All Forum Posts by: John Christodoulakis

@Tina Tsysh Not really, the market I am in doesn't have that many rentals that sell in general. You think it would be better to talk to a lender about it and see how they would get the property appraised?

So I am trying to do my best to run the numbers on a BRRRR with a 6 unit apartment unit. This would be my first BRRRR that I have ever done so I just want to make sure that I understand how to estimate the ARV on this. From what I've read in the forums and listened on the podcasts the way to determine the price if based off of the income the property produces. This property currently brings in $2,800 a month in rent and I believe I can get it for $280k. Insurance cost is about $5,000 a year. The rents once the property is renovated should bring rents to $4,800 a month. In theory the ARV should be in the $400k range correct?

@Aaron S Fletcher hey there Aaron! I’m a fellow investor and realtor from valpo! I primarily invest in Laporte currently, but would like to get into the valpo market at some point. If you have any questions or guidance at all I’d be more than happy to help!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $70,000

This was an off market deal that I found from a connection at work. The owner of the property was my electricians sister and we connected really quickly and within a month the property was purchased. I plan on keeping it as a buy and hold type investment and installing central air and re-doing the siding on the property at some point.

What made you interested in investing in this type of deal?

Was a really good buy and hold investment property, which are the types of deals I am looking for.

How did you find this deal and how did you negotiate it?

I found it from speaking with my electrician. It was his sisters, and we emailed back and fourth to come to a price.

How did you finance this deal?

I financed this with a conventional bank loan. 25% down

How did you add value to the deal?

The rents that are in place are about $100 less than what the market asks for. Raising rents will add value, as well as I plan on to install central air and to replace a few old windows on the building.

@Austin Guess hey there Austin! Welcome to the community! I am both an agent and investor in the NWI region. I would love to help you out in anyway that I can possible! You can reach out to me on here for any questions that you may have.

@Eric Salgado I am relatively new in being a landlord, about 1.5 years. But I haven’t had any evictions at all. My turnover rate is minimal as I advertise a soon to be vacant unit before the tenant moves out.

@Eric Salgado Hey there Eric! I currently am investing in the Laporte area and I am having some good return on the houses here. I am currently managing them on my own as I live near here, but I’ve heard some of the local companies from Laporte aren’t that trustworthy. If I had any suggestion I would say look for a company outside of Laporte and vet them. You should have better luck with them than someone from Laporte.

@Tom Olson I've lived in the region my entire life and I am so glad I fell onto your post. I am a somewhat new investor in the region, primarily in La Porte which is more in the eastern side of the region. My returns here have been great and I even get people who love that the highway to Chicago is so close to La porte and the lake as well. I have always loved the idea to invest in Gary, as I see it being a city that really has incredible potential to be something special. My question is if you manage all of your properties on your own, or do you use a management company? I am a real estate agent as well, but not incredibly knowledgeable in the different parts of Gary for which are "good" and "bad" areas. How would you suggest me to go into learning more about Gary? 

There is a company in Laporte that manages properties called Mayes Management. I have never used them before, but from what I hear they tend to rent out their own properties before they rent their clients out. I would suggest staying away from them and seeing how things go with Property Boss. Let me know if it works out for you!

@Kyle Galloway never got in touch with them. Decided to manage myself since I still live in the area. Where in NWI do you have properties? I could point you in the right direction if you need any help!