All Forum Posts by: Ryan Boyd

 Hi Latrice!

I am a Real Estate Agent as well as an investor.

Thank you so much! Are you an investor here in Indy I'm assuming? What areas are you interested in? I'm mostly focused on the downtown but I'm looking to other markets as well.

@Richard G. I don't have it in front of me but it's either 1910-1920. Honestly old homes aren't a huge worry for me as a majority of the homes in Center Township are 80-120 years old. You just have to navigate what are major issues verses small issues. I'd be happy to chat with you further about it sometime!

Indy market has been very steady with a solid job market. Continual growth and a lack of dependence on one specific company (Like GM in Detroit) gives me confidence things will continue to steadily grow.

@Richard Jung Thanks Richard! It needed very minor work done. Honestly, it was all just stuff I personally wanted to do to get it as updated as possible so I don't have to update it later. We spent $2500 total on materials and a washer/dryer. Took us 3 days to complete and had it rented about 7 days after close.

@Michael Hamilton Thank you! I found it on the south side of Indianapolis. Centier has a great product for low-moderate income tract neighborhoods, I'd be happy to put you in touch with the lender I use with them.

@Jason R. Hi Jason! I'm a local realtor that works primarily out of Center-Township Indianapolis. I currently own 3 units in Indy and have helped over 10 BiggerPockets investors buy/sell/BRRRR homes in our market. Feel free to reach out if you're putting out feelers for an agent that works best for you. I work out of Fountain Square.

I have some of my investments posted on my profile.

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $43,675
Cash invested: $2,500

Currently, I cannot qualify for a home due to being a realtor (Banks need to see 2 years of tax returns to lend to me... One year to go!) I didn't let that stop me from landing a good deal. My parents are rental property investors and after sharing/convincing them this was an incredible deal we partnered together (even though they say to stay away from family). We are currently renting the home for $920/mo to a young couple and have had little to no issues... If only they were all this easy!

What made you interested in investing in this type of deal?

Many of the homes I have found for myself or other investors need a major amount of work to make the number look great. This was a unicorn that for some reason nobody saw or was interested in. I took a slight risk, and it paid off greatly!

How did you find this deal and how did you negotiate it?

By the time I had gotten approved to put an offer on the home it went pending. I told the listing agent to contact me if it fell through and fortunately, it did!

How did you finance this deal?

Through Centier Bank with Chris France. Conventional 20% down loan and it qualified for a neighborhood loan. Our interest rate was an amazing 4.25%

How did you add value to the deal?

This home honestly should've sold for 70-85k. The listing agent needed money quick!

Sorry to hear about the bad experience, Frank.

Sounds like a discussion the Realtor likely should have initially brought up with you. It's a fairly common practice (depending on the market I guess) to have an expiration on your offer. Hopefully you found a Realtor that can do the job you're needing.

Best of luck in your future investments!