All Forum Posts by: Ariel Hernandez

Bought a house on land contract seller finance last November, I’m in the process of cash out refinancing and title company sends me and seller two huge judgments amounts that we’re filed against seller two weeks after we closed on the property saying those need to be paid off.

A quick Google search and I found out buying on land contract has these disadvantages because title was never fully transfer from seller to me until once contract paid in full ( great lesson for me)

Those judgments from an insurance company are about $20k more than what I owe him.

Are those filings legitimate even if filed against him two weeks after we closed on the property and I received a fully cleared title policy?

Any feedback would be appreciated

Welcome To Biggerpockets Community @Erwin Perez

My two brothers live in Greenwood and I come to Indy very often. I have a few doors, Airbnb and STR In Indy, one of them on the Southport Area

The fact you have a construction background I believe is a great advantage in the BRRRR strategy. The only "unknown' when getting a property rehabbed, is the final cost and time to get it fixed by the contractor.

Indianapolis like most other markets will get affected by whats happening with this Virus and I think is important to adjust ARV so when comes time to refinance you can successfully take all your initial cash out the property.

I Would also suggest starting with SFH first if they have great numbers, unless a duplex or more units is in a Very desirable block near downtown. Indianapolis has an interesting dynamic, you can rent a single family house for the same or less as an apartment, I usually deal with lots of turn around on my multifamily properties, not on the single family houses.

Feel free to reach out if you have any other specific questions!!

@Christopher Petrillo

I've been investing in Indianapolis for 4 years, is a great rental market for SFH, population and overall growth is strong, just make sure you interview and reference the PM you talk about, then go with the best choice ready to switch if necessary if you don't connect well after you start working.

Good luck!!

Welcome to BP @Tristan Davis, I invest in INDY and have a great realtor that might be able to help you. PM and I will give you her contact number 

@Kevin Hoff I live in NYC area and own 14 doors Indianapolis, my two brothers live there for over 12 years so it makes it easier. Investing in INDY has tough me that is very different than the coasts. SFH tend to be a lot easier to manage and renters stay way longer, Keep in mind in most of these markets renting a single family house is as much as renting an apartment and most people have multiple. Unless your multi family unit is very well located it will not rent to quality tenants, again very different than NY or California where people are used to living in apartments

I highly suggest visiting the city you choose a few times and staying in an Airbnb in the zip code you might be thinking of investing in, walking and driving the neighborhood might save you lots of headaches, Good luck!! 

@Keith Homstad look

Into other markets where $100k all

In will get you $1200 tents all day like Indianapolis and in a 5-6 neighborhood where you will possible can see some appreciation. Good luck

Hey @Ryan Nguyen, I live in NYC and invest in Indy. PM me and I will put you in contact with the agent that has been helping me  for two years now. She might be able to take in more out of state clients. 

@Marquis Davis Welcome to BP!!

Keep listening to as many podcast as possible and invest time learning from others here by reading and following threads you are interested in. Decide what part of real estate you want to participate in, Are you looking to be a rehabber, wholesaler, rental investor. There is opportunities out there, find someone in your area you can bring some value to, learn to identify what "a good deal" should look like in your area. 

Best of luck!!

@Korosh Major would you mind sending me the details on this meet up tomorrow, I tried looking for that meet up group but can't find it. 

@Ryan Nguyen I invest out of state and at first I trusted my brother to walk the area since he lives in that state (Indianapolis, Indiana) him not being a real estate investor only saw the negative of the neighborhoods as a whole. Not taking into consideration new sidewalks being built by the city, new parks in the area, rehabs going on in the block or a few houses down. My point even having some eyes on the ground is not enough, data on paper doesn't beat taking a few days and staying in an Airbnd for example to get a sense of how the neighborhoods are during all hours of the day.