All Forum Posts by: Joe Swanson

I decided to go with Bloom bank, in Indiana. They are also funding the construction rehab loan. It'll be a hold property, realistically ARV is 90k, but with only a 50k loan and 12 with our own money. Sounds good to me :)

Some appraisers have experience with estimating ARV's for investors who want to do just this. I am from Indianapolis, living in Austin, TX. I have an appraiser there who I know and trust from Indianapolis who can do it. PM me and I'd be happy to chat with you and get you his info.

Just seeing photos of the place doesn't quite give you the full picture as far as the value, you need to have someone in the property to look at it.

I would not qualify for an FHA, I am investing out of state. I talked to the loan officer and she was saying that I could do a construction rehab loan separate from the home loan, and refi after the work is completed to put it into one. Is this generally a good idea to do?

I am looking to purchase an investment property for 40k. I have a contractor who checked out the site today, he gave me a rough estimate of needing 15-18k in rehab costs,to include new appliances and HVAC. It's listed as a 3-1 SF, but has 2 (non-listed) rooms upstairs and a poorly done second bathroom. ARV would be around 105k, Back to the issue.

I wanted to use traditional financing through a bank, I am new to this and don't know any hard or private money lenders. A bank seems straightforward and easy enough.  I was wondering if a bank would give me a loan to include the rehab costs, if I was pre-approved for a higher amount than the 58k estimated for purchase and rehab?

Joe S

Hi everyone,

I'm looking for more information on Alpine.  I've seen a few posts on here telling people to check it out in Indy, but I can't see any properties on their website.  It is referral or email list only?

There are always ways around it, but it requires effort, and the willingness of your father to move.

The VA loan does not pass down from generation to generation or nearly everyone would be able to use it. Of course there are exceptions if the military member died in combat or from a service related injury, but even then it'd only go to your spouse.

It also specifies that it has to be your main residence, but the amount of time is unclear.  And it's not a strategy that could be used multiple times because you (the veteran) can only have 1 loan out at a time.

Any other PM companies people would recommend in Indy? And please provide why.  I have also looked at T&H and they were very prompt with their initial response.

Hi BP,

From all the forum posts I've read, podcasts I've listened to, and books I've read (thanks Brandon), it already feels like I'm part of this community. I am currently 30 years old living in Texas, looking to purchase our first investment property in Indianapolis. I have family there and will be in town next month to check out some properties (and for the holidays of course). My wife and I are looking to invest in buy and hold properties, possibly using a BRRRR strategy. I have a trustworthy contractor in the area, or I wouldn't think to BRRRR it.

Any advice from people already investing with this approach in Indy would be greatly appreciated.  We are looking to buy in the BroadRipple area or maybe even just south of it towards DT.  Are these types of properties already overpriced or is there still a window to buy?  I know it is a very desirable location for post-college young adults.  Single family homes are what I've been looking at, but am open to suggestion if there is a better strategy for that area.

Joe