All Forum Posts by: Terry B.

... And the 203 (renovation) loans are not for investors... Owner occupants only.

Homepath is for Fannie Mae REO's. For the first 15 days (I believe) only owner occupants can bid. After that, anyone. I have found, at lease in the Indianapolis area, it is EXTREMELY difficult to find an investment property through them. They want retail, or higher, on most deals and will sit on properties rather than sell at a discount. I look every day, mostly out of habit, but it's been over a year since I've even put a bid on one. If responses in this thread show others have had better experiences recently, I may revisit and start putting in bids again!!

Amber Cheney I worked in banking and second homes are vacation homes, not rental properties... At least at the bank where I worked.

John H. Find a realtor who understands investors and isn't opposed to writing almost any offer. INSIST they write the offer. Also, let them know (if you're flipping) that any house purchased through them will be listed with them for resale. It's a 2 for 1 for them as they will get paid twice on the house... That should be the only bonus they need.

Unless responses in this thread from more experienced investors advises against, I will be at all appraisals from now on. I recently sold a property that was held less than 90 days, so 2nd appraisal was needed by buyers lender. I've had this happen in the past with no issues... Well, there's a first time for everything!! 2nd appraisal came in $5000 UNDER sale price. Upon looking over a copy, appraiser gave NO credit for all of the work that had been done and I had no luck getting it adjusted/amended. Long story short, I still made $$$ on the property, but will attempt to be at all appraisals on my flips to try and keep this from happening again!

Just from experience looking here in the Indy market: No longer shows appraised value in an obvious place.... You have to dig. It should be listed someplace on each property because, for FHA buyers, it is an important piece of info because if an FHA buyer pays above appraised value, they have to come up with the difference out of pocket (at least that's my understanding). they have started listing some, but not all, properties above appraised value. I saw one here in Indy that was appraised at $85k and HUD priced it at $117,900!!! I've been able to find the appraised value in the addendum a tab, usually in the "disclosures" document.

Property managers/real estate brokers. They don't sell their own inventory (turn key), but are very knowledgeable about rentals, the areas of the city and are great at what they do.

Ken Lou I hope the weather warms up before your visit... It's been COLD here lately! If you are interested, I know a couple of local property managers and would be glad to introduce you.

Ken Lou when are you planning your visit?

Ken Lou sorry... I hit "post" before I was done! Single family or multi family?