All Forum Posts by: Ryan Mullin

My favorite Indianapolis neighborhoods:

Fountain Square

Bates Hendricks

Mapleton Fall Creek

Emerson Heights

Windsor Park

Little Flower

Saint Clair Place 

@Brandon G. 

I do one particular zipcode, absentee owners, and owned it for atleast 10 years.  I'm pretty sure...  I had YellowLettersComplete.com set it up and that is what they recommended.  Works really well.  I've only done 5 rounds or so...  It is a lot of work, especially if your not a full time wholesaler. 

@Anthony Dooley  Can you get financed for a tax sale?

@Darrin Mayfield  You live there.. You will have more knowledge of the house than any other investor at the auction. You know know exactly what repairs need to be done (if any) and you can simply close the blinds or cover up your windows so other investors aren't trying to peek in and preview it. You will definitely have the advantage there. Now with the eviction aspect... You need to find out what the redemption period is if there is one in your county. If this is a Tax lien sale situation I would think there would be like a year that the owner would have the chance to pay up on the taxes and keep the house. I don't think anyone cares to evict during a redemption period. The ownership is in limbo at that point. Buy it at auction if you can get a good price. If the owner comes back and redeems then you get your money back plus some interest. In my county I think its 10% - 12%. AND... live rent free in the mean time...? In Indy we also have whats called tax surplus sale. Thats the auction that happens if no one buys the lien at the first auction. Even when you buy at the surplus sale it takes 3 months or so to get the deeds, so ownership is still in limbo.  

@Gerald Harris   Agreed.  That's about the exact breakdown I would give...  

Hang in there!  Fountain Square is the best area in the city to have rentals right now in my opinion.  If you're east of State ave its going to take some time but it will turn around.  If you want any help with management or leasing let me know.  I've had rentals in the area for a decade now.  We get young professionals / college students / 650 credit and better every single time.   @Lindsay Wilcox   

Getting them out with minimal damage to the property is the most important aspect of dealing with a deadbeat in my opinion - ie.. Don't make it personal.  They have nothing to lose and you have a building they happen to live in.  The good news = since you are local to Indy you can use these guys to file your eviction.  They have an in-house collection agency and produce the best results Ive seen.   But... their success rate is still under 25% so I definitely wouldn't count on getting any money.    

Net operating income.    Total revenue brought it minus expenses.  

http://www.investopedia.com/terms/n/noi.asp

Could you go to your favorite buyer and say "hey I know of a deal thats about to go on the market and I'm pretty sure they are willing to take 1.3m for it"

and ask for a bird dog fee...?   

It sounds like you need someone with about 150k cash to come in and fund the purchase and rehab...    I would offer to split the profit with them.     ?   Not sure of any other way...