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Updated over 4 years ago on . Most recent reply

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14
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6
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Gil Keren
  • Investor
  • San Francisco, CA
6
Votes |
14
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Out of state investors, how do you quickly close?

Gil Keren
  • Investor
  • San Francisco, CA
Posted

From what I've seen so far, when a good deal pops out in Indy, someone closes on it within 1-2 days. As an out of state investor, looking to make my first deal, It would take me a few days to come over, see the the property and close, which is too late. 

How do you do that? Closing without seeing the property? Find deals that others don't know about? Something else?

Most Popular Reply

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38
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15
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Matthew McMenamin
  • Investor
  • Indianapolis & San Diego
15
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38
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Matthew McMenamin
  • Investor
  • Indianapolis & San Diego
Replied

@Gil Keren @Lee Ripma is right. Understand the math behind deals that meet your criteria COLD. Once you run the numbers on enough deals you can start to weed things out super quick. That way, when a deal pops up you can confidently say that the numbers work after plugging it into your pre-made excel model. Then send your offer in ASAP! It should take no more than an afternoon (MAX) to know if a deal works. That is assuming your criteria is rock solid (location/neighborhoods, rent, expenses, etc.). Then, if the inspection uncovers an unknown, you can back out or renegotiate. Getting something under contract is basically you saying "Assuming nothing out of the ordinary is going on here, then I will pay X amount for this property." When inspection shows that roof needs replaced and the foundation is cracked (an unknown), then you either walk away or request that amount be taken off the purchase price. You don't need to see a property in person before offering on it. In the current Indy market, you will never win a deal if you have to get on a plane to come see it first. 

I made the mistake of being too concerned with "perfect" offers starting out. You're not signing your life away. If the property is not at all what the seller represented it as, you'll get your EMD back and you'll be back to the drawing board. So get practice and be confident. Also, offering all cash seems to be the norm in Indy these days. Just my 2 cents.

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