All Forum Posts by: Pam Brown

There are a bunch of wholesalers in the Indy market. But don't count-out the traditional listings too. There are plenty of good deals to be found on the MLS here (MLS is called the BLC here...)

Quote from @Carlton B.:

I hate to be captain obvious but I don't answer calls I don't recognize. Especially on my private number, and my business line (google voice)rarely gets spam. It seems easier to ignore them then fight them kinda like a bully.

 Yeah, but this is rough not to answer unknown calls if you were a real estate broker like I am in Indianapolis.  I get a lot of calls from prospective clients that I don't know.  So it's easier for me to go ahead and answer (and then hang up!) rather than miss calls or have a bunch of VMs.  These Spammers are more crafty now.  They call from the same 317 area code even it they aren't from Indy. 463 is an area code that I get a lot of spams.  But then someone called me last week from a 463 and it was someone that I knew.  UGH!

Quote from @Heather Johnston:

Quote from @Lane Kawaoka:

... house flippers

... property management abuses OOS owners.

While turnkeys are a great starting point ... many accredited investors eventually transition to syndications and private placements where there is aligned interests with the GP but I would caution on working with those who have done at least 1B in assets.

with a demanding engineering job, I didn't want the hassle of managing everything hands-on and especially taking on the risk of BRRRR.

Your decision might depend on your current income and net worth. But... if you're looking to save a bit, maybe consider smaller providers over the big names. BUT if that $5k to $10k isn't a big deal for you, then go for a reputable brand for peace of mind.

Re: flippers - 
My risk tolerance level for messing up a rental for someone depending on me (e.g., something breaks on the tenant and I can't fix it immediately) is pretty low.  I would rather spend an extra few thousand dollars to get the legal guarantee that something will be fine (e.g., new construction warranty) than worry about things going wrong.  (I worry more than I would like as it is.)

Re: PMs abusing OOS investors -
Good to know!  Thank you for the heads-up!

Re: syndications - 
@Jim Pfeifer mentioned them as well, and @Chris Seveney is pointing me towards how to get past the accreditation hurdle.  (Thank you, Chris!)  I'll have to dig more into it.  It's looking more and more inviting each time I see the word.

Re: demanding job and risk - 
Yes!  There's a reason I'm only on for short stints late at night, and I don't want my tenants to feel the brunt of that.  (I likely wouldn't; I'd be more likely to tell my boss I was taking a long lunch and would work extra late to make up for it.  ...  And no, I'm not saying that would be wise for my career.)  And BRRRRs sound phenomenal... but not for me where I'm at right now.

Re: small versus reputable - 
I'm setting pretty aggressive goals, so $5-10k adds up quickly, and I'm very aware of that.  (I also have a habit of keeping a relatively tight rein on my personal spending, so I would notice missing much less.)  However, my risk tolerance given my newness to these waters and other factors demands a bit more capital up front, and I've made peace with that.  Starting with slim margins is better than getting scared off from getting any margins at all.

I also think I'd be a bit less hesitant to go with small providers if I intended to invest nearby.  I don't.  (NYS is not exactly landlord friendly.)  Maybe after I get my feet wet.  For the time being, I don't want to be tempted to worry about the solidity of the deal.

Hi Heather.  It's going to take far more "than a few extra thousand dollars" to buy new construction and make any money. You would have a large negative cash flow (once the taxes were assessed) and have to wait years down the road to gain equity on a new build.  At least that is what my crystal ball shows combined with my experience.                                                   
Instead, you could get a good local Boots-On-The-Ground team, identify a property that looked to be in "good" move-in condition.  Get a full home inspection including a sewer scope. Then add on a Home Warranty for the big ticket items. That's my 2-cents worth :-) 

PS--Oceanpointe was another company scamming millions of dollars from investors years ago.  I think they were working "with" Morris then.   

They were listed as the "buyer" and then many times within 1 day later (or the same day) would resell the exact same property for 20-50k more. Low end properties.  So this was a lot to be added on to the next unsuspecting buyer. Sketchy as can be.

I can't tell you how many times that the name Oceanpointe (or Morris Invest) is still listed on the MLS property history report. So if your Indiana RE Broker sends you the history reports like I do---do not be shocked to see these crazy numbers and wonder what's up. Yep, it happened. That's how they scammed their millions...

Hard NO on that one. That name sticks with a lot of us that worked with investment/foreclosure properties throughout the 2000s. They ripped off bazillions of investors.  Run...and don't look back.

Ouch!  I'm so sorry.  That's a lot of money in the game.

I have the same question as above---who is the "Agent"? I don't mean their name. A real estate Agent/Broker?  And did they have a prior relationship with the contractor? 

Feel free to send a DM if you would like a recommendation for a good real estate law firm in Indianapolis.

Good luck and I hope that it all gets worked out...

Hello Michael.

Send me a DM and I would be more than happy to assist and speak to you about the Indy market.

Hi AnnMarie.  Good job diving into RE investing!  Just wondering what is drawing you to South Bend? I can help with Central Indiana locations.  But I am also not familiar with South Bend...

Hey Chen!  Welcome to the BP Forum!

Reach out anytime and we can talk about the Indiana RE market.

Best of luck in your search :-)  

Cash is King right now in Indy with the current market conditions.  Two of my sellers took lesser offers because they didn't want to deal with buyer financing. Cash and a quick close got the deal done in these instances.  I realize what people are saying about leverage---but just saying---sometimes cash is where it's at to get an offer accepted first.