Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Indianapolis Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on . Most recent reply

Account Closed
  • Indianapolis, IN
14
Votes |
15
Posts

Renew Indianapolis Deal?

Account Closed
  • Indianapolis, IN
Posted

So I'm looking to enter into real estate investing through wholesaling. My goal is to wholesale to gain "skin in the game" and network with buyers and rehabers to eventually switch to flipping as my main gig. I've started driving for dollars and searching for owners online to reach out to. While searching online I came across renew Indianapolis that is a land bank of a lot of the abandon houses in Indy. The prices they have set on their list of home range from 2-10k and the list has 900+ properties on it.

https://www.renewindianapolis.org/map/search_property/

According to the renew program policies these houses can be bought, renovated and put up for sale or rented. 

So I'm wondering how could I get one of these houses under contract to wholesale? 

On one of the houses from the list I pulled comps around 65k. They have to house listed at 2k and say the closing cost is 800 including title search.  This price is well into the 70% rule for a flipper and I could still make a fee from wholesaling it. The only real problem I see is getting approved for the program as a wholesaler. I can't show the funds of being able to buy and renovate the property needed to be approved. The only thing I could think of is referring a flipper to a certain property to flip and maybe collect a finders fee? I don't know. thoughts?

Most Popular Reply

User Stats

87
Posts
56
Votes
Erin Donlan
  • Real Estate Agent
  • Indianapolis, IN
56
Votes |
87
Posts
Erin Donlan
  • Real Estate Agent
  • Indianapolis, IN
Replied

Not to be the bearer of bad news, but I don't believe it would be possible wholesale these properties. There's a process in place that requires the purchaser to submit a complete scope of work on the property before they even accept a bid on it. Also, since any flipper can find these houses on their own by searching the website, it bears the question, why would they pay you a finders fee?

Loading replies...