All Forum Posts by: James Viglione

Thanks everyone who replied for sharing your valuable insight! It appears it will most likely be an issue with the route I’ll be taking (conventional). I’ll talk it over with the lender and see how to proceed. 

Question for all you knowledgeable & helpful lenders out there!

Over the years, I have a semi-substantial sum of cash saved that I’ve been storing in a safe. Now that I’m looking into purchasing an investment property, I’m considering depositing a large portion of it, if not all, into my bank account so I can have it ready to deploy towards the down payment.

My concern is if I make a large lump sum deposit in cash, it will likely be viewed by the bank/lender as unverified funds and cause a hiccup in the loan process. Have any of you encountered a similar situation like this and how did you navigate forward? Would it be possible to apply these funds towards the down payment without issue once it’s been properly seasoned in my account for 90 days (perhaps with a signed declaration from myself stating it’s origins and that it’s not from an outstanding loan/gift from family?) or would it be denied on the skepticism that it may be a gift from family, outstanding loan, etc?

Thanks!!

Quote from @Kristen L Garner:

Hi James, I also OOS invest in Indy (my hometown).  My properties are all long term rentals and are doing well. Connecting with an agent who knows the areas is key.  Feel free to connect in DM's - I can share some contact info with you.  Best of luck! -Kristen 

Thanks again for connecting, Kristen! You have been super helpful. I’ll stay in touch!

Quote from @Pam Brown:

Hey James!  I would be glad to talk over the Indiana markets with you.  Just reach out when you're free.  Thanks

Hi, Pam! I would love to discuss the Indiana markets with you. Just sent you an email!

Quote from @Kerry Noble Jr:

A lot of the homes in hendricks county that you mentioned are more suburban homes......more for a flip or an appreciation play.....not saying you cant get a deal there but theyre more for what i mentioned.....

Hi, Kerry! Thank you, I appreciate the insight on your market. It seems like SFR’s in Hendricks County is quite a task to find an investor-friendly cash on cash return. It will likely take some arduous searching & a stack of declined offers along the way, but hopefully I’ll eventually locate one! As an experienced investor there, is there a particular city/area in Indy that you prefer and provides good returns? 

Quote from @Owen Dashner:

I would do a Facebook search for investing groups in Indy. I'm sure there is likely a REIA there that meets monthly and likely several other groups as well. Good luck!

Hi, Owen. Great suggestion, thank you for the advice! I'll definitely check out some REI groups on Facebook. Good luck to you as well!

Hello all at BP! I’m looking to invest from out of state in the suburbs of Indianapolis, IN. I would love to hear from any investors or agents in the area!

How does SFR's in the surrounding cities of Avon, Brownsburg, Plainfield, etc. perform in terms of cash flow as a long term buy & hold asset? Has anyone found a deal with investor friendly CoC return in these areas recently? Thanks!