All Forum Posts by: Lynne MacFarlane

Thanks Mike M. Still not appraisal report and disappointed with this highly regarded Bankrate lender. I’ve started applications to other lenders today.

Thanks all!

@Charles Sinn Food Truck?? :-) That's an interesting side hustle! 

We are investing in Indy's Eastside, Christian Park. I'm hoping to BRRR and help change the area's negative profile by creating affordable housing & will be getting involved with community efforts.

Hi BP folks:

So, the definition of  the term "path of progress" is the direction in which an emerging market’s growth is occurring - because progress/growth is occurring in these areas, demand increases, rents rise and your property appreciates organically. I look to invest where there is infrastructure to support new job growth/opportunities (possibly private tech corps will grow in Indy) Next Big Challenge for Small Downtowns (7/2017) I don't see a lot of good transportation solutions (muni/light rail) & the roads are horrible, but I was happy to see bicycles and shared bikes (Pacers)/e-scooters(BIRD) in  downtown & Lyft/Uber and electric cars to get around but I am hoping Indy will attract more private tech businesses.

I am wondering your thoughts about Indy's new criminal justice center and the growing trend of prisons system as a lucrative business; Is this considered a "path to progress" for local property investors or is the new CJC not welcome? I think nobody would want a correctional facility in their backyard. But as as Grant Cardone has suggested in a podcast, we might want to consider buying property in locations that are open 24/7, such as hospitals, universities, etc. Is this new criminal center the newest biggest building project that's meant to stimulate Indiana's economy? I'm just curious what the thinking is... Thanks 

Hi @Richard Delbeau,

I'm sorry to hear about your father. I used to work for Home Care Assistance and I understand how stressful it can be taking care of loved ones. And with that in mind, I'm agreeing with @Harvey Yergin IV, you can continue renting out, and possibly create more value (by gradually renovating the property) and that way it's the least disruptive, allowing you to focus on your dad and still perhaps increase cap value.

As Suze Orman used to say: "People first, then money, then things."

Best,

This is very interesting @Andrew Postell 

My first mortgage lender's appraisal didn't approve with the seller's "as-is" condition. I was shopping for %rates and I assumed because we have a lot of assets and excellent credit the lender would find us a renovation loan (duplex for ~70K), but now I understand that each loan application must qualify for a particular loan package (is that correct?) 

@Brian H. I feel for you... we were in the middle of our investment search and my husband lost his job, and we decided to not make an offer on our first 'find'. It all worked out, he quickly got another job the following week... but I wasn't aware that we could have qualifed without income. Hopefully that will work for your situation. Best of luck! 

@David Daily 

@Caleb

Learning process! So I am wondering if we should have been very clear that we wanted this duplex for the "added value" we wish to bring (by rehabbing) and turning around and renting & refinance... Maybe a residential loan with a renovation component piece? We have excellent credit, so I don't know why they didn't offer that type of loan. 

But as for the appraisal report... our future tenants didn't help much with their decor...one tenant is a hoarder and the other decorated their unit in "horror" motif... :-P  (see link below) 

Home decorating fail! What do you think of this @beardybrandon

We are in escrow and we paid our mortgage lender for an appraisal but the appraisal had no analysis, only photos, this doesn’t offer any information, only a subjective visual report, correct? The mortgage lender said they want several things fixed but the seller has said this is an as-is sale. I have requested more than pictures from this appraisal but they are dragging their feet, the lender says they will get the full report over as soon as this appraiser send it. *Are Images the only thing that mortgage lenders base their approval? This is making me upset, because not only do I feel ripped off from having to pay for that report but now the 2nd lender wants to see it.

We are in escrow and we paid our mortgage lender for an appraisal but the appraisal had no analysis, only photos, this doesn’t offer any information, only a subjective visual report, correct? The mortgage lender said they want several things fixed but the seller has said this is an as-is sale. I have requested more than pictures from this appraisal but they are dragging their feet, the lender says they will get the full report over as soon as this appraiser send it. *Are Images the only thing that mortgage lenders base their approval? This is making me upset, because not only do I feel ripped off from having to pay for that report but now the 2nd lender wants to see it.

HI @Akil Pascal,

Did you find a better property manager in Indy? I recently came back from meet with several folks who I hope will serve to be my "core 4" and 'boots on the ground'. I'll DM you! Cheers,

Lynne