All Forum Posts by: Matthew Schroeder

@Ryan Mullin has given you excellent advice!  I wouldn't have much more to add.  If you want to get a feel for the neighborhood, use Google Earth and type in the address.  You will see that S Meridian is a major North-South thoroughfare, and directly across the street from the property is a church & it appears to be some type of retail/industrial/office building, so the area is quasi residential, quasi commercial.  I hope that is helpful!

You should absolutely, positively have a reputable title/escrow firm (preferably local, but not necessarily), do a title search, however, you can do that after you have submitted your offer, and the seller has accepted, as in the contract, it will stipulate that your purchase will be contingent on the seller delivering clean title.  

The title search can be done after the accepted offer, and if the title is not clean, the seller will not be able to sell it to you.  If it is clean, then he/she will be able to sell to you.  Make sure to review the title document which is ordered.  

Also, make sure that you are working with a good Indiana real estate agent, and they will guide you through that process, answer your questions, and make sure that there aren't any big "gotchas" later.

Good luck!

1.  Make sure to do your due diligence!

2.  After you have finished your due diligence, review it again & see if you have missed anything.

3.  After you have done that, ask other people (investors, friends, mentors), "what am I missing?", and then, do more due diligence. :)

In short, do a very thorough due diligence on the front end, and as always, CAVEAT EMPTOR!

Check out @Ben G..  He was featured on BP Podcast #91.

BP Podcast #91: Getting Started as a Wholesaler (Ben Grise)

@Ashley Mullin @Ryan Mullin  You're welcome!  When I originally read that article, I thought of you as I knew you lived in Herron-Morton.  Congratulations on an excellent decision!

@Jynell Berkshire is excellent!  Below is an earlier BP post where I provided a recommendation for her.  Good luck!

Highly Recommended Indianapolis Attorney

Dear BP Members,

FYI.  Indianapolis often receives a lot of negative feedback on BP.  And, Center township in particular is often shunned outright by many investors and locals.  For those in the know & the ability to "peel back the onion", there are immense potential opportunities!

Question:  If someone told you that there was brand new construction, within walking/biking distance of downtown, for a list price of $1.3 million, would you believe it?  More importantly, would you consider that a sign of a declining area or an area that is growing?

In terms of neighborhoods, Fountain Square gets a lot of attention.  Bates-Hendricks is up & coming.  Meridian-Kessler & Butler Tarkington are established.  Holy Cross is revitalizing.  And while Herron-Morton does not get a lot of press outside of local circles, it is definitely an impressive neighborhood.  If you don't believe it, do a simple property search on your favorite online real estate site & check out the architecture (and prices) of some of the new builds - they are impressive!

Here is an article from the most recent Indianapolis Business Journal on the developments in the Herron-Morton neighborhood.

Downtown Boom Hits Herron-Morton

Dolores Waldron If you provide cross streets or general neighborhood (don't need specific address!), locals can & will chime in on the grade/quality of the neighborhood. I wish you much success, but with the information we have to date, I see 'red flags' and I have a hypothesis on some of the neighborhoods in which the property is located. About a month ago, there was a California investor who had a similar situation /property - he lucked out because someone else beat him to the "deal" - good thing for him, because he saved himself easily $10,000, if not $20,000!

Whether or not it is a good investment is going to depend 100% on the location in this case! Forget about the cash flow analysis for a moment and ask yourself this simple question ... Why is a 3-bedroom at this property renting for only $475/month?

@Jeff Green As @Aaron Cullen mentioned, that area can be spotty and you need to be very selective.  When local people in Indianapolis talk about the city being "block by block", they are referring to areas like the one for which you have the pro-forma.  If you are still in town, you should try to drive that neighborhood/street after sundown.  Good luck!