All Forum Posts by: Alex Stepanov

Hello Ned,

Just out of curiosity - do you normally buys your liens locally or do you go to other states or counties far away from your area? I'm talking about liens specifically, deeds are a whole different game

Thanks
Alex

Greetings everyone!

First, I apologize for asking something that must be obvious for most people on BP. I have recently started poking around notes (mostly out of curiosity and for my own education) and one thing that I can't figure out - when they refer to a "monthly payment amount" on a note, does that mean PI or PITI? In other words, does the advertised payment normally include the taxes etc. that normally would go into the impound?

Thanks in advance!
Alex

 Hi Shawn,

Many thanks for the response! Yes, I've got that feeling that Indy realtors deal with a very different kind of clients - that still doesn't excuse hanging up but at least may explain the reasons. 

Normally, I would try to hook up with an agent or two and then come down, meet in person and maybe do some property shopping, and (normally) I would try to meet with the local property managers on the same trip, so I'd have at least one or two lined up and ready by the time we are in contract. Of course, things always happen and people change their minds etc. but at least that's the way I try to work. I wonder if you could send me a PM and maybe we could start from there!

Cheers

Alex

 That is a mystery... Like I said before, I have never had that problem EVER - and I've worked in most hotspots in the country: Colorado, Arizona, Nevada, California - everywhere I could easily get a professional response from the local agent. Indy seems to be a place with the rules unto their own...

Primarily, I'm looking for good ol' rental SFR's with decent return. "Decent" means cap 7+ or better. Nothing exotic, really. The goal is to buy and hold for a few years at least, and because of that, I'm willing to pay some reasonable premium for a better area (in other words, I'm not going for $15K rehabs) where I can expect somewhat better tenant quality and slightly more appreciation over time. In the end, it's all in the numbers, and that's why I'm looking for a local agent to team with.

Cheers
Alex

PS. One thing I should have mentioned early on, I'm not going for the "tunrnkey" arrangements

 Thanks Joel, just sent her a message. Great dog picture by the way :) 

Hello Dana!

Actually, nothing is missing. I approach realtors with the same introductory email saying that I am out of state, that I live in California, and that I'm looking to pick up a couple of rental properties. In most states, I get a response saying "give us a call to chat" and then we talk and usually, end up doing business. In Indy, the person who hanged up on me (and followed up with scathing email) figured I was a "crook" simply because I asked him to set me up with MLS search in Indiana. You know, the kind of search you find on most realtor's websites - KW, Century21 etc. Somehow, that person concluded I was asking for his personal username and password and flew off the handle... I could continue with other ridiculous stories but that's beside the point. The point is, I'm trying to find sane realtor in Indy to work with. That's all.

Cheers,
Alex 

Hello dear BP-ers!

For some reason that I don't quite grasp, I'm having some remarkably bad luck trying to find a realtor in the Indianapolis area. I've been working with realtors all over the country, and normally it is a fairly straightforward deal - an introductory email followed by a phone call and then off we go property shopping. Not in Indy...

In Indy, for whatever reason, 5 agents turned me down and many without even speaking. First agent hang up on me. Another person agreed to speak on the phone and made it clear that they are not interested in anyone who has no institutional backing (read millions to drop). The list goes on and on - I was accused of being a crook, lectured, etc. etc. etc. I get an impression that realtors in Indy are swimming in the money and don't bother with individual investors anymore... 

To end this rant, I wonder if anyone would care to refer me to the agent in Indy they personally worked with and can vouch for? There are plenty of realtors online but I don't want to go trial-and-error route, especially given the history of my past conversations...

Many thanks in advance!
Cheers
Alex