All Forum Posts by: Leo B.

What part of Indy is it located?  There hasn't been much in terms of 2-4 units that I'm seeing good numbers on that are in areas I would want to invest in.

@Steve Cook Totally agree.  I also have properties out of state (including Indy) that are being professionally managed.  Would you mind PMing me the company you are working with so that I am sure to avoid them?

Thanks,

-Leo

From reading the link above, it looks like the non-owner occupied properties are exempt regardless of the number of properties. Can anyone confirm?

Everytime I'm in Indy to visit property, I pass through that intersection wondering when a developer and/ or the city would begin to revive this corner from a commercial perspective.  I didn't know it was under IHS protection.  It's good to hear they are branching out east of FS.  There seems to be a lot of rehab activity in the last 6 months east of State.  I would have never thought 12 months ago that homes would going into the $200s on that side for awhile.  Now there are listings in the $300s.

@Darius Smith There are a ton on the forums here if you perform a search.  The ones that come to mind in that area of the country would be @Bob Green @Wendell De Guzman @Evan Thoma.  The latter two are not HMLs but can point you in the right direction.

This is what I've found out going through the same process.

• Local banks where properties are located (ie. credit unions, regional banks, etc) - They won't lend to out of state investors unless you have own a 2nd home or are employed in the area.  Terms, rates, and fees are competitive.  Slightly higher than conventional.
• Conventional financing - I've seen some banks go down to 10K.  Terms, rates and fees are the best out of the other options.  Contact @Jerry Padilla 
• Portfolio lending - The lowest I've seen for an individual property is $45K loan amount based on 75% LTV (meaning property must appraise for min. $60K). Terms are short term 5 year fixed based on 25/30 year amortization. Rates are anywhere between 7-10%. Points and fees are high. Financing is asset based and normally requires an LLC.
• Peer-to-peer lending - These are sites like lending club, prosper, etc.  These are personal loans with rates around 10%.  Fees are 1% of the loan amount.  They will go down as low as you want and as high as $40K.
• Hard money or private lender - Short term, high rates and fees.  But this is good for transactional funding and fixers.

Hope that helps.

@Jeb Brilliant PM me. 

[email protected]

@Lynne Locklin  Hi Lynne, please send proforma and 2015 P&L for both St. Louis and Birmingham portfolios to [email protected] so I may review.

Thank you!

-Leo B.

Thanks for the replies all. I think I will keep this less complicated and utilize all 1031 proceeds towards an investment property.