Coffee Break Call With Indianapolis Investment Property Lender:
You will hear my conversation with an accomplished Indianapolis Investment Property Lender. We discuss:
- Out of state investors
- Investment property loans (commercial versus residential options)
- We predict how forebearance may impact the market
- Foreclosure rates and expectations
- General real estate market trends
- Why Indianapolis is a great place to buy an investment property AND MORE.
Brandy is a lender based in Indianapolis who has great products for investment property financing and loans. She has a great understanding of Indianapolis, is candid, and has great products for any investor looking to buy Indianapolis real estate.
If you want Brandy’s info you can go to her website and she will definitely help you out – or at least give you options! She is awesome!
Indianapolis Investment Property Lender Speaks Candidly
You will find the complete transcript below.
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Yeah I said 2020 which is such a busy year you know and I’m grateful for it and they said 2021 it was still going to be a good market but that would it would slow down and I just haven’t slowed down and I would imagine most of its refi is that right um most of my stuff is new purchase I do purchase business yeah and I work with a lot of investors and do a lot of investors like for people that live out of state and buy Indiana investment properties okay so I have a lot of those that I’m dealing with all the time too so no some loan officers are kind of heavy refi I’m more I’m more heavy purchase business what okay um what kind of rates are you getting right now for out-of-state investors um we’re below four still which is one of the reasons a lot of them use me because we’re below four and we um don’t have a minimum loan amount okay so a lot of times when they’re buying smaller amounts nobody else will touch them um you know when it’s below that 70 80 whatever we don’t have we don’t have a minimum do you yeah if you wanted to um cash out you are they in your name or in an LLC uh probably an LLC is going to be a problem too because we do I’m not on the commercial side so with our stuff it’s flat out in your name if you have any that are in your name that you’ve owned for 12 months then we can do those up to 75 percent loan to value can I just quick claim them over they’ve got to be quick claimed over into your name for 12 months oh really okay what’s the commercial side look like then can I get loans through Centier does things here have a commercial side center does have a commercial side but not the deals and stuff like this sincere commercial side really won’t touch anything under a million dollars but do they have a commercial product then I mean a portfolio product no not for something like this okay all right they’re dealing with actual like large businesses and stuff they don’t really deal in residential okay what do you see happening with foreclosures over the next one two three years
You know I don’t think that they’re going to hit like some people have said they would um if you talk to most of like a lot of investors and stuff out there are hoping that they’ll hit which is kind of makes my stomach turn a little bit because I don’t want anybody to lose their house I agree no I totally agree but I don’t think um it’s going to hit the way people are saying you know before when we had this big increase in values they were basically if you follow the mirror you could get a loan there’s a lot more restrictions in place now before somebody’s been able to get a loan on one of these houses um so you’re comparing I don’t think the risk level is as high the other thing is in Indiana like our prices are increasing yeah but when you look at us compared to the rest of the country we’re just starting to catch up it’s just like all of a sudden we’re becoming inflated we have just been so undervalued compared to the rest of the country that I mean there was some point where we were going to have to start going up yeah I agree and I just think that’s what’s happening yeah I would agree in the sense so I thought that there was a ban on foreclosures actually but it’s just there was a forbearance situation right
Just so I understand forbearance could you just explain that to me real quick well and that’s one of the things that when a lot of people were coming to me saying you know hey they’re saying I don’t have to pay my mortgage payment for three months should I do this I was telling them absolutely not what happens is say your mortgage payment is a thousand dollars and they’re going to give it a forbearance for three months okay well then in month four you owe four thousand dollars um and people didn’t realize that um pretty soon after they put that out they put they space you know tighten the regulation so that people would have to understand hey this is what’s actually happening and it forced the mortgage companies to give them other alternatives other than hey pay four thousand dollars right now if that makes sense so what so these people that potentially have forebeared them until 2022 in the original plan they could owe 18 months of mortgage payments um I don’t know of have you heard of any place that was doing it for that long because I don’t know if anything was letting them put them in forbearance for that long well I just understand that for you know forbearance or has been pushed out to 2022 and apply for it but one individual’s