All Forum Posts by: Lee Smith

@Jeb Brilliant It's not a bad area. I have several rentals over there we manage.

Eli Lilly Tech center is doing a pretty major expansion next year. 

@Nellian Solaiappan my phone number is at the bottom of the original post. Hehe 317-450-3591

2402-2412 N Lesley, Indianapolis, IN, 46218

Asking price 125k firm.

Two duplexes on same lot. Nice quiet cul de sac. Lots of updates over the past 3 years. These are pretty much bulletproof at this point. I have owned for 3+ years, and cashflows very nicely.  

Cashflow analysis for your review..

All 4 units rented.. We can handle the property management for you if you like.

These units all have:

Solid brick exteriors.

2 bedrooms 1 bathroom(774 sq feet each).

Washer drier hookups in each unit.

Hardwood floors throughout, recently refinished.

3 of 4 have new furnaces. One unit has new central air in last year. Rest have wall mounted window units, so easy to replace as needed.

New roofs last year.

New 6" seamless gutters in the past year.

On a quiet cul de sac in a decent neighborhood.

Tenants pay ALL utilities and have their own trash bins.

Videos for the different units are here: Note: 2404 video is older(2015) and has lower resolution video, but you should get the idea.

2404 tenant is signing another lease for 3rd year. She has been there 2 years already.

INDIANAPOLIS Investor Special:

Quaint 2 bedroom, 1 bath home with hardwood floors, a garage & a fireplace in Emerson Heights. Emerson Heights is listed on the National Register of Historic Places. Lots of natural light! Extremely convenient, only 1 block walk to a Kroger supermarket and numerous restaurants & only a 10 minute commute into Downtown and Mass Ave.

Needs about 6-8k in rehab(interior paint throughout, new furnace at some point, redo bathroom, fix garage). We can handle the rehab and property management for you if you need that!

See attached Cashflow Analysis..

Should rent for $650 a month pretty easily!

Cashflow Analysis

Pictures Etc can be seen here!

@Michael Lewis I don't work probate in Indy, but I can tell you from experience that the clerks will do and say ANYTHING to not have to work... I had to actually send a snail mail letter to the judge in order to get info I was looking for.. haha  Judge was upset her clerks made me do it, but nothing changed... haha  It's all about who you talk to.

Just be careful with Multifams in Indiana(especially lower income multifams)..

• Higher turnovers(most of the time they don't stay more than 1 year)
• Longer vacancy rates (Instead of 2-4 weeks to fill a vacancy you could be looking at 4-8 weeks)
• Owner paid utilities - If you pay the heat, the tenant will crank up the heat in the winter, and open a window to cool down.

I own several multifams, and these are things you need to look out for...

@Ryan Mullin Haughville is also in an area with massive growth because of IUPUI expansions.. There are definitely markets that are speculative like Haughville, Bates-hendricks, fountain square, etc. 

It really depends on your risk tolerances.. Some may say the investing Ryan has done is very speculative. I looked at houses in Fountain square a few years back and saw ARV's no higher than 80k within quarter mile, and then two chicks and a hammer, and I believe Ryan etc took the gamble, and we started seeing sales of 150k+ within 1-2 years... I didn't have a crystal ball, and I am not a speculator so I didn't get in.. Some of my clients did though..

I prefer tried and true numbers. By and large I am not a speculator, but I do not begrudge anyone who is.. As long as you go in with the facts and know what you are up against, go for it!  At the end of the day, it's your money.

Ryan, Laura hit me up with those 3 properties of hers, back in December, in what she calls "Old Southside" and none of my guys wanted to touch it because they thought it was too speculative, but I hear you bought 1-2 of them.. hehe You speculating dog you! haha

You are NEVER required to have on-site management in Indiana.  I have managed 24+ unit buildings for other people and we were never on-site.  Sometimes it's in your best interest to have someone on site but it's pretty rare..

@Isi Nau Indiana has about a 3% appreciation or depreciation rate.. If you want to see that you will need to be in homes with a 100-150k ARV. You can most likely be into those homes for 80-125k. Typically these homes will rent for $800-1500 a month.. The average is probably $1000-1200.

We have low income houses that will see very good cashflow, but they never see appreciation. Same houses in 1991(when I first started buying), that were 60k are still 60k today..   Typical example would be a house you are all in for $35-60k and they are renting for $600-800.

Zillow/Trulia is HORRIBLE, at least in Indianapolis market. Our local MLS reformed as a BLC so they could try to hide historical data from the internet.

Hope that helps!

@Brandon Turner I sent you a PM, but your auto attendant is on.. hehe We are always looking for handymen, and keep them pretty busy.. If he can do bigger stuff it's even better...