All Forum Posts by: Rusty Scott

Hey everyone! I couldn't honestly call myself a newbie....I've been "investing" for over 18 years. In 2005 I was able to leverage the equity from the sell of a rental property to start my current business. That was probably one of the best moves I ever made. Then 2007-2008 hit and my real estate investing strategy (equity appreciation only) failed me, and I lost all but my primary residence.

So after swearing off real estate for several years, I'm back and more "educated" than ever.

I'm starting to invest in Indianapolis. I've invested out of state before and while it has its challenges, I enjoyed it. I am still working on building my team in Indy and looking for good contractors and realtors. My main objective is to turn good deals quickly (is this possible without doing major rehab?) and then find Great deals and hold. Totally open to JVs and or other opportunities. Work well with others and I feel collaboration is always more beneficial than competition.

My other job when I'm not investing and running a large-scale business is that of a wife of a police officer, mom of two awesome sons, backyard chicken farmer and city beekeeper. We travel quite a bit now, and we are just loving life.

My favorite saying, "Great things never came from Comfort Zones."

Looking forward to meeting ALL of you!!!

Cheers,

Makenzie

Welcome back Makenzie. A lot of us took some lumps during that period. I've stuck with it here in Indy, and it's worked out well, and continues to.

Would like to chat about what you are doing here in Indy, and where you are going.

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Inventory is certainly much tighter in Indy than it was in 2010...but pretty sure the same could be said about most markets.

I can still find decent deals though for buy/hold

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Definitely do both. Having a solid, good paying job will give you a great base for real estate investing. Plus it's a great insurance policy, you will ALWAYS be employable with a CPA. Plus the two skill sets fit nicely together for a niche real estate business.

Also, being a real estate agent and a real estate investor are two different things.

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So by wholesaling you are meaning just assigning contracts?

I've never been able to square how one can ethically wholesale while being licensed. Now if he's going to actually take title, that's different than assigning contracts.

Just my opinion.

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Most crime in Indy is within about 8 sq miles.....out of a city that is 400 sq miles in size.

Trulia crime heat map is one worth checking out...but even that is not the greatest. For example, Broad Ripple area shows as solid red, but it's nowhere near a war zone. It's just a very popular night time bar area, so a lot of incidents happen.

Really you need to be talking with someone on the ground or someone with a lot of time spent here. Looking at maps from afar just isn't going to do it.

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Originally posted by @Jay Hinrichs:

@Brent Seehusen

turn key out of state started about 2001 and I was one of the first HML into the space.

I did about 200 loans in Detroit from 01 to 04... we were doing HML at 60 to 90kk houses appraised at 95 to 140k... LA buyers bought them on the 1% rule because of the perception that they cash flowed and LA did not. Well those houses we know are worth a fraction of what those folks paid for them and have really never came back. Same as in other markets I worked in which was,, Indy,, Memphis, Jackson , B ham,, Atlanta , Columbus, with a dabble in KC... then the PM nightmares also raised their ugly heads and you have many many I would say at LEAST 50% or better either lost the houses or gave up on them strategically.. therefor you have very few that have owned them 10 years.

Its a fact I often talk about with mid west rentals were does all this stock come from its not all coming from sub prime borrowers. Or old and infirm that moved out.. 50% of these homes have been rentals and are recycled by the next person who thinks they can make a run at it.. so in my mind almost 50% of your new rental stock is from land lords failing or strategically walking.. And I unfortunately had to personally forclose or take deeds in Lui from about 200 of these LA based investors... thank GOD I got out of Detroit before the total melt down.. WE still lost millions like anyone else who had a 50 million dollar book of loans in 08 and at risk :( was painful

Jay,

Here's what I never understood about Detroit investing...why were so many investors buying into a shrinking city/population?

2007/8 may have been the big blow, but population had been shrinking in Detroit every decade for 50 years....and decline was still accelerating in the 90s and early 2000s. That's like the definition of trying to catch the falling knife, no?

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Originally posted by @Account Closed:

Pardon the jest, but someone tell me I am having a nightmare right now and am NOT actually reading this thread.

A 'company' telling you helpfully how to get raised CC limits so you can pay them? Good G-d!

This seems to be the standard practice at all these guru events now, from all the tv flipping guys. very sad

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Somebody was negligent here..sounds like your property manager.

Homes that are vacant should never have the water left on...I shut my own off when leaving for more than a day, always, particularly in winter. Even if the utilities were transferred, they can always go out.

You may well end up needing to file an insurance claim. Hopefully it works out, keep us posted.

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Thanks @Brett Snodgrass, @Shawn Holsapple and @Ben G.

My main goal is growing my own personal investment business....which has been mostly centered around rehabbing/holding. But I'd also love to help out a few other investors as time allows. I know as an investor, finding a value-added broker is sometimes challenging.

There is a big demand from out-of-state investors for turnkey (or close to it) rental property here in Indy. Putting it all together to offer a product/service that's needed and wanted is the key.

2 Votes

Originally posted by @Yesun Y.:

I'm looking for reputable and like minded real estate agent and PM whom I can work with to purchase a rental property in Indianapolis. I'm looking for $60-70k property with rent potential of $900 in decent neighborhood that attracts good tenants.

Yesun,

Welcome to BP, and to Indy investing. I've found it a grea market for finding quality rentals, right in your price and rent range.

That's actually my preferred price area, better performing than both above and below those ranges

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All Forum Posts by: Rusty Scott

Rusty Scott has started 15 posts and replied 205 times.

Post: Do-Over Investor "Version 2.0" - SF Bay Area California

Post: INDIANAPOLIS Market any good ?

Post: CPA or Real Estate Agent, Career life choice

Post: Wholesaling with a License within a Brokerage

Post: Indianapolis Areas to Avoid

Post: Buy & Holds Out-of-State Portfolios - Who has been holding for 10+ years?

Post: Please help $41,000 paid to a guru company to be refunded !

Post: Major water damage on out of town rental

Post: Indianapolis Investor Agent / Realtor

Post: Motivated to invest in Indy