All Forum Posts by: Jeremy Rotert

Have you checked with INREIA's website?  I know CIREA has a couple of real estate attorneys who set aside time to review self-made contracts for members, and I assume they likely offer pre-approved contracts for a small fee.  I would recommend using the standard Indiana Realtor contract.  I'm sure you can find a local Realtor willing to assist you with an offer contract, in exchange for using them as your selling agent (also a good practice if you wish to sell quickly).

The app I use for dig leads is proprietary to our company.  There are similar apps available, but they tend to be very expensive.  You might check out DealMachine.  These types of apps poll public tax records when you enter an address.  You can typically  customize the mail piece, then you are billed both monthly for the service, a fee for each address, and a fee for the mail piece.

I think those types of properties exist in several "pockets" in Indy, near or just outside the I-465 loop, from North to West to South.  The East side is pretty rough, C- to D properties are plentiful.  But, as Jeff mentioned, there is a lot of competition on the ground in Indy for the very properties you describe.  I look for those out-of-the-way neighborhoods built in the 1950's and 1960's, and use a dig lead app to capture addresses for automatically generated mailers that go out quarterly.  Good old fashioned driving for dollars works well in a competitive market.  It gives me a chance to meet the neighbors and talk with them in person.  It's amazing how many deals you can trip over this way.

Huge Corner Double Parcel in Fountain Square.  Opportunity awaits!  0.29 acre total, two lots (1304 & 1306).  Selling both together for $190,000.  Home sits on 1306, 4-6 car detached garage with electricity sits on back of 1304.  There are several possibilities here: rehab 1306, then build a new home in front of garage on 1304; OR, build TWO new homes.  Rehabs will bring $360k+ if done properly, new builds on the same street will bring $425k+.  I'm happy to provide comps for you.  You may view pictures here: https://www.dropbox.com/sh/n855ozcpc847xy3/AAAMmP4...

I bought a rental triplex with one this week.  with a small $5k rehab budget to satisfy the requirement.  It's fully rented at $1800/mo total rents. I will refi out in 90-120 days, but preserve cash in the short term for other deals.

My experience has been that there are several lenders who offer 100% financing, but as you mention, you still have to meet all of their criteria: minimum credit scores of 640+, a minimum amount of liquidity verified ($15,000+), and the deal has to make sense (exit strategies, ARV, appraisals, etc. And most importantly, the total loan package INCLUDING rehab budget, cannot exceed 65%-70%. I'm doing two of these projects now.

Harsh,

I would avoid the east side of Indy as an out-of-state.  The types you're looking for to meet those criteria are going to be on the west side of Indy, outside the I-465 loop. 46254 comes to mind.  I recently (3 weeks ago actually) purchased a 3bed/2bath immaculate one-owner near Eagle Creek park for less than $100k. Rents on the same street are averaging $1,100/mo, and the tenants are taking great care of the properties.

Isaac, I'm happy to assist if Joel is unavailable.  I've sent you a connect request.

*All states are different, but I'm licensed in Indiana (this is my disclaimer).

First, your agent should know if this property has multiple offers already (a simple conversation with the listing agent works).  I would never recommend "coming in HOT" to a client, unless I knew in advance we were facing a highest and best scenario with multiple offers.  I would recommend you make the offer YOU are comfortable making, and instruct your agent to add an escalation clause up to an amount YOU are comfortable spending, including higher than asking price.  Unless the seller specifically has other offers on the property, your escalation clause (if it's written correctly) will not trigger (take effect).  Properly written, YOU set the incremental increase in the offer (say $1,000-$5,000) up to your maximum offer amount.  In most states, the listing agent must provide written offers as proof of triggering the escalation clause.

As for your appraisal, if it comes in lower than the accepted offer, your seller can either release you from the deal (if they don't want to accept the lower price), ask for an amendment to the offer for you to pay the difference to the original (high) offer, or they can accept the appraisal amount as your offer (your agent will need to write an amendment to the offer for this new amount).

Great FOUNTAIN SQUARE opportunity! The HOTTEST area near downtown Indianapolis, within walking distance of the fountain! 4 bed/2 bath historic 1880 home on huge corner double lot, 0.29 acres. Trend in this area is either very high-end rehab to sell retail, or tear down with new, modern architecturally-styled SFR, either option bringing $340,000 up to $450,000, best part: if you list while you're working, you'll have it sold before it's done in the booming Indy market! This is a huge double parcel on the corner of Orange and Olive...Could build two new, or rehab one, build one...Huge potential for the serious investor. I am willing to discount for quick closing. *Property is under contract awaiting closing; all investors should perform their own due diligence on any property.

You may view photos here: https://www.dropbox.com/sh/n855ozcpc847xy3/AAAMmP4...