Guru Stacy Patlan with Indy Properties R Us

Ian Arnold: 0:00

A Rick We had Stacey Atlanta and phenomenal agent, especially she started an investment side is now building your brand out even more, which is phenomenal. But what was your key takeaways?

Rick Ripma: 0:13

I think, I think the I think the investment side and how much she understands the renovation of a property and how much a renovation costs, because that can be a real detriment, whether you're buying an investment property, or a home to buy, you know, for your your family. You it's very difficult to know what it's going to cost and what type of things need to be done. And you and she's somebody who really understands that and knows what those costs are going to be. Yeah,

Ian Arnold: 0:41

I mean, the investment side is very, especially for the average person is very question mark, you just don't know very much and she walks you through it, she knows everything. And this is a if you are looking for investments or possibly trying to do that, you should definitely listen to this. Welcome

Rick Ripma: 1:01

to India's real estate gurus, your ultimate guide to the dynamic world of real estate in Indiana, and I'm recorded by your hard work and mortgage guy and I've been in real estate and mortgages for over 24 years. And

Ian Arnold: 1:14

I'm Ian Arnold, a loan officer on Rick's hard working mortgage team and we are both with advisors Mortgage Group together will empower you with expert advice market trends is assessable stories from Guru realtors and local experts. Whether you're a homeowner and investor or pro Join us as we navigate the thriving in the real estate market. Now get ready to unlock the doors of success. One episode at a time.

Rick Ripma: 1:39

Love today we are very excited. We have Stacey Nunez good to patlak patlak I knew I was gonna forget that that's it is in these properties

Stacy Patlan: 1:52

are us like like boys, or

Rick Ripma: 1:55

kids or us. Yep, yep. And is that the the main company or is are you? Okay?

Stacy Patlan: 2:02

So any properties or US is my flipping an investment company. I use it for a lot of my advertising as well. But I am starting a team and we're going to build that as possibility Realty. And to kind of show your possibilities and just traditional buying and selling.

Rick Ripma: 2:20

Yeah, and that's for somebody who's that now buying a home selling the home. Yep. Kind of

Stacy Patlan: 2:26

traditional. Yeah. Your traditional buyer seller.

Rick Ripma: 2:28

Yeah. All right, perfect. Well, let's get let's get to where you were before real estate. So where did you grow up? You know, what did you do before real estate? Where do you go to school, those kind of things.

Stacy Patlan: 2:37

So I grew up, I was in Fountain City, Indiana, my till I was about eight and then graduated from Richmond High School. So we're about an hour away, right on the Ohio border. Graduated from there moved here when I was 18. Went to IUPUI. started nursing classes and going through the nursing program and decided while working in a hospital that nursing just while I liked it, it was very selfless and very routine. And so I was looking for a change.

Rick Ripma: 3:07

Yeah. My brother did nursing at IUPUI. Also. Yeah, yeah. So type program. Yeah, he, he's, he's still a nurse. He's a pediatric emergency room nurse at Cleveland Clinic. And, but I don't think he really liked it.

Stacy Patlan: 3:25

I mean, there are a lot of aspects of nursing that I do. Like I do enjoy caring for people, which I think that's part of being an agent is caring for people and taking care of them. But it's not as abusive. I think there's kind of you get kind of abused and you get to see people at their worst, and that's tough for them. So it also weighs a lot on you as well. That's

Rick Ripma: 3:45

why he did pediatrics. Yeah. Because he says he says kids don't want to be sick. Yeah, no, they don't. He says so he really that's he says adults, some adults want to be sick. I like the attention and so he just that so that's what he does. Anyway. No, I get that. I just think it's interesting. So you grew up so we're the town you grew up in was Richmond, Indiana. Yes. Okay. So I know is near Richmond, but it was well, I found

Stacy Patlan: 4:08

city from city of orange to about a year so I'm very familiar. From what I can remember in my life. Richmond is home.

Rick Ripma: 4:16

Okay. Okay. All right. And so now you go to you go to nursing school, you decide that's not for you. Yep. What did you do between there in real estate? Or is that when you went into real estate and what was it that? Yeah, interest you?

Stacy Patlan: 4:31

Yeah. So my business partner, Courtney Wheeler, we were life partners at one point in time. He was doing real estate wholesaling. So wholesaling is basically selling contracts, right? You're negotiating with motivated sellers off selling them to investors, for either rentals, flips, 1030 ones, any of that. So he's like, Well, why don't you just go ahead and kind of do some of our admin stuff. We're getting kind of busy. So I started just doing that. And it just grew from there. Our and I really enjoyed that people part of it.