forbearance isn’t for like 12 months if that makes sense okay so they need to have a new job ready to pay within three months otherwise they still would face foreclosure correct they could or they put in guidelines now where the mortgage company has to give them additional payback options like splitting it over an amount of time or something like that so basically refinancing their mortgage kind of digging a deeper hole maybe yes some people it may be you know I would say hopefully for a lot of people that won’t be the case because people can go back to work but it seems like even though things are opening back up a lot of people aren’t wanting to go back to work right yeah I talked to a lady I talked to a lady the other day that said if they make me come back I’m going to quit I was like and get what and what are you going to do like I didn’t say that I was like yeah you know some people like going the office a few days a week for the social aspect like that’s just trying to soften it but uh I mean I totally 100 understand the need for all of the additional resources put into unemployment when everything was shut down and there wasn’t an option for people to work but now at this point I feel like that needs to be curbed a little bit or else you know there’s a lot of people that would rather just sit at home and make more money than what they would make in getting up and going to work and you can’t you can’t rack up debt as a country and not add value which is what that is absolutely like yeah there was a move for it when it was there but that need is as things are opening up that need is diminishing yeah so you have to give people some sort of an incentive to go back out and work you know I wish that all people were the type of people that said you know I have enough pride in myself that I’m not going to sit and collect money for nothing I’m going to go be a value but unfortunately not everybody has that mentality no I agree um the government is printing a ton of money I actually read a while back that Janet Yellen as well as the head of the fed basically said they would be happy for the national debt to be double its current size with the current with the current economy at this size how do you feel about that comment yeah right that’s nice so they when I heard that I called my dad and they said well I guess every six months they’re going to make up another two trillion dollar like make it write another two trillion dollar check for things like this that makes me think that there are so many other countries I may go live in now that said if they spent 10 trillion dollars at basically zero percent interest and they spent it all on bridges roads internet infrastructure you know stuff that really would last for a hundred years right I would be okay with that however we’re at 25 trillion dollars and we’re only just kind of talking about doing that still yeah exactly no yeah I mean not only build things that are going to you know last forever so you’re not continuously re-spending that money but also the amount of jobs that those things would provide exactly you know it just it makes sense all the way around but it’s not
I don’t have so much of an issue kind of like you as the money being spent it’s the way that we’re spending it that’s scary yeah so what’s your what’s your summary of all this for 2021 2022 then optimism or terrified or I am an optimistic person by nature so I am trying to be cautiously optimistic oh I like that cautiously optimistic I’m just my biggest fear is you know all of these companies were in so much trouble when COVID happened and everything got shut down and now I know so many people who have companies that are opening mecca and still can’t open full-time because they can’t find workers I think a big changing point is we’ve got to figure out a way to get people to go back to work because if they don’t I think our economy is going to be in trouble yeah and that actually brings back spending money on education um that’s a very touchy big one when you were talking about yeah that’s my big one the amount of money that we spend on criminal programs versus the amount of money that we spend on educational programs is mind-blowing to me it’s mind-blowing to me too please flip flop yeah we should be spending per person more than any other country and we’re not even close no if we spend they I was watching something a day five times on you know putting people in jail as we do put it giving them an education and if you flip that number you know we may not need all the jails that we have yeah yep right yeah that’s it’s scary to me I hopefully you know I don’t know I don’t know something’s got to change yeah I think giving people some self-worth and some value in themselves again and getting back to work maybe a good first step that self-worth thing is so true you know as much as we don’t want to get out of bed some days when you do a good day’s work you do feel better about yourself yes you do um sometimes it sucks and sometimes you had to deal with shitty people but all in all you know you have to me I have more control even though I’m such a small little cog in such a massive universe yeah you just sit and do nothing then everybody else determines your fate yeah it’s got to be a tough position yes cool it has been very nice yeah let me get back to you but if you think if anything else would need me at all or I can be of service please feel free to give me a call back all right thank you so much.