All Forum Posts by: Jean Laurin

If you've recently BRRRR'd a property in Indy, I'd be interested to hear what you learned. What went well? What went wrong? What would you do differently?

What neighborhood? How did you find it?  ... all the questions. Haha

Thanks @Daniel Kong, i was wondering if 401k loans were OK for down payment!

@Antonio Martinez You will have to find a lender who will provide those loans, but I believe they are possible everywhere... unless a state specifically bans them. The loan terms will very based on the lender's preferences.

In a different thread, @Alexander Felice sent me the following links (to federal websites) that reference delayed financing exception/guidelines:

https://www.fanniemae.com/content/guide/selling/b2/1.2/03.html

https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf

Search them for "delayed"

@Matthew Otero Look up "delayed financing". Some lenders will let you take out 70-75% of ARV or 100% of your purchase price and rehab cost, whichever is lower. You have to put your rehab in the HUD at time of title.

https://www.fanniemae.com/content/guide/selling/b2/1.2/03.html

Thanks guys.

I'm generally looking for a lender referral or lenders to talk with... Preferably someone in the Indianapolis area.

I'm going to start purchasing and rehabbing properties in the Indianapolis area. I'd like to talk with some lenders about delayed financing exception vs. other options.

Does anyone have an Indy lender they recommend for a refi?

What kind of rates are people getting for delayed financing?  Are you finding it's better to just wait for 6 month seasoning? 

Are there other good options you've found to get your cash payment and rehab costs out of your property?

Hi Ernest.  Welcome.  

Maybe a contractor can help you estimate repair costs. Have you read any of the BP books?  I'm currently looking into the Indianapolis market myself.

FYI: Bigger Pockets Publishing has a book called "The Book on Estimating Rehab Costs: The investor's guide to defining your renovation plan, building your budget, and knowing exactly how much it all costs" by J Scott.  They just released a revised edition. It's in the Bookstore on this site.  This might be helpful for some things.

Good BRRRR. Did you purchase it with 4 bed 2.5 bath, or did you add?