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All Forum Posts by: Patrick B.

Patrick B. has started 2 posts and replied 65 times.

Post: Newbie from Denver, CO

Patrick B.Posted
  • Indianapolis, IN
  • Posts 71
  • Votes 29

@Erin Carpenter Congrats on your lucrative condo deal. I have no doubt you can find some solid opportunities here in Indianapolis. Let me know if you have any questions that I can help with. @Ryan Mullin @Brett Snodgrass @Ben G. are knowledgeable and active, full timers here in the area; you might be well served to reach out to them, too. Cheers.

Post: Indianapolis, In- Haughville area

Patrick B.Posted
  • Indianapolis, IN
  • Posts 71
  • Votes 29

@Cherese Bailey I've not invested there personally but I would skip it. Too much crime. Too much drug activity. I would anticipate difficulty in attracting a quality tenant and in limiting tenant turnover. I'd consider it a "D" area and would instead seek out a "C" asset elsewhere which might cost 10% - 25% more but would be a better overall investment. 

Post: Newbie in Indianapolis IN area

Patrick B.Posted
  • Indianapolis, IN
  • Posts 71
  • Votes 29

@Henry Offiah Welcome aboard. I really like your strategy. Indianapolis seems to have fewer duplexes than many other midwestern cities so it will likely take some patience and persistence but can definitely be done. If you haven't already, I would sit down with a knowledgeable mortgage professional and walk through your situation. A concrete, real pre-approval isn't likely necessary at this early stage but it'd be helpful for you to know where you stand. How much you can afford; how much of a down payment; etc. Then I would start looking at deals. Running numbers and analyzing deals will only help you become more and more proficient at spotting terrific investments, even if you don't anticipate making real offers at this time. If you've not already done so, check out the FHA 203K loan product as a possibility as well. Could open the door to some potential purchases that you'd otherwise not consider.

Post: Need advise on an SFH in Indianapolis

Patrick B.Posted
  • Indianapolis, IN
  • Posts 71
  • Votes 29

@Manish Sharma Nail down your numbers and plug them into the BP rental property calculator, if you haven't already. 

https://www.biggerpockets.com/buy-and-hold-calculator

Post: Looking for Indianapolis Inspection Company Recommendation

Patrick B.Posted
  • Indianapolis, IN
  • Posts 71
  • Votes 29

@Jen Harwood I second that. I used Indy Pro Inspection when I bought and was happy with the service.

Post: Good attonery in Indianapolis

Patrick B.Posted
  • Indianapolis, IN
  • Posts 71
  • Votes 29

@Ronald Cova Perhaps fellow BP member Jynell Berkshire could assist or at least point you in the right direction.

http://berkshirelawllc.com/

Post: experienced 203k lender in Indianapolis?

Patrick B.Posted
  • Indianapolis, IN
  • Posts 71
  • Votes 29

@Joel A. AmeriFirst Home Mortgage has offices in Fishers, Avon, Greenwood, etc. I saw them at a home show with a kiosk set up for their 203K loan product. Ruoff Home Mortgage is local and I've seen their 203K loan product advertised. HUD has a search page where you can enter your search criteria and find 203K lenders ... https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist