Indianapolis: My First Deal

17 Replies

Hello everyone-Just got under contract on my first deal in Indianapolis. Yes!!!! I plan on Out of State BRRRing. The property needs light updating and cleaning. Probably redo floors and paint, update bathrooms and kitchen. I will post some pics and progress once it closes. Super excited to finally get going in this after 18 months. Lots of help and inspiration from folks on BP.

@Vishal Sood

Hudson and Marshall auction. It took about 3 weeks of bidding with my offer which was below reserve. Finally they called me and took it. It’s a good value because of the acreage, which I don’t think most folks realized. It was a bit of a headache but it has good upside so I’m excited. I had to stick to my numbers. I believe many folks bid too high on many of those auctions. I often don’t know how they make their numbers work with such high bids.

Originally posted by @James Knight :

Hello everyone-Just got under contract on my first deal in Indianapolis. Yes!!!! I plan on Out of State BRRRing. The property needs light updating and cleaning. Probably redo floors and paint, update bathrooms and kitchen. I will post some pics and progress once it closes. Super excited to finally get going in this after 18 months. Lots of help and inspiration from folks on BP.

That's great! Congrats! I know what you mean by BP inspiration, boy I'm eating and sleeping real estate since joining! I'm hoping to get into escrow this week in Indy too. How did you go about building your BRRRR team? To me that always seems to be the hardest part.

Constance,

building the team is truly the hardest part, yet most important to save time, money and headaches.  One of the most important factors is experience; which pretty much means they have done things so many times they have made plenty of mistakes and have learned the hard way.  Of course, reviews and referrals help in finding the right people.  If you can find one key person who already has already built their resources and doesn't mind sharing that is a savior.  I have built my resources over years and always seem to find them from nice people who understand being nice always pays off and sharing is part of that equation.  Successful people believe in abundance and don't feel like they are giving away everything if they give you a good lead:)  Let me know if you need any help along the way and I'd be happy to help out.  My father was in the business for 50 years and I simply followed his lead of always lending a helping hand without any expectations.  Good Luck!

@Constance Kawa-Small

Looking to build a team. I’ve reached out to several folks out there through BP but nothing solid yet. I’m open to suggestions. I got my original post removed because it was openly asking for referrals. It’s a work in progress. Thanks!

@James Knight I can't wait to hear about your story! Would love to know why you chose this market, learn more about the asset you chose and what's your strategy! You mentioned you went the auction route...any particular reason you chose this vs brokers, etc?

Congratulations @Keon Garraway on your first closing in Indianapolis!

It's been great working with you on this first transaction, and I look forward to many more.

If you have any questions, you can always reach out to me at anytime.  I will also be touching base with you in a few months to see how things are coming along.

Have a great day.

Oliver Fu

Sr. Investment Counselor
Norada Real Estate Investments - www.NoradaRealEstate.com

@Renee Ren

Quick Update: property was supposed to close on 10/21 but there is some issue with title that’s holding things up. I’ve been told that the title company is trying to get this cleared through the city but the city is unresponsive or slow to respond. The issue they quoted to me was a code violation from Aug 2018 but I’ve searched the website myself and there is no issue for this property in that timeframe. There were others however, but they are all listed as “closed”

So... I will provide more details of the property once it closes.

Thanks for checking in.