All Forum Posts by: Tracey Stegemoller

I'm guessing your 2nd house listed is located at 2537 N Routiers Ave. I would expect rent to be more in the $700 - $750 range unless it's completely updated and then similar houses in that area look to rent for $800 - $850. If you're looking at $7k for repairs your into that property at $37k - $40k. There are better areas that you can get into for not much more money where you're likely to have less problems with tenants. There are a lot of turnkey properties available in Indy in the $50's with a tenant already in place as well that will rent in the $750 - $800 range which is another avenue that you might look into. Your other address I believe to be 12655 Feldspar Rd. which is just North of Pendleton Pike in what looks to be a nice neighborhood. I would could consider this neighborhood to be more of a class B but it is a nice neighborhood. I would say that your ARV of $125k is pretty accurate as there are similar houses in the area in move in condition up for sale in the $120's. Hope that helps a little. I've lived in Indy my entire life and know several contractors and handymen as well depending on what needs done regarding repairs. Feel free to contact me anytime.

Lisa,

I just recently registered my LLC in the state of Indiana myself online at http://www.in.gov/sos/business/2426.htm. It's just a brief form that took about 5 minutes to complete. To do it online was $87.72 (75.00 + 10.00 enhanced access fee + 2.72 instant access fee). I got my approval email in less than 30 minutes. If you have any questions just let me know.

best wishes,

Tracey Stegemoller

Does anybody have a good, straight forward purchase agreement that they regularly use or have used in the past? I've come across a property in my neighborhood where someone's grandparents recently passed and they are looking to put it up on the market. They are supposed to give me a call regarding the house and I'm hoping to make them a cash offer before they list it with a realtor. This will be my first "investment" purchase that I plan to flip and I just want to get everything in order to make sure it all goes smoothly. I have a local realtor who is a friend as well that can guide me through the closing and hopefully get it all taken care of quickly and painlessly (fingers crossed).

Thanks,

Tracey Stegemoller

Steven Gray thanks for the welcome. I don't think that we're too far away from each other actually. I'm located on the westside of Indpls., probably about 15 - 20 minutes from the Camby area. I play golf at Friendswood when I get the chance. If I can be of any help as well just let me know.

Raymond B. Thanks for getting me squared away Raymond. It would be nice if everything was that easy!

@Mehran Kamari, Thanks for the welcome. I'm hoping that my construction/rehab background will help out greatly once I'm able to acquire properties. I'll definitely consider your suggestion as I'm definitely not having much luck so far finding listings that meet my criteria on the MLS. What's the trick to finding out who owns vacant houses that I come across before they go through the foreclosure process and finally reach the MLS?

Greetings Anthony!

I'm also new here to BiggerPockets and just thought I'd throw out a warm welcome to you. What areas are you looking to Flip in currently?

@Taylor Jennings - Thanks for the welcome and glad to see a fellow Hoosier on here as well. I'll check my Inbox and get in touch.
@Mike D'Arrigo - What part of Indy are you located? I've been getting listings from MLS for the past month and not much so far. A couple were promising but they got offers that were accepted during the owner period. I had also heard of a couple of Hedge Funds through my Realtor that were buying up a lot of properties in the Hamilton County area as well.
@Brandon Turner thanks for the welcome. It's an awesome site and I'm sure I'll be on here quite a bit. I'm hoping that my previous experience in construction/rehabs comes in handy. Right now the tough part seems to be finding a house that meets my criteria at the right price. Thanks for the tip. I already picked up a copy of "The Book of Flipping Houses", and "Fixing And Flipping Real Estate" by Marty Boardman. I'm looking forward to making this a successful and rewarding (ad)venture!

Greetings everyone! My name is Tracey Stegemoller and I'm currently in the process (setting up business name, bank account, cpa, business cards, website, etc.) of getting started in the Real Estate Investing/House Flipping business. I have about 20 years of construction/rehab experience along with building my own house about 12 years ago. I've always been very interested in buying houses - fixing them up - and then selling them for a profit a.k.a. "flipping" :) but I've never jumped into the water (until now). It's sink or swim time I guess and I'm looking forward to finding some houses near where I live to start out and get them back into shape with families living in them so I can make a difference in my own area first. I'm looking forward to networking with as many people out there as I can, and learning as much as I can to become successful in this business. I want to mainly concentrate on flipping houses under 100K to start out with and eventually get into more high end houses and rental properties as well. The trick right now seems to be how to find good properties before they hit the MLS listings for me. Any advice is greatly appreciated! Hopefully I can create a successful business while making a difference in my local neighborhoods at the same time!