Rick Ripma: 5:04

So it's a lot of agents have seemed like that's what's happened is they, they didn't mean to get into real estate but they get into and it's like, Oh, I really like this and it becomes exactly what they wanted to do. It's a neat I would think to discover that Yeah. And your life. Yeah,

Stacy Patlan: 5:19

well, and at that time, I think I was maybe 19 or 20. So I didn't my parents were ravage buyers and sellers of like, they would buy a house fixed up move every couple years. So I lived in like, nine houses in my childhood. So I knew kind of a little bit of the construction aspect. And I really liked kind of the idea of building equity and then selling. So that's kind of a little bit of childhood background of my knowledge of real estate, which is a lot but so

Rick Ripma: 5:48

as a kid, what was your What was your dream job as it um,

Stacy Patlan: 5:53

I grew up in a middle class household where you go to school, you get a job, you work nine to five, you come home, and you don't clean. So I was very muddled. Mine, I was very much kind of pushed into the college lifestyle. And I think nursing was kind of my dream. That was something I really wanted to do. I saw it as very stable income, you had a job, you know, in high school, you had charts, like what careers are going to pop when you're older, and what are they going to need? Right. And it was trades in nursing. Like, okay, we'll go into the medical field.

Rick Ripma: 6:25

Yeah. So, to me, that's kind of a terrible way to pick a career. Yeah. Is Well, there's gonna be jobs available. Yeah, exactly. Well,

Ian Arnold: 6:33

it's better than no jobs available. And you said 20 years on and focus on one thing, and there's no didn't say

Rick Ripma: 6:39

it was a worst one. I just said, I don't think I think people need to. I have two kids who've built their careers. Yeah, because they're murderers. They love birding. And so they build a career and birdie, which whoever thought

Stacy Patlan: 6:51

that right, yeah, yeah. It's like, you know, going into school for some weird degree. And that the way it actually takes you, sometimes I think the people that are in those awkward or not even awkward, but hey, I'm in school for liberal arts, or whatever it could be geology, and like, what are you gonna do with that? And then you see that they find a very satisfying career. Yeah, that's something they're interested in. And it's also a degree that can be used anywhere else.

Rick Ripma: 7:14

And you know, that's the thing you get the degree. I think that's if somebody wants a degree, I don't think it's I don't think it's like, you have to have a degree. Right. I think that that's a big misnomer. And I think that's changed late recently. But I do think it's important that if you do go to if you go to school, just get a degree, even if it's in something that may not have jobs. Yeah, I mean, the degree

Stacy Patlan: 7:39

will get you. Yes, yeah. They just want someone that's educated to face it, they can see that you can follow his regimen of college that you can follow a regimen and training of a career, I could not do that. That's probably my biggest issue is I did not enjoy the study aspect of it.

Ian Arnold: 7:57

Yeah. So alright, so you said you do more than the investment side. So let's get into that. So what what do you mean by you do the investments.

Stacy Patlan: 8:05

So like my day to day is working with investment clients, so I kind of streamline my process of helping them find whether it's flipping, renting burning, air being me, some are doing 1030 ones. So I like to go in, I try to find something that I would personally buy as a good investment. kind of walk them through the process, show them the numbers. So I work with investors to help them buy their investments. I also help them with project management of those investments to get them up to par. A lot of my clients are west coast and east coast somewhere in Texas. So they need someone that's knowledgeable, to be here and know what they're doing. So that's kind of my investment side. And I really do enjoy working with those type of clients because it is very much money they based versus the retail side can be very emotional. So you have you know, you have your clients texting you at midnight, very upset, nervous, like what's going on? I've done plenty of retail deals versus an investor. They're like, I'm working nine to five, what's going on weekends off. So I have a very controlled schedule. I feel like so that's something I really enjoy. Yeah.

Ian Arnold: 9:15

Good. Yeah. But it is a big different mindset between either or so it's nice that you have you do that. And now you're opening up another company or part, which you're going to help focus more on the individuals. Yes. So that's kind of nice that you can still stay somewhat separate to a point. Yes. Because that mental back back and forth. Wait, you need to be coddled, you just need to find out the roll number. Yeah, yeah, yeah.

