All Forum Posts by: Zach Hoereth

I was scrolling my Instagram feed this afternoon and came across something quite funny. It was a picture that read, "No Realtor Worth Their Salt Is Going To Be Your Comp Money!" This was posted by an active wholesaler in my market, @RyanDossey.  It caught me at the right time as I have been interacting with a number of investors who have contacted me as a realtor requesting comps for off market deals. 

I chuckled a bit when seeing this post because I have noticed investors who are looking at off market deals are often needing comps or verification of information from the wholesaler they are working with. Unfortunately, the Indianapolis market has become saturated with wholesalers who are attempting to move properties "off market" for prices that one would typically see listed on the MLS. For investors who are out of state or unfamiliar with the market this poses a number of issues. How will I justify the numbers that the wholesaler is sending me? How can I validate the property values around the subject outside of just using zillow? As Ryan put it, "No investor worth their salt is using zillow to pull comps."

Ultimately what an investor wants when a prospective deal hits their desk is the ability to analyze with efficiency and accuracy. Information suddenly becomes a delicacy in helping decipher whether or not the subject property could be a great opportunity. This is where it can be beneficial in having a relationship with a realtor in which a predetermined structure has been established to benefit both parties when observing deals that are considered to be off market. 

 As an investor and broker myself I could not agree more with what Ryan has to say not only in the post, but the article attached to it. He later explains in the article the benefits of having a license and how one can leverage it to his/her advantage when investing. Personally, I can say that having my license has helped me grow as investor in helping others find great properties. At the end of the day this business is a learning experience which means we do not have to reinvent the wheel. Learn from other people's mistakes and treat people right! 

// How are some of you certifying figures and information from wholesalers in which you have never worked with before or do not have a reputation? \\

P.S. There is this crazy concept of people being compensated for their time and effort, so make it worthwhile!(Realtors consistently pulling comps for investors) 

Cheers,

Zach  

Hey @Erika Greer feel free to PM me and I will give you a few recommendations. Talk soon! 

Zach 

What's up @Jared Baumer,

I am also on the 90 day challenge! I am currently investing in and around Indianapolis, so if you have questions feel free to reach out via PM. I am familiar with a number of vendors here who I am happy to provide references to. 

Also have a few friends in Los Angeles who are investing here in Indianapolis as well. If you'd like I can connect you with some of them also. Hope this helps and good luck moving forward! 

Cheers,

Zach 

What's up @Joseph Hanna!

Looks like you have picked a good market to get into. There are a ton of folks in LA that are investing here and who are doing pretty well. I would encourage you to get together with some of them because just like @Mark Christopher mentioned you can all learn from each other. 

Another guy to talk to would be @Frank Lin. I know he has a few single family rentals here as well as a multi-family building. He has worked with a couple of property management companies here and has some good insight. 

Where is your other rental located? 

Hope this helps. 

Cheers,

Zach 

What's up @Tristan Davis,

I am currently investing in Indy as well. I am finishing up college over on the west side of Indy at Marian University. Currently working on a duplex house hack in mapleton fall creek alongside buying some multi-family properties outside of Indianapolis. For the last two years I have been working as broker focusing on predominately investment properties. That being said, make sure you align yourself with someone (an agent) who either currently owns investment property, or has owned in the past. 

Far too often I have seen "investor friendly agents" selling properties to both out of state and local investors that are a cleaned up piece of crap. Happy to get together if you are near the downtown indy area and introduce you to some of my friends that are also the same ago who invest in r.e. here. Hope this helps!

Cheers,

Zach  

Love to hear it! Sounds like you aren't just kicking tires, but buying cars. Keep it up. 

Cheers,

Zach  

@Sharlene Burch started when I was 19! Continuing to work with folks who are in their late 70s. Moral of the story... never to late to get involved. :)

One of the biggest complaints that I hear from investors right now is the common phrase, "I can't find any good deals!" I would encourage folks to look at things a bit differently... especially in respect to the MLS.

Having had many calls with people who swear that they strictly buy off-market, I would argue that they may be missing out. In Indianapolis, we are in a unique time within the market where things are selling higher than normal.Hence why sellers have been throwing properties up for sale at absurd price points to see if someone is dumb enough to buy. 

That being said, a hot market has created an influx of new brokers within improper training and lack of experience. If you have access to the MLS yourself, or are working with a broker who has some experience under his or her belt they should know that new brokers often make mistakes when listing properties on the MLS. These simple mistakes can often be caught and turned into huge opportunities.

If you do not have direct access to the MLS ask your broker to set you up with a broad auto-search. This should allow you to have a closer look as to what is going on and off the market. Most brokers do not have the time to consistently peruse the MLS at all hours of the day, but if you can find the time you may be surprised by the amount of opportunities that are out there.

In utilizing this strategy myself I was able to find a 10 unit apartment complex listed for $125,000. I found this property at 2am while I was searching the MLS ( I don't sleep much). Long story short.. an unsophisticated broker was representing an unsophisticated seller that priced the property similar to that of a single family home. Needless to say I was a happy camper to find that it spits out around 3k/month.

Opportunity is everywhere... you just have to go out and capitalize on it!

Cheers,

Zach 

Hey @Robin Gravlin! 

I have a few folks within my network who buy from Martel Turnkey. They are in the Cleveland, Memphis, St. Louis, and Birmingham markets. I have not personally bought from them or any turnkey provider, but from what I have heard they do a nice job. Good luck moving forward! 

Cheers,

Hey @Justin Hassemer! 

I have helped some folks explore these two areas in the past. Little flower can be attractive, but as you know Indianapolis is block by block. I am wondering... are you planning on self managing? If not I would explore some PM companies that have manage properties in these areas to get a feel for which streets they like & dislike. That said, I would reach out to @Ross Denman as he is very familiar with these two areas. Hope this helps and if you're ever curious about other areas.. shoot me a PM I am a local too! 

Cheers,