All Forum Posts by: Jared Fisher
Jared Fisher has started 20 posts and replied 31 times.
Post: Thoughts on Anderson, IN Market?
- Posts 31
- Votes 19
Hey everyone,
I came across a potential cash-flowing property in Anderson, IN, and wanted to get some input before diving deeper. After doing a bit of research, I noticed the population growth seems flat, job growth looks slow, and it sounds like the tenant pool can be hit or miss.
Does anyone here have experience investing in Anderson? Curious to hear if you think there's upside to be found there—or if it’s better to steer clear.
Also, if you know of any good resources for digging into the Anderson market, I’d really appreciate a nudge in the right direction. Thanks in advance!
Hello,
Does anyone have any insights on how difficult it is to get a permit for renovation/construction in Indianapolis for residential property and know the expected timeline? Also, how is the general landlord friendliness with dealing with the municipality and local regulations/laws, etc?
Thank you so much!
Best,
Jared
Post: Exclusive Contracts with Agents (BAA Form)
- Posts 31
- Votes 19
An agent in Indianapolis sent me a Buyer/Exclusive Agency Contract and it states, "BUYER AGREES and acknowledges that Buyer has no current Buyer Agency Agreement with any other real estate broker(s) for the same scope of work. Buyer represents that if Buyer previously entered into any conflicting Buyer Agency Agreement that such agreement has expired and/or has been terminated. A conflicting Buyer Agency Agreement is one that overlaps in scope, time, and/or conditions with the current Agreement" but also includes the condition, "Buyer reserves the right to work with multiple agents."
Can a lawyer please let me know if this means that I can work with an agent from another brokerage or should I request to have the condition about agreeing to no Buyer Agency Agreement with other brokerages to be removed?
Post: Recommended Agents in the Indianapolis Market
- Posts 31
- Votes 19
Can any investors in the Indianapolis market please help by referring me to an agent they have used to buy properties that they were satisfied with? Thank you in advance!
Post: Cleveland Property Manager Recommendations
- Posts 31
- Votes 19
Hello,
I'm a new out-of-state investor in the Cleveland market and wondering if any investors have used any property managers in the Cleveland market that they recommend.
Thank you in advanced!
Post: Zillow Rental Manager Background Screening Results
- Posts 31
- Votes 19
Thank you David!
Post: Zillow Rental Manager Background Screening Results
- Posts 31
- Votes 19
The result for a background check using Zillow Rental Property Manager's site came back with a result of "N/A". Does that mean the applicant had a clean criminal record or that the 3rd party wasn't able to screen the applicant?
Post: Refinancing a hard money loan
- Posts 31
- Votes 19
Quote from @Robert Portal:
The main things that you need to keep in mind are seasoning and status of the home. Conventional guidelines will ask you to have owned the home for 12 months before you can do a cash out refinance. Additionally, you have to qualify by submitting all your documentation (tax returns, W2s or 1099, paystubs). The new debt will also be accounted against your DTI. Lastly, the home needs to be rent ready so it can pass appraisal (cannot be under construction). Other than that, the timeline should be give or take 30 days.
Another route you can look into, is refinancing into a DSCR loan. This loan will qualify the property itself, without the need of all your personal documents (as mentioned above). Just have to make sure the rent can cover the mortgage (this is where you assess rents in the area or ask your agent for rent comps). There are programs where they don't require seasoning and you can refinance as soon as you're done. The process can take between 30-40 days.
Post: Refinancing a hard money loan
- Posts 31
- Votes 19
Thank you!
Post: Refinancing a hard money loan
- Posts 31
- Votes 19
What is the process like for refinancing a hard money loan into a conventional loan? Is it easy to accomplish within a short period of time like within a couple months?