All Forum Posts by: Tom Olson

@Christopher J Lemmon. What is your deductible? I prefer to see $200 a month cash flow personally but maybe you can get this with getting insurance down a little and possibly raising rent. That seems low from what I can see

@Kenneth Kussman. If it was me I would. but I would also create a land trust for the property to be deeded in and have an LLC as the beneficiary of the trust.

Do you have to? No!

The most important thing is to make sure it’s properly insured

Good Luck

@Adam Sankowski. Indiana is great. Do not forget about NW Indiana. This area has tons of new Jobs and population growth because of the people moving from Illinois

Jason Huber We are in Lake county close to Chicago. We get to benefit from much higher rent demand and lower taxes in Indiana than Illinois our typical turn key is about $90,000 to $125,000 and rents from $1100 to $1350 There is a lot of opportunity with all the railway and airport expansions in this area and we are seeing retail housing jump 10% plus. Still a lot of room for growth We are having a meeting in July to show case our operation if anyone is interested

Welcome to bigger pockets. I believe northern Indiana to be the best place in Indiana for cash flow We are In NW Indiana and would love to connect. We can wholesale, rehab, manage and also sell turn key. Tom Olson

@George Taylor yes, all those needing financing. 

@Adrien C. Jerry is great. He's one of the two we push out actively. We just worry about overloading him....

Hey BP peeps, we sell turnkey properties, and our volume has started rising rapidly. 

I currently have two preferred lenders, but we are overloading them with deals. (We send 14 through one of them last month.)

Does anyone have recommendations on investment lenders? 

I believe there is a lot of gray areas here. And I'm not going to take an extreme side on any. But I will take an extreme line on this... IT DEPENDS..... like was mentioned many times in this thread many serious contractors will not give full detailed SOW for rehabs or projects of this size. But what has not been mentioned is the fact that many serious contractors don't really go after investor business. Why? Most of us investors are cheap! Let's face it it's not emotional for us it's a business. Our company will rehab (for investors) 200 homes this year in the NW Indiana and Chicagoland area. For this we will need to do about 350 SOW on average it takes about 4 hours to go to a job measure it up put all the info in out app that we created have it spit out the #s for materials and what we should be charge if for labor. Then look at our city profile to figure out the pain in the butt factor of the city or town or village and the other logistical things that could happen. So if we do not charge for the 150 sow that we didn't get the work then we loose about $20,000 -$30,000. This is no big deal to some but when that # directly effects the bottom line? It makes a difference!! So we decided to start charging our customers when we take the SOW out of our system (meaning we did not get or do the job). If for some reason we ever do that job for that customer we do credit them the cost of the proposal back into their proposal.. keep in I'd most of my work comes from repeat customers that use us for 4,5 -20 projects a year so there is a level of trust that is built up and to be honest they don't want to take advantage of me doing bids on projects that they later decide not to go through with because the #s may not work or we find out it has major issues or the city will make your life a living hell.etc. etc..... the retail contractors are very busy right now but unfortunately there are a ton of slime balls out there but let's back up unfortunately there are also a lot of slime balls in real estate.... the basic fundamental issue here is "TRUST" I highly recommend anyone that is a contractor interview your customer and anyone that is a customer interview your contractor either way they are your customer and there is a level of service and value that you need to bring to the table if you want to call the shots.... the problem here is investors want to call the shots and so do the contractors.... for as many contractors that take advantage of customers out there I have seen investors take advantage of contractors and neither one of them is right!! At the seat of a deal I don't care who you are (the investor or catalyst, the lender, the contractor, the realtor, the title company the buyer the seller etc.... if anyone over reaches it tips the tables and it now ends up being good for no one... the specifics of something like this is just stuff but the mindset of how we aught to be as a human is what really matters.... either way you are serving a customer and if you don't add to that person more value than you took in price then to will never be trusted. We do itemize our scopes because we believe it brings value to the customer however if a customer wants to rip up most of it and only have us do items that others can't do cheaper then we will no longer be their contractor simple as that as a contractor you have to sometimes fire your unreasonable customers just like at times an investor has to fire an unreasonable contractor... As far as the prices. If you are inexperienced you can study these prices over time and see what other people are paying.. you can get other quotes but best of all ask for referrals from other investors or realtors that have used that particular contractor... this will help you get past the know like and "TRUST" part of the conversation a little quicker.. As investors we have to "Trust but Verify" Hope this helps Tom Olson

I would love to be on the podcast.. thank you for thinking about this BP. You understand your market and know that some of us do have deals to do and projects to run and businesses to run... I really appreciate the gesture... I hope to hear from you soon if you feel I would be a good fit.. Thanks Tom Olson

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