All Forum Posts by: Jeff Morelock

Hi Greg

So how's it going? I saw you posted this 29 days ago (at the time of this reply)

I went to this year's 500 and fell in love with Indy to the extent that I am considering moving up there and getting into the market.

Have you found anyone to work with yet?

Hello Indy

I was up there in May for that little car race you have up there and loved the place. I saw some we buy houses signs and was wondering what the market is like up there.

Any info will be appreciated & thanks in advance...

I only use Above and Beyond Homes. Dan Stevenson is the owner and he has a BP profile

It's good but not easy. There's a lot of competition for a limited number of deals.

Hello Josh

You'll like it here there is a lot to see and do. Multi-fam is not really "overpriced" it's just the way the market is right now. If the property cash flows and you can still live in it and make a profit, it still makes sense to buy.

Hi Lawrence

Because the the Tampa Bay market is so hot right now, you'll see that the short sale and pre-foreclosure deals are few and far between. Banks know they can take the house back, do a little rehab, and make a profit - just like an investor lol. 

I suggest focusing on finding off-market deals. They're actually easier to do and the spread is bigger.

I used to work for them. The manager Josh is a stand up guy. They do find good deals, but as stated above the deals are getting harder to find and the margins are smaller. That's the Tampa Bay market.

You never know where your next deal is going to come from. My last one came from a dating app. I met a very nice lady on one, and when I told her what I do, she told me her neighbors across the street was talking about selling their house. 

I called the owner, got the house under contract, and one of my partners had a buyer who just closed on it today for a $15,000 assignment fee. 

$40k is a good down payment on a small multi family if you can get a mortgage or find an owner financed property.

I used to think of myself as an REO expert agent. The brokerage I used to work only did REO listings, but those have dried up and are very few and far between. I got out of the REO game and got back into being a licensed agent who works for a wholesale company with other licensed agents.

The REOs that do pop up are descended upon like an injured fish in a school of sharks. They are bid up past asking price by rookie investors. 

If you want a good deal its going to come from a wholesaler, or you're going to have to beat the bushes and find it yourself. All a "regular" agent is going to do is set up and MLS auto search, and then forget about you.