All Forum Posts by: Annie Li

@Jesse Whitney-Blane I just bought it this year and have not rented it after rehab.

Yes still available @Dean Muriby

Thanks for everyone's quick response.   This is not my primary.  I will call more banks to try.

Hi...My bank that I currently have an equity line of credit with rejected my request this time because I have more than 4 properties now.   Does anybody know if any bank can offer this type of loan if you have more than 4 properties?  The property is in Indianapolis, Indiana.  Many thanks.

@Justin Young PM sent.

INSTANT EQUITY!! POSSIBLE SELLER FINANCING with 50% down and 5 year fixed rate of 6%!

2 bed 1 bath SFH with garage, full basement and fenced back yard. Property is in a popular rental area close to highways; walking distance to bus stops, shopping and restaurants. Rent can be $650-750/month. Please find pictures below.

Sales comps:

5401 East 20th Street, $56,000

5349 East 20TH Street, $55,200

5314 East 19th Place, $49,000

Current active rent comps from hotpads.com:

5238 E 20th Street, $725/month

1938 N Bancroft Street, $695/month

I'm NOT a turn key provider, I'm just selling my own property in order to buy bigger deals. Property is vacant now so it's very easy to show and you can choose whom you want to rent it to.

The updates done for the property are:

1. vinyl windows

2. interior/exterior paint

3. flooring

4. bathroom

5. appliances

6. electrical box

7. pex plumbing

8. water-proofed basement

9. exterior door

10. repainted cabinets

New central air will be installed before closing or $2,500 credit to buyer.

@Edward Rhoads Thanks!  I bought a few wholesaling deals in Indy before, but I feel the neighborhood is usually not what I'm fond of.  I don't believe this Pentecost property is selling at retail price though.  The comps in that area were all sold at a much higher price. 

@Joshua Bangert @Matthew Schroeder @Daniel Dow

Thanks for everyone's response.  I have decided to pass on this one because of lower rent (my PM confirmed it's between $950-$1150), loan issue and capX expenses.  

@Steve Smithdo you know any Indy licensed lender that can do this?

I'd love to hear your opinion on a property in Indy southeast suburb, the address is 9610 Pentecost Rd, Indianapolis, IN 46239, listing price is $59,900.  I have difficulty finding comparable comps.  Have to pay cash because furnace and water heater were removed so can't get conventional loan.

Property needs usual cosmetic updates: paint, floor, kitchen cabinets, etc. Rent estimate is $1,100/month.  It's on septic and well, so not sure how that will affect my return because I have no experience on such properties.

Thanks in advance.