All Forum Posts by: Aaron H.

Hey guys,

I'm finishing up my first full gut rehab and we are set to list tomorrow or Friday. It took longer than expected and there were a lot of stressful days but it was quite a learning experience and I'm glad we did it.

I'm reaching out to see if theres any hard money lenders that you guys recommend? The one my partner and I used on this project was great at first. But halfway through, I'm not sure if it was a lack of organization or lack of funds on their part but they became difficult to work with. Payments to our contractors weren't being made, invoices weren't being completed, they tried charging us fees that were never agreed upon in our contract, etc. It stretched our project out over a month when it should have been completed and ready for listing. Luckily through a couple wholesale deals I've done during this time, I was able to make some payments to our contractors just to keep them happy and working as well as buy materials for the house.

Are there any hard money lenders you guys can recommend here in Indianapolis? I would love to work with private lenders but seems most of the people I've talked with are interested in lending at first but change their minds shortly after.

Really just looking for someone dependable. Any recommendations? I appreciate it!

Hey BP,

Working on a wholesale deal with a lady from California and hope to have the property officially under contract within the next few days. I live here in Indianapolis, IN and was interested on how this would work. Is there any advice you guys have and any title companies that would be ideal to work with to make the transaction as smooth as possible? 

Also, Meridian title company requires the seller and buyer to sign a contract assignment and that makes me a bit nervous because I don't want her to back out of the deal if she sees what the assignment is worth. Perhaps there is another title company that I can use that won't require me to have the seller and buyer to sign the assignment. 

Thanks!

 Ryan, what title company do you use here in Indy? I am looking for a couple investor friendly companies I can depend on. 

Thank, Ryan! I have found a place that I am looking to do a walk through of this week in Mapleton Fall Creek. From what I hear, should qualify for FHA financing. Its a duplex, 3br/1ba each side and there is someone already living in one of the units for $700 a month. I plan to move in next door and I have two friends who say they are willing to pay $250 each plus split utilities. (They like the idea of living closer to broad ripple.) Should be a good opportunity for me save a little bit of cash and pay down a couple of debts I have (car, student loans, etc.).

I don't LOVE the idea of already having a tenant in place because I would like to do my own tenant screening but I guess I can't complain if they are paying their rent on time and they are decent neighbors.

Would that pass for an FHA loan? I mean, if there is already a tenant living in the place before I actually purchase and move into the home?

 Mike, how do you feel about the mapleton fall creek area? particularly by 34th and guilford?

 Thanks, Kevin! You have some pretty good advice that I really never thought of. And it really wouldn't be a bad idea to knock on a few doors and ask a few questions about the neighborhood. Its just so tricky here in Indianapolis. Seems going neighborhood to neighborhood, street by street, you can go from a really cool, up-and-coming street with lots of updated homes and shops to a completely opposite situation just a street over.

 I guess I did use the term "solid" a bit loosely. And you are 100% correct about the boundaries that ppl tend to call certain areas. I've been looking for 4 months for a property and all of the multifamily houses that I have found are in really rough shape in decent areas and would not pass an fha inspection. And it seems the recently updated/rehabbed properties are always in rough areas.

Hello, BP!

I am currently looking to invest into my first multi-family home. I plan to use an FHA loan or possibly a 203k loan to fund the deal. I figure the whole "house hacking" idea would be a great way for me to help save some money from rent, utilities, etc.

Ideally, I would like a duplex with 3br/2ba on each side. But I would be open to the idea of a triplex or quad.

Curious though, what are some decent areas to look into? I know areas like fountain square, irvington, little flower, emerson heights, bates-hendricks, etc. are all solid areas. But what about areas like tuxedo park, grace tuxedo park, englewood, brookside, etc? Or even with all of the negative media coverage lately.. beech grove? What is everyone's take on those areas?

I know this is probably a silly question but....

I touched base with a motivated seller about a week ago. She told me that she believes she owes about $2300 in taxes on the property. I did some research on her property and the county website (Here it is Marion County for Indianapolis) allows you to look up the property's taxes that are owed as long as you have the parcel number, last name of owner, and street name for the property.

The county website says she owes less than $500 in total taxes. When I did a walk through of the property today, we discussed her tax situation and she still insists that she owes $2300 in taxes.

I ask this because it would affect how much money the seller would actually receive in this transaction.

Would it just be best to do a title search on the property to see what liens come up?

 Yes, fortunately, after conversing with the seller, I think we finally have the situation all worked out and set to close next week. It was definitely a "newbie" mistake but I guess thats how you have to learn sometimes! :)