Stacy Patlan: 9:40

So I just hired an agent. His name's Jeremy Johnson. He was actually one of my clients. He's retired veteran. He was doing some flips. He was like, hey, I want to get my license. I need something to do. Like, I enjoy working with you. So he's like, why don't I just come work under you. You teach me the ropes. He's like, I'll take on the retail side. And we can kind of go in as a dynamic duo. Because I'm very personable. I mean, he's ex military. So he's very stern, which I think some clients enjoy that. But I think it will be nice to have someone else that can take on the leads that I get that are retail that I can't spend all my time on and coddle. And, you know, when you have four or five retail clients at a time, that can be very exhausting. So being able to pass the baton to him and teach him kind of my ropes, he also has the investment mindset. So he understands how to price a home, going in with a way of giving valid updates or things that could be done to increase their value to help their sale. I think a lot of agents don't always do that. I think a lot of agents just come in. And just like the it is what it is, let's sell it versus giving them some ideas of hey, here's where we're at with pricing now. And here's what I forecast. But let me tell you a couple things that we could do, to maybe update the home that's relatively low cost. And my that's why I call it possibility Realty. I want to show what are your possibilities, and whether that's me financing your rehab cost, and then picking it up on the back end on the close. So there's a lot of different opportunities. And I think that'll bring a lot of value to a lot of sellers, especially like it's expireds that just weren't worked right. That could you know, just maybe needs carpet and paint to help them get rid of it. So

Ian Arnold: 11:30

yeah, especially with nowadays with the low inventory. Let's be honest, if a house is sitting, there's a reason. And it's usually maintenance issues or something. So you've been able to Alright, well we can do it. But then we can do this floor. We can change this, this and this and fix all that those issues. Yeah, put it on the back end. Yep. For sure.

Stacy Patlan: 11:50

And, and something I so my managing broker, his name's Brent records, and I give him a lot of credit. I was my first brokerage was Carpenter, I switched from carpenter. That'll be a year in I learned a bit from them. With the front porch, front porch, I end up selling to Tucker, with Jim Perry and Rick Dave's. So I went over to Fathom Realty met Brent. And he's super knowledgeable. And so he has a property IQ trademark program. Basically, what it is, is you come in, so as the agent, he'll come in, obviously had a full listing commission, do an appraisal, do an inspection, all pre list. There's some rules, you have to list within like, you know, $5,000 of the appraised value, you have to make the major corrections on the inspection report. So I think that's something I'm going to take into consideration to do for my clients because to be able to present, hey, here's an inspection, here's the key, or here's the receipts for the repairs. Here's an appraisal. So you know, you're actually buying something that's price. Right. I think that could be very valuable to sellers and buyers.

Rick Ripma: 12:57

Yeah, that sounds like a great thing to do. It amazes me the things that that make total sense, but it's hard to implement sometimes to get people to do it. Yeah, yeah, I believe that you should have a a human underwritten pre approval if you're a buyer. Yes. Right. So what I believe it is hard to get real estate agents and customers to understand that.

Stacy Patlan: 13:21

Yeah. I don't know why it'd be hard to get realtors to understand that. When I get like a chase Chase bank approval or a Rocket Mortgage. I am like, does your buyer really want to use this? Is there any way we can maybe? Like, how long ago? Did they run their credit? Can we run with someone else? Do you have any preferred? And sometimes it's just the client stuck on it. And you can't get them to move? But I think good experienced agents understand the importance of having a live underwriter. Yeah, because like day of closing, there could be something that pops up, right, someone to answer the phone. Right.

Rick Ripma: 13:52

And you need my opinion before, before they ever go make an offer to be an offer, if made with a pre approval that's human or live underwritten. Yeah. Real human underwrote the file. Yep. That means you're basically you have the appraisal, the purchase agreement, and as long as nothing weird happens, they lose their jobs. You're gonna close.

Stacy Patlan: 14:12

Yep. Right. Exactly. Right. And it's so simple, you know, makes sense. It's what it's just like the property IQ. It's something that's so simple, but why is it so hard to implement? Right? Yeah. And I think it's just educating the public of, you know, yeah, it's been, you know, we have lawsuits with NAR, we have all kinds of things going on. It's always been Buyer beware. And so I think I want to bring trustworthiness into the real estate back into real estate because I think it used to be very trustworthy. And all of the agents I've worked with, I haven't really worked with anybody that I've felt malice from. Yeah. So I just want to place that calmness back into people like, please get representation. It's just like, you wouldn't go to court without a lawyer. Right? So

