All Forum Posts by: Cary Trusty

Yeah if there are good flips south of the circle, I'm pretty sure @Shawn Holsapple already found it, haha. 

@Dave Comer I'm a southsider living in 46237 now. I'm also looking for my first (investment) flip and would prefer the areas mentioned. Let's connect. I've also gone to the INREIA before but haven't found my way back in a while. I think there is a meetup next Tuesday I plan on doing my best to attend.

Welcome to the site and check out the pod casts if you haven't already!

@Rodney Kuhl 

Thanks for posting your situation. I'm not exactly there but its helping me understand my options as I'm sure I'll be in your situation soon enough. I'm in the middle of downsizing my lifestyle (selling the big house for a cheaper fix and flip, selling the gas guzzler sports car for a hybrid) and just reducing my expense line so I can pump all income into investments.

Once all is said in done, I'll probably have a similar amount of money to invest. My initial thought was to get leveraged and do as many conventional loans as I can and then move into portfolio lenders once I start building a reputation. I'd be interested in hearing what route you end up taking. Let's connect.

I'm still waiting on my first property but I've heard MFH in Indianapolis are tricky -- mostly due to the numbers looking good on paper but the vacancy factor being the issue. I would validate the vacancy thru copies of his schedule c/e. Do you know what the current situation is with the tenants?

@Shawn Holsapple is a big wholesaler, agent/broker, and investor in the Indianapolis market (and believe he has experience with out of state investors). You might reach out to him.

This is pretty awesome!. I just checked out the cam and within a few seconds, saw a call drive-by and the cam quality was incredible. The frame rate had the car going by at real time speed. Therefore the demo should look pretty awesome! I'm going to mark my calendar (while on vacation @ Hilton Head Island) to make sure I catch the demo!

Although my start in REI is slow (still scaling back my lifestyle to get in a better position to invest), there is no doubt the generosity of your time spent sharing and documenting your experiences will help save me money hand over fist. A serious thank you from a small time newbie.

Good luck J and Carol -- Absolutely love TheScottPad!

I think your best bet is to check with a local real estate attorney to know for sure. Now my situation wasn't exactly the same, however, my first house purchase (in Indiana) was 203k fha loan on a short sale house that had 2 mortgages. I don't know exactly what the second mortgage was for, however, the house was built in 2000 and my realtor (based on other information he gathered) believed the basement was fully finished in 2007 (estimated $50k renovation). So, I believe a HELOC was taken out to finish the basement.

The bank approved my offer within 30 days (incredible) but the deal almost fell through because the 2nd lien holder wasn't notified of the short sale. This part is hazy but I wanted to say my realtor told me they needed to agree to accept less for the debt but if they didn't, it would go to foreclosure and they would lose the ability to collect anything? I'm not sure how true that last part is but that's what I was told.

Good luck!

@Jay Y.

I live on Sycamore Run Dr just south of Cork Bend Dr. The area south of there is better than the area North of Cork Bend Dr. I have a friend that lives near Brookville (woman, mid 20s, single) and she is fine in her neighborhood. Franklin Township is a great school district just south of there.

As for the other property, I don't know the area as well. My girlfriend's parents live off 56th / Dandy Trail nearby (nice late 70s homes right off the lake) and the property is a few blocks from the Colts complex. Pike Township in general isn't the best school district but there are good pockets within the area.

Good luck!

Welcome @Josh Sohar !

I'm glad you looked up BP and joined the site. Take a look at the podcasts and the following article:

The Real Estate Agent’s Ultimate Guide to Working with Investors

Also, setup keyword alerts for "Indianapolis" so you can be notified when there is a new discussion in Indianapolis (exactly how I knew you just joined).

I hope I wasn't too bad for the Pacers game! haha..

Thanks for the feedback guys.

It is a tough one or me. I'm a bit of a control freak when it comes to certain things. I love running numbers and assuming as much information at possible. I feel like I don't have enough control without access I suppose. Properties seem to be moving too fast and the thought of waiting to access a property when my schedule matches up with my agent just doesn't sit well with me. I looked for over 2 years before I bought my own home (searching online daily). I would probably drag a poor agent around to view every potential deal I find :)

I appreciate the advice though and will reconsider what my short term goals right now.

Yeah I've done the walk through on this house as well and have considered the exact same offer (maybe even lower). The biggest issue I see with the home though is it has a private well / septic tank. The house does need a complete gut and the back of the house was an addition. I'm not sure if it was done to code or not (and if it can even stay). I also don't know how good the comps are given the commercial area. A friend in commercial real estate got some ball park numbers of $10k to hook it up to city water. IMO that would be the hurdle. Given the area is really close to subdivisions, etc. I would think people will expect city water.