All Forum Posts by: Nicholas Hamblen

Looking for general contractor's to provide an estimate for a property we are interested in. Hopefully, build a relationship to manage rehab properties around the area.

I'm in need of an investor-friendly contractor in Indianapolis also. 

@Milos N. My wife and I are out of town and have been looking at properties in Indianapolis. I would be very cautious about Indy. There are some great up and coming neighborhoods, but many not so great neighborhoods. We would see these older homes that would be very beautiful if it were all fixed up, for great prices, only to see it in a horrible location. I would just recommend learning as much about the area you are buying in as you can. We have been looking in Bates-Hendricks, Butler-Tarkington, Mapleton-Fall Creek and Fountain Square. There are other great areas, just thought I would share some. Good luck house hunting!

@Janine Covello I am new and don't have any experience, but I don't see what you have to lose, just to wait it out. You said you would not buy the property unless the tenants are gone, that is a contingency you have in place to protect your money. Personally, if the house was a great deal and I had no other properties that I was interested in making an offer. I would continue to look for other deals and  stay with this one, until you found another property you like, or  know for sure the tenants wont leave. 

@Jay Hinrichs I can understand peoples frustrations when they find a deal and they think they will get a 100% financed loan only to find out its going to cost them 10-20 grand down. I am definitely no expert on the program but I think if you ran a deal thru their analysis program, most would understand the criteria they are looking for, to fund a newbie. The client has to submit the go ahead on the $650 dollar evaluations and they have to be sure they have entered good numbers. My evaluations seemed very thorough and anything I missed they caught. I would suspect many of the disgruntled people find cheap properties that need a ton of work and plan to do the work themselves so they put a low rehab budget in the system. They will only allow licensed contractors to do the work, so that's probably why many of these deals go unfunded. They also offer you a wholesale deal if you find a great property but cannot afford the down payment they offer. Not exactly sure how that works, but it is a way to get the 2350 back and also make a few grand wholesaling. 

@Jacque Fairbourn Thank you! I feel like I got lucky finding this property in such a great neighborhood. We are setting them up as we speak and I feel we are pretty close with the numbers. My wife and I were nervous about the evaluations but I was very impressed with how well they did. They were truly experts of the neighborhood and Stefani has been doing great helping us out to get through the process.