All Forum Posts by: Alex Ballesteros

I would make sure that the agents you are working with are investors themselves and understand that game. If so, they will be able to guide you in the best direction for the area, yet still make sure to question them and educate yourself. What made you choose Indianapolis, IN to invest in?

Prequalifications are generally not worth the paper they are written on. Many prequalifications only use stated income and/or do not run credit. A Preapproval means a lender has reviewed your credit report, income documentation (last two years W2s/tax returns, most recent 30 days paystubs), and reviewed your asset statements to verify you qualify for a loan. 

It also definitely matters who you get your approval from. Most online lenders spend more money on advertising than hiring competent staff so realtors may be less likely to advise their clients to accept your offer if they have doubts about the financing. If you are earning more money, I would definitely recommend getting an updated preapproval letter to see if you will qualify for a larger loan. 

@Alex Ballesteros preapproval is considered more serious than a prequalification. Prequalification relies on self-reported information, instead of verifying by pulling your credit report or reviewing financial documents. This means being prequalified for a mortgage typically leaves you with a roundabout estimate.

Prequalified approval, pulls your credit and asks you some questions about your income and assets. Then, the lender estimates what you can afford. By checking your credit score and verifying your information this will be more accurate than a prequalification.

Usually the pre-approval is active anywhere from 60-90 days it depends on your lender.

I invest out of state in Indianapolis and use City Place as my property management. I have no complaints so far. 

Hi Alex,

I'm a local Property Manager here in Indianapolis.  I would highly suggest finding/securing your whole team prior to purchasing a property that way you can rely on their expertise to give you valuable information.  Also, you'll be able to learn their fees so you can calculate all your cost correctly.  You'll want to make sure their philosophies align with what you're looking for.  Indianapolis is really inconsistent or "street by street" so professional guidance is required.  Let me know if I can be a resource.

Hi Alex! Welcome to real estate industry. I have my first purchase here in Indianapolis. Now, I have almost a hundred doors. I would love to help and share my experiences if you're interested.

Welcome to Indy!

you can find a lot of cheaper deals here with high cash on cash returns compared to other areas of the country.

Nearly 40 yrs of 3% rent growth, 2020 saw 4.7% rent growth and 2021 has seen 8.3% rent growth!
Like any market, you need to do your research and have a team that you trust with boots on the ground.

Happy to help if you have any questions