All Forum Posts by: Melissa Owen

We are trying to close a property in Indiana and the lender we were looking to use can't close within our 9 day close period because he can't get an appraisal in the time frame. Is anyone else having this issue? What solutions are there?

Any appraisers in the Indiana market that know what appraisal times look like right now? In-house appraisals seem to be a little different but what about if we need an independent appraisal? Any suggestions for appraisers you have used in Indiana?

Welcome! My partner and I also are investing in the Indy area through long distance real estate. We have loved the Fountain Square area and have found some great deals there. We also have a great Real Estate Agent in the area if you are looking for one. 

We have found that having a good agent on the ground is really helpful. It is their job to know the area and which neighborhoods are good and which aren't. BP is a great resource to connect with people in those areas you are looking in and, if you read the long distance investing books, you know a good agent is on the list of people you need on your all star team anyway. Our agent in Indiana can actually tell us what streets in which neighborhoods to watch for because every block is different!

My partner and I have a great team in Indiana. It's been a market we have been impressed with in terms of margin and return. We are also long distance investors and have found that having a good team on the ground is most important. Stephen Barton is an awesome Realtor that has connections in the wholesaling world and has brought us some great deals for fix and flips. So if you want to look at Indiana, look him up. 

My partner and I had a deal we were about to close on. Quick turnaround, large profit margin, low rehab budget, great for an investor. Our money partner got scared and backed out, and then so did the backup. Lender was even having issues getting an appraiser. Eventually had to let the property go. Frustrating, but just re-evaluating our business for the time being and pushing through in other areas until things die down. Shows why it's important to have different avenues of income generation. 

Purchase price: 75,700

Repair Costs: 53k

ARV: 170k

It's mostly because it's my first deal and it's not in close proximity. I'm in Arizona and the property is in Indianapolis. Lenders don't seem to care that the team I have built is legit! 

I have a great deal in Indianapolis and have built a great team of people. Run the numbers and done all my homework. Everything is in line except the money. I've talked to 14 different lenders all who won't lend to me because it's my first deal. Talked to family and friends, still no credibility, so still no money. What do you suggest next? Just need the down and closing costs.