All Forum Posts by: Account Closed

it depends on what part of Indiana you are looking to invest in. I'm an active duty captain that is doing flips remotely in the FS area and looking at a couple other places. You have substantial opportunity if you know what you're looking for. If you're looking for something you can turn into a rental once you PCS you need to look at purchasing in the districts with great schools.. i.e. greenwood, CG, Carmel, Noblesville, Bloomington, People will pay more to live in those areas and you can most likely cover your expenses with a renter after you move out. You're not going to get a crazy deal out of those areas unless you're looking at fixer upper or something you can buy at Auction VIA the courthouses or Online.. There's always a large auction that occurs in October and I would look there as well as get on an auto mailer for auction.com and HUD.

I am finishing up a flip and am being contacted by my GC that he needs final payment funds to complete the project.. I wired him funds to buy appliances and now hes saying he doesn't have the money to buy the appliances.

Backstory: he is 7 weeks behind not only on my project but a few others it sounds like. I have a strong feeling he is using the funds that I wire him to complete various things to pay for other projects that he is falling behind on as well to appease his other investors.

I'm trying to figure out if there are legal ramifications for this type of thing and if so how does one go about pursuing it? I'm basically at the end of the rope with him and its time for him to pay the piper

Typically if they don't sell for what the banks want to sell them for at auction they may be sent to the MLS. Peruse the MLS to see if you can find them hiding in there now (I've seen that before) Also, someone may have scooped them up prior to the properties prior to auction date by buying at whatever price the seller wanted and therefore they had no cause to put them up for auction. could have been a package deal and that's why all of them dissapeared

I am a new investor that is looking to flip my first house. my lender is waiting on me to get insurance for a flip. does anyone have any good recommendations for insurance companies in the Indianapolis/ Indiana area.

Thanks

Mike D'Arrigo yea I learned during the inspection that the neighbors were a lively bunch and not in a good way. That coupled with a slumlord who attempted to hide some major defects in the property convinced me that it probably was a project not worth undertaking for my first one. I hope the area will improve in the future as people get priced out of the more expensive area but want to stay close to the fountain square area so maybe in a couple years.. I grew up around there and can’t believe the difference.. for now it’s back to the drawing board. Paying for an inspection was a cheap price to pay to learn about the neighbors.

@estienne Martel the intent is to get a > 1 percent ARV on the rental but that's actually my starting point. The area is part of a federal and state promise area to revitalize it and reduce crime and bring art and jobs into the area. It's centered on a large scale project the city is undertaking that'll make that happen within a couple years. Houses are being flipped @300-500 k in the surrounding blocks so it'll make for a good buy and hold strategy with a good depreciation write off on property improvements as I'm gutting the house.

Last year I stumbled upon bigger pockets after deciding I didn’t want to work for someone else for the rest of my life. Today I got an offer accepted on my first real estate deal(seller financed) in the Indianapolis area in arsenal heights. It feels good to meet my initial goal of my first duplex by the end of the year. I am funding the rehab of the duplex with cash since I didn’t have to make a hefty down payment

Deal is as follows:

Asking price: 96k

Accepted offer: 70k

Earnest: 1k

Down payment: 10% 7k

18 month interest only @ 8.5% on 63k loan: 450 dollar payment roughly

Rehab: 50k

ARV: 165 (hopefully)

Rents: 800-850/ side.

As houses become less affordable in the fountain square/ woodruff area people are moving into arsenal heights following some gentrification and I am looking forward to commanding 1k rents or more.

Hopefully the ARV is good and I can be into this with no money once I refinance and rinse and repeat and buy the house next to it.

Long distance investing is scary but I am looking forward to the journey ahead 

Last year I stumbled upon bigger pockets after deciding I didn’t want to work for someone else for the rest of my life. Today I got an offer accepted on my first real estate deal(seller financed) in the Indianapolis area in arsenal heights. It feels good to meet my initial goal of my first duplex by the end of the year. I am funding the rehab of the duplex with cash since I didn’t have to make a hefty down payment Deal is as follows: Asking price: 96k Accepted offer: 70k Earnest: 1k Down payment: 10% 7k 18 month interest only @ 8.5% on 63k loan: 450 dollar payment roughly Rehab: 50k ARV: 165 (hopefully) Rents: 800-850/ side. As houses become less affordable in the fountain square/ woodruff area people are moving into arsenal heights following some gentrification and I am looking forward to commanding 1k rents or more. Hopefully the ARV is good and I can be into this with no money once I refinance and rinse and repeat and buy the house next to it. Long distance investing is scary but I am looking forward to the journey ahead

Last year I stumbled upon bigger pockets after deciding I didn’t want to work for someone else for the rest of my life. Today I got an offer accepted on my first real estate deal(seller financed) in the Indianapolis area in arsenal heights. It feels good to meet my initial goal of my first duplex by the end of the year. I am funding the rehab of the duplex with cash since I didn’t have to make a hefty down payment Deal is as follows: Asking price: 96k Accepted offer: 70k Earnest: 1k Down payment: 10% 7k 18 month interest only @ 8.5% on 63k loan: 450 dollar payment roughly Rehab: 50k ARV: 165 (hopefully) Rents: 800-850/ side. As houses become less affordable in the fountain square/ woodruff area people are moving into arsenal heights following some gentrification and I am looking forward to commanding 1k rents or more. Hopefully the ARV is good and I can be into this with no money once I refinance and rinse and repeat and buy the house next to it. Long distance investing is scary but I am looking forward to the journey ahead

@Tyler Hart.. House hacking is a great start.. Your First Sausage is right.. you won't be able to escape the B's until you make your 5 or get married.. (not recommended).. I would recommend looking for a real estate agent on the island once you know that you are getting close to making points and escaping the barracks.. You can see the trends on the island and see price points and determine rents for other rooms.. You're going to want to save up some money as well even though a VA loan is zero down you're still gonna have to chalk up a pretty penny for earnest money.. I coughed up 5k and got it back at closing.. Houses here go fast.. based off of the area you're wanting to buy you will want to look at putting an offer in as soon as they get on the market and you get a chance to look at it.. I made 7 offers before I finally got one accepted because I made the offer prior to the house going to open house.. The market here is fast but the appreciation is insane.. Also look into lenders and getting pre approval letters and going through the VA application process to expedite it. nothing in the government is quick so expect the VA to take their time and lose your paperwork half a dozen times.