All Forum Posts by: Brandon Payne

I am excited to have my first property under contract! Tomorrow I am making phone calls to get people in to inspect the house. Do you have any recommendations as to who to contact for the following services in Indianapolis?

Home Inspector

Foundation Specialist

Plumber

General Contractor

Insect Company

Handyman

I am looking at a property that is zoned as commercial with variance for residential. The house was built in 1950. This would be my first purchase and I'm not sure how to go about judging this.

Where can I go to find specific information about zoning?
What does it mean for the lot to have variance for residential?

How do I go about assuring that it will be an appropriate zone for a buy and hold?

Is there a risk that it would arbitrarily change to commercial and the building be forced to be changed or demolished?

@Lamont Glover II I would like to ask you for some guidance. I have the same goals, but haven't yet found a small multifamily to move in to.

Would you share what part of indy you found your duplex in and how you found it?

I would appreciate some guidance from anyone more experienced with the Indianapolis area than I am. I keep running into duplexes in neighborhoods that I am not quite comfortable bringing my 2-year old to.

I am making offers for my first property. When I got pre-approved for a conventional loan, I didn't shop around for different rates during the grace period where multiple credit-checks wouldn't effect my credit score differently than a single hard credit check.

When the time comes that an offer is accepted and I go to get a mortgage, can I shop around for rates without a negative effect on my score -- i.e. do I have that same grace period where multiple credit checks from mortgage lenders will lower my credit the same as one credit check?

Thank you everyone. 

Are these requests -- copies of the lease, estoppel agreement, transfer of security deposit -- best included in the offer to buy, or should I bring them up after an offer is accepted and we're under contract? I'm going to ask my agent this same question, but I appreciate your answer as well.

@Tim Herman would the schedule E be something to ask for before or after we are under contract?

I am searching for a 2-4 unit to move into as my first purchase. I found a fourplex for sale that is currently tenant occupied. So far I've only looked at vacant properties.

How does buying a tenant occupied residence change my due diligence activities? 

Should I ask the owner for copies of the leases of the current tenants?

They listed a yearly GOI and expenses, but I'd like to know how they calculated that and should ask.

What information would you want when buying a tenant occupied building? Do you have any other pointers about how a tenant occupied purchase would change the normal flow of buying a property?

And it seems odd to say "normal" as I haven't bought a property yet. 

I recently moved to Indy and want to research where the city is at and where it is going. The former is rather easy -- I've been driving around town. 

How do you research what the city is planning in regards to where the city is putting their money for development?

I found this, but I am not sure how to interpret many of the terms they use:

http://maps.indy.gov/PlanIndy/

Do you factor in the city's development plans into the location you're investing in? If so, where do you find that info?

@Joshua Howaniec How would you recommend I find a local REIA? I don't see any meet-ups under the Network>Events tab on BP. Is there another site I can use to find a REIA?

I am a new member from the Indianapolis area. I recently moved here from Bloomingon, IN (where I grew up), and work a full time job. My long term goal with real estate is to buy and hold (BRRRR) as a retirement plan. I may get into flipping if I want to change my occupation before I can afford to retire.

My short term goal is to move into a 2-4 unit building in the Indianapolis area to get my feet wet. I am sure I'll have plenty of questions here soon. I look forward to diving into the forums and getting to know you.

Hello Bigger Pockets.