All Forum Posts by: Jean Zipagan

Local to Indy now and have a few targeted credit unions I opened up checking accounts at in order to start building a rapport with them. Besides having good terms for cash out refis, I’m also doing some research on which ones offer delayed financing (<6mos seasoning). I understand for most heavy duty rehab BRRRRs doing the cash out refi might be better on the numbers but just wanted to explore more options.

@Jaron Walling I have tried calling Forum 3x but got stuck in endless waiting music. You know if they offer delayed financing?

I would guess it is similar to 203k loans where you have an estimated ARV, scope of work and several bids ready to go so they can allocate the appropriate amount in the rehab budget. From the website it seems like a much much slower process e.g. they review applications approx once a week or so. There's a list of all sold or approved properties through their program- I would reach out to those folks in addition to the lenders to get the inside scoop

@Drew Stroud Here you go, response I received today. I definitely have a few friends in mind who would still qualify for this. Reminds me a little of how the 203K loans are setup. Side note, the HUD Area Median Income is around $48k for a single individual household so 120% is ~58k.

"High level for Revive Indy program for owner occupied properties only in Marion County. Program does have income limits of 120% HUD Area Median Income based on household size. Program requires a minimum credit score of 600 / 3% down payment requirement to purchase price including improvements plus closing costs and prepaids / There is no down payment assistance on this program / 30 fixed No PMI / Repair Rehab work can only be done by license, bonded and insured contractors which we will do background checks / No self builds / All monies held at title company until work completed and inspected then will release usually on a draw schedule for larger rehab projects."

Dave Nash

Mortgage Lending Sales Manager

NMLS #563362 I IN DFI #37738

@Drew Stroud - I've seen other programs in Indy that are only for low income individuals (I think usually under $50K annual income). I just dropped the folks an email to verify eligibility and will let you know what they say. I'm very interested as well.

@Ralph Patulot - Hi! I live in Indy and just getting started myself, doing a ton of research, networking, and driving for dollars. Definitely interested in connecting and talking through neighbourhoods/contacts with you. 

@Collyn Bennett - I jogged by there this week AND looks like someone at least has visited recently because the jungle blocking the entire house has been cleaned up. I did get the insider info from the neighbor who confirmed the original owner did pass away and the house was in probate court. Will check next week to see if the title transfer shows up in the Indy assessor website. 

Looking forward to calling in  this evening!

Keep an eye out on any good finds west of Andrew Brown Ave and south of 30th, ideally south of 25th/the closer to 16th the better. I bought a primary SFH in this neighborhood 2 months ago (moved from Columbus IN) and see plenty of new builds going on, primarily due to the Monon 16 development. Definitely will grow into a class A/B neighborhood in a few years. Anything east of Andrew Brown Ave quickly gets into class C/D neighborhood.

Hi Indy BP folks,

I bought a cute lil SFR in the midst of quarantine & am house hacking just north of downtown Indy, by the Monon. I've been "jogging for deals" and found a promising very distressed property nearby. The yard is so overgrown you can't even see the front of the house - it's just asking for a BRRRR. Its neighbouring home just sold for over $550k not too long ago:)

I have used this site to locate owner info - http://maps.indy.gov/AssessorPropertyCards/, but after doing some digging, I am 95% sure the owner has passed away and house might be vacant (but not boarded up). I reversed engineer the person's name on WhitePages to try to find some contacts who might be related to the person. Anyone have any tips or best practices to reach out to the next of kin (or whoever the correct contact is) without coming off too stalkerish? 

@Jaron Walling @Nick Giulioni - any ideas?

@Allison Winston - a friend is in the process of buying a SFR as a primary residence in the NE side, east of the Fairgrounds by 38th & Emerson. Low crime, quiet neighborhood and prices not inflated quite yet. Good luck on your search!