All Forum Posts by: Patrick B.

Graduated from college in 2008. Wanted to work in real estate. 

Took a job as a commission based mortgage loan originator without realizing the magnitude of the impending meltdown. Quickly realized that I would struggle to make a living and resigned after 6 months.

Took a job in consumer finance where I originated, underwrote, processed, and closed a variety of loan and insurance products. Was laid off after two years amidst a large downsizing effort. 

Took a job as a mortgage underwriter as it had become clear I was better skilled and enjoyed that aspect of lending more than sales. Was laid off after two years amidst a large staff reduction. 

Took a job as a commercial credit analyst where I remain today. Surpassed the two year mark successfully which was a new milestone for me given the prior layoffs, ha. 

Grateful for the opportunity to have learned a lot about consumer lending, mortgages, appraisals, personal finance, and commercial lending as it has helped me in pursuing my real estate aspirations. The layoffs intensified my desire to become financially independent via real estate and determine my own destiny which I am striving toward now.

@Abigail Boston Welcome! You are headed in a good direction with the license, savings, and two good books. I know exactly what you mean by "always found a reason for it not be a good time" and can certainly relate. Years after first becoming interested in real estate, I finally made the jump in early 2015 by purchasing a fixer upper as a "live in flip." You might check out the FHA 203K loan. It can be a good way to flip without lots of cash. Also check out CIREIA and INREIA ... two local meetups.

@Terone Johnson Why structure it as a subject to deal? Conventional financing would allow you to purchase the property outright in which case the trust and 12% interest rate would both go away. If conventional financing is not feasible, maybe this project would be viable on a crowdfunding platform? 

@Jeb Brilliant Here is an article dated 3/16/17 about the GM stamping plant

http://www.indystar.com/story/news/local/marion-co...

@Darren Finney @Clay Manship I agree! The Circle City Industrial Complex has and will continue to spark revitalization in the Brookside Park area and I don't doubt that will push east into Springdale. I rode my bike through Springdale the other day and was struck by how neat it all could be ... winding streets, tons of trees, a park, neat old houses, etc. Very cool.

@Jim McCabe Congrats on landing a promising deal for your first project! What is the scope of the rehab? Cosmetic improvements or full fledged gut job? Are you doing any of the work yourself? 

Become Debt Free

@Rhea Jackson There was a buy and hold investor from Indianapolis on the podcast. You might reach out to him. https://www.biggerpockets.com/renewsblog/2015/08/2...

Here is a blog from a guy who bought turn key rentals in Indianapolis while living elsewhere and has since moved here. I think he is a BP member, too. http://www.cashflowdiaries.com/how-i-bought-4-rent...

As for specific neighborhoods, I would refer you to the people at FS Houses. They seem to know the city inside and out. Many of their folks are BP members, too.

@Arek A. You might try Union Savings Bank. I've heard good things about their lending programs. 

https://www.usavingsbank.com/mortgageloans.aspx

@Meagan Ruxer Here are a couple places you might consider: 

http://www.fullcirclefloors.com/

https://www.facebook.com/Smiths-Hardwood-Floors-Inc-395483857195222/

http://www.dlhardwood.com/

Whereabouts in Indy is your condo flip and how's it going?