All Forum Posts by: Scott Steffek

Alisha,

We wholesale in Indiana. What type of questions do you want answered? An attorney is going to charge you for his time. But if that makes you comfortable, by all means go for it!

Good Luck

Ashlee,

 I lived in Griffith for many years. I'm now in Crown Point. I've been doing real estate for over 10 years. I have my own rehab crew and property manager. Let me know if I can help you.  Good Luck!

Ray,

I think it's important to know if you flip or buy and hold and what price point you're at. The Chicago area has a great deal to offer. So does Northwest Indiana. The taxes, closing costs and purchase prices in Indiana, are much lower than Illinois. It just depends on what your goals are.

Good Luck!

Bryce,

I also agree with Larry Fried. Taxes are much lower here and closing costs are much lower than Illinois too. I live in Northwest Indiana and there are good deals out here, for less than $100k. I also sell properties in the south suburbs of Chicago for less than $100k, you just have to be careful where you buy. The market is very tight right now, but there are still deals to be had. Here's an example. An investor from California just bought a property from me for $60k in Merrillville, Indiana. It's a good B&H area and a good flipping area. The rehab costs will be $20k. My crew will be doing the work, so I know the rehab cost is accurate! The realtor fees (after he sells it on the open market), holding costs and closing costs will bring his "all in" costs to $86,500. He should have no problem selling the house quickly at $118k. His ROI is about 39%! I'm not saying all of the deals are this good. But this is an example of what Northwest Indiana has to offer. Take a look at the opportunities out here and I wish you the best of luck!

Cody,

First off, congratulations on having $11k in the bank and still being in high school! That's an accomplishment. I think Doug Watts has a good idea. Try to hook up with a "quality" hard money lender and finance the property. You can use part of the $11k for rehabbing the property. Make sure that someone helps you purchase a property. Do your due diligence and focus focus focus! Continue to listen to podcasts and gather knowledge on BP. You may run into a problem where the HML's won't lend you under $75k or $100k. So be sure to ask what their minimum loan amount is. There's properties in my area, Northwest Indiana, that can be had for $70k and flipped. We do a lot of flipping up here. Indy also has some good opportunities as well. I know a good quality wholesaler that could probably find you a good deal in Indy. PM me, if you'd like more information. I would continue to flip, until you've built up enough money to finance your own deal.

Good Luck!

Kareem,

Welcome! I wish you the best of luck. If you want to help distressed communities, take a look at Gary, Indiana. I live in Northwest Indiana and Gary is very distressed. You can pick up houses dirt cheap, fix them up and rent them out. By dirt cheap I mean $3-$7,000! Once you begin to get more involved in the business, let me know and I can give you more information on how to go about buying them and working with investors. Good luck!

Jerwana,

Welcome! BP is an outstanding source for real estate. Check out the podcasts and the forums. The level of information is mind boggling! Also, I would join a real estate group in your area. That's a great way to meet others. I think Indy has quite a few. They can also help answer your questions and help you move your business along. I live about 2 hours north of Indy. If you have questions, feel free to message me and I'll be happy to help. I flip properties and do Buy & Holds. Good Luck!

Dhanush,

If you have anything I can help you with, feel free to PM me and we can talk on the phone.

Good Luck!

Dhanush,

You can do a title search through any reputable title company. It usually takes less than 3 days to complete. This will let you know if there are any liens on the property. Even though this is seller financing, when you draw up the contract, it wouldn't hurt to put some type of clause in it, that states the sale is contingent on obtaining financing. If you go to an attorney, I'm sure they can walk you through what needs to be put in the contract. 

I also agree with Steven. You need to see the "books". They need to provide all of the financials, rent rolls etc. Also, talk to the property manager. Ask him about how much money and time he spends fixing things in the building. You want to be careful that you're not buying a complex that's falling apart! That can deplete your profits every quickly. Good Luck!

Jake,

You're on the right website, to learn about real estate. BP has mountains of information for you to absorb and learn. You'll also find people more than willing to help you and answer your "burning" questions. Check out the podcasts and be sure to check the forums. I wish you the best of luck and let me know if I can help!