrimination / fair housing stuff. Its dead serious. I was speaking from experience (as pm company owner) that the tenants in much smaller instances (probably no attorney representation) dont even look up who the owner of the property is.. they just go after whoever they talked to / interacted with / paid app fee to etc... Theres like a hotline type thing you can call if you feel like you have been discriminated against and they advertise it on the radio. Scary.

0 Votes

All Forum Posts by: Ryan Mullin

Ryan Mullin has started 45 posts and replied 542 times.

Post: Louisville KY Property Management

Post: Investing in Indianapolis Market

Post: Thoughts on neighborhood just South of Brookside park?

Post: Out of State Investing and Markets

Post: Out of State Investing and Markets

Post: Investor and Real Estate Agent - Tough to do both?

Post: Why don’t wholesalers invest in their own inventory?

Post: My Story of being scammed by Morris Invest and Oceanpointe

Post: What Email SERVICE do you use? HELP!!!!!!

Post: What are your risk of a tenant suing you?