Newbie From Indianapolis Area-Foreclosure Question

[Emily Kelly]

Hey Everyone! 

Looking forward to learning from you all. I purchased my first home in 2015 in the Fishers area as a live in flip. I just sold it last week and am on the hunt for another one before I try my hand at rental properties and such.

My question for anyone or those who invest in the Indy area is, how do you find foreclosures? After speaking to the guy who did the appraisal on my home, he made it seem like you have to be on the insiders network with the banks to be notified of the good properties. The ones that the successful investors don't want, are then put on the market. If this is the case, how does one find foreclosures when just starting out?

I appreciate any and all feedback! 

-Emily 

[Erin Donlan]

Foreclosures aren't as plentiful on the market as they used to be. These days they mostly end up on auction sites (hubzu, for example). Especially in good markets (like Fishers) banks have been holding onto their inventory and renting them out. How long that will last is anyone's guess, as that's not their business model.

Instead of focusing solely on foreclosures, I would suggest looking for motivated sellers, either by direct mail or working through the MLS with an agent. You can also reach out to wholesalers and get on their mailing lists - there are more than a few that focus on the Indianapolis area. I think everyone is running up against the same issue of low inventory, so there is a lot of competition for not a lot of properties, but there are still deals to be had. You have to move quick, though.

I'm an agent and investor here in Indy, so if there's anything I can do to assist you in your efforts, let me know!