All Forum Posts by: Shawn Holsapple

I work with Canadians & other out of country investors on a regular basis and haven't had any issues here in Indiana. I don't why it matters when you have a US LLC?

@Ronald Hunt unlike most "wholesalers", I actually close on each asset and then do a double close or close in a few days/weeks when I find a buyer.

A typically "wholeslaer" usually just get the property under contract and then "assigns" the contract. I've found this to be messy and have not had much luck buying from others that are doing this. It seems there are a bunch of "Craigs List Whores" out there that are not actually in direct contact with the seller/owner and they can cause havoc quickly.

I'm always to help anyone I can when I have time. Send me a PM or email & let's chat over the phone or have coffee soon!

Good info from all!

Don't forget, if you still have a W2 job and decent credit, most banks will give you a signature line of credit. This may only be $5k for starters but you can take it out every month for a couple days and put it back in [the interest will only a be a few dollars]. Then after 4-6 months ask for an increase. Your good history should make the bank comfortable in approving the increase. Keep doing this for a year or so & you can easily have $20k-$30k available. This is how I bought my first rental.

Also, when you get those credit card offers to give you a zero percent balance transfer, you can simply write yourself [or LLC] a check for the full amount of the line available on the card and use that money for free during the promotion period [usually 12-24 months]. NOTE: this takes self control, do NOT go to vegas or shopping with the cash!

I bought my second rental like this. I used the CC money for the down payment on a duplex with seller financing. I had enough left to complete the rehab as well.

Meridian Title Corp rocks! They can handle double closing & assignments very efficiently and understand it completely.

Here's their contact info:

Daniel J. Bostick

Central Indiana Regional Operations Manager

Meridian Title Corporation

3850 Priority Way South Drive, Suite 120

Indianapolis, IN 46240

317.566.9520 Ext. 8459

317.566.9521 Fax

[email protected]

@Rambabu Tummala , I'd agree with all the comments above. I see out of State buyers on a regular basis after they bought from someone that claimed to offer great deals or returns only to find out that they didn't get what they expected. In addition to what's been mentioned above, once you've narrowed down your investing city - I would suggest you interview a few local property managers and investors to get a feel of what is available. I'm sure they can also provide, or point you in the direction of, real "turn key" properties as well.

Good luck!

Welcome @Ronald Hunt !

It's good to see another Hoosier join the site.

There is a local BP meetup hosted by @Taylor Jennings that you might want to check out. Plus, Indy Wholesale Houses Meetup, CIREIA & INREIA.

Plus, I'm a full time [and very active] wholesaler, broker, landlord and rehabber. Let me know if I can help you with anything.

I quit using finaincng for purchases because of this propblem. Now, I buy with cash & renovate so it will appriase well & then refi. Then, there is no selling price or PA involved & it seems the appraisals are more accurate or closer to actual market.

@Terry B. sums it up. I have, however, had success buying. I typically close 1-2 Home Path homes per month. Of course, I have to make about 20-30 offers to get those deals.

At one point, HP offered an investor financing program that required 15% down. It is still tough to qualify [especially if you don't have a W-2]. They won't loan to LLC's or Corp's either, it has to be in an individual name. Of course there are creative ways to work around this. Most good mortgage brokers should be able to check into the HP investor program for you.

Also, HP requires all investor purchases to put down 10% as earnest money. This keeps "shady wholesalers" from tying up a property and then walking away when they can't assign or sell it before the closing.

HP offers can take some time to fill out and submit. Most agents don't like to do this. Some of my colleague's took nearly an hour for their first offer. I have templates and macros built to get this time down to less than 5 minutes now.

I hope that helps.

@Taylor Jennings - there's nothing like a good thick Stout to get the investor juices flowing!

@Mike D'Arrigo

@Mike D'Arrigo is correct about the automated estimates or comps. I would suggest looking at zillow to see what other homes his neighborhood are listed at and what they've sold at [don't bother with looking at the "Zestimate"].

As far finding a buyer, you've already got that done too! I'll take anything, anywhere, any price range and any condition in the 9 counties surrounding Indy Metro [provided it is a solid deal].

In the mean time, shoot me the address and I'll run a quick CMA for you from the MLS.