All Forum Posts by: Dave G.

Ryan Mullin I saw that proposal with the charter school. I've never seen something like that added. Is IPS hard up for schools or something. I'm 100% on board with office/retail. I was just wondering today how much sq footage of class A office space we have in downtown. A lot of the newer 10+ story buildings are getting pretty old.

http://www.ibj.com/articles/57258-bids-to-develop-ips-mass-ave-site-top-out-at-260m Hey hoosiers (and others doing business here). There is an article in the Indianapolis Business Journal about the bids Indy received for the IPS bus lot and old coca cola bottling facility lot located at college and mass ave. I'd love to hear your thoughts on the proposed development. Some of the subsidies they are asking for top $30M. Has anyone been involved in such a large RFP? I'd love to hear what goes into it.

Mike Miller It's simply that cash can be given very quickly. Therefore a quick close. I think I recall reading on here some transactions that are done in a week or two. As opposed to a financed offer that is contingent upon approval, inspection, the bank dragging their feet.

Thanks Brent Coombs and Eric Schleif ! Help me reconcile the difference between lending for the purchase price only and refi based on appraisal. Is this a you don't own/you already own determination? That seems like poor decision making on the banks part given the LTV. But I can see that they'd rather just collect payments rather than having to deal with taking over the property. If I'm understanding you correctly the feasible scenario would be to get a hard money lender to lend you purchase price and then immediately cash out refi with a conventional at 75-80 (whatever the banks limits are). This is where the 6month seasoning would come in when using a national lender, right? But local lenders may not do the seasoning period, also correct? This would be all 5+ units for an investor not a homeowner.

I'm barking down this whole creative financing avenue and trying to find more about what banks will and won't do. Say there is a property currently cash flowing x and it has 3(?) years of history to show consistency. You put an offer to buy it for $50k. Your appraisal comes back at $100k. You want a $50k mortgage from the bank and your cash flows (x) are enough to cover all expenses related to the mortgage. Would a bank take this? It seems like a slam dunk for the bank. Is this a "in what capacity are the banks lending" question (investor v homeowner)? Would being 5+ units (multi family) have an affect on the decision?

@Andrew Halbert

Hi Andrew, Congrats!

May I ask what rent runs up there? I'll be moving in Dec to the area of Brighton, Michigan and Trulia has rent estimates around 500 - 700/bed depending on East or West of Grand River Ave. All the apartment complexes I've looked up are damn near $1k. 

Whats rent really like up there?

I found out what I needed to find out via contacting the DCE. Everything is NOT ok with this house. They cant reach the owner who lives in CA. 

@Joshua Berube 

I'm glad you updated! I was starting to think that you've resigned yourself to reading that textbook for the next few years. They can take a long time to get through. I was just asking around about how much a development would take to get off the ground. $40k, huh? Why so much if you don't mind?

Are 1Beds/1baths in high demand in your area? It strikes me as odd, being from the Midwest.

Another silly question about our different countries. Are those drawing in Meters and .... Centimeters? Or are those indeed the Foot/Inch marks I am used to?

Hello all!

    I am looking at purchasing a house that is a 4 plex (sort of) in my area. I am unsure of how it stands with the local government and have some concerns. 

There was a variance issued to do something (I can't find out what they wanted to do since all i have is the appeal info) on a lot that had a SFR on it due do zoning stuff. One of the caveats of doing what they wanted to was that they would tear down the garage as it was dilapidated. I have DCE records that say it never was torn down and others that say it was converted to living space. So there are two free standing structures with 2 units each (it's weird).

  Essentially I just want to know that if I buy it I won't have to do any demo and the city wont be on my ***. Does anyone know what department I should contact to get in writing that everything is AOK with this house?

This is amazing. I've only read about deals like this in the textbooks at school, and they certainly lacked the 1st person view we are all getting. I can't wait for the updates (or book).