Rick Ripma: 14:56

yeah, I'm I'm listening to i i joined masterclass. And it's online. You can, yeah, but one of the one of the guys, he's a sales persuasion, you know, sales expert. And he was I was listening to it today. So it's fresh in my mind, you had said, you know, it used to be. And people feel like pressure and all that. And he explained 10 years ago is when it all changed. Yeah. Because it used to be where we, the sales, people held all the knowledge. Yeah. Right. And now, anybody can get the knowledge. So it's not the same thing. And so, people, people haven't changed. They don't realize that it's totally changed. And unless you're, I mean, you're not going to get your you shouldn't be taken advantage of by anybody. Because you can go get knowledge. Yeah. So you know, so find people who you can trust. And you know, you're, you know, you don't have to be that same person. But they said, the other thing I thought was very interesting, as he said, that they did a survey about 2000 people. And he said, you know, what, how, what do you see as a salesperson? Almost every first of all, every single person saw it as a male, not a female. Okay? I don't doubt that. And the vast majority of them saw him as a as a car used car salesperson, and a in a terrible, you know, suit coat and one of those pants called polyester pants. Yeah, that's how they saw him. Yeah. And, and it's so it's so bad, because you're not like that. And now we aren't like, people aren't like that anymore. Yeah, we're there to help you. Because you can get all the information. And our job really is to give you the information. Yeah,

Stacy Patlan: 16:34

to give you the information to make sure that everything is legal and binding and that you have some sort of liability on both sides. I agree that it we are like that kind of like a car salesman, you know, and I am very salesy person, I'm pretty personable I can talk. But I'm also an agent that I'll walk in the house, and I'll say they love it. I don't like to deter my clients. But I like to educate. Like, I know you love the house, but I can foresee some issues coming up. Right. So I think a lot of my clients really appreciate that too, especially on the investment side, because a lot of agents will see, you know, oh look quick, $90,000 sale, cash, it'll be done in two weeks, don't worry about it, versus going in. And I'll actually check out the plumbing, check out your electrical, look at the foundation, see if there's any sort of sagging in your roof. And I'll point those things out. And I want to hide those for my clients. Because my goal is I want to sell you something that I can then sell again. So I don't want to sell them a bad investment.

Ian Arnold: 17:33

I think the whole sales thing is is very interesting. And it's and I think it's more of an American thing, just because what are the main two things, people haggle over cars and houses? You don't go anywhere else and really haggle about anything else. So let's be honest, everybody's gonna look at main people do it in cars, so and then everybody got the bad image of the car guy long ago. That's a big story I'd go into later. But but then the next one is buying a house. And yet most people don't do it a lot. Yeah. So then they like, if they got a great deal, then they're like, oh, that person was awesome. But if something were to happen, then all of a sudden, you're the bad guy. I'm the bad guy. And it had nothing to do with either one

Stacy Patlan: 18:16

of them. No, it didn't. It's like, you know, I think that's also I do think it is an American thing. Sometimes I think a lot of people lack accountability. And their actions as well. I mean, we can advise as much as we can. But obviously, we can't make them sign that piece of paper. So Well,

Ian Arnold: 18:32

since you take great care of your customers. And I want you to get as many customers as you can. And I'm tired of your new guy that you just hired sitting around playing on his phone, not saying he's actually doing that, but just say, What's the best way someone get a hold of you if they're looking to buy sell or talk about investments?

Stacy Patlan: 18:49

Yeah, just call my cell phone. I still have a 765 number from when I was in high school. And I got into real estate when I was young. And they said to change your phone number is business suicide. So my number is 765-969-6066. It's a whole lot of sixes. But you can call or text me text probably best. I get lots of voicemails, and honestly, I have XFINITY mobile, and their voicemail system is terrible. Is it really? I'll get something downloaded like two weeks later. Like, where did this come from?

Rick Ripma: 19:23

Oh, yeah, that's not good. No, no, that's not good at all. So you also are looking for real estate agents. Is that correct? You're building your time.

Stacy Patlan: 19:32

Yeah, I'm looking for someone. So the client is or the agent that has hired you as a client. So he has a little bit of real estate knowledge. I'm open to novice like new agents, but they have to be willing to kind of go through the steps I want to give. I've I've built my career based on doing some processes and I know a lot of agents struggle. But I just network a lot. I am in meetups, I go to Si RIA events, which I'm a big part of, which is central Indiana Real Estate Investors Association. So I just mix and mingle with a lot of people. I'm out and about, I spread my name, I get my business card debaters. And I just need to be willing to put in the work and not get discouraged, because you probably won't get your first deal on the first few months. Yeah, it's gonna take a minute, it's

Rick Ripma: 20:20

tough to get going. Yeah. And to get a hold of Ian or I got a HardWorkingMortgageGuys.com. That's HardWorkingMortgageGuys.com, or you give us a call at 317-672-1938 31767 to 1938. That is a call is does not accept text. You got it right. I should probably change the number and use one of my text numbers.

Ian Arnold: 20:42

But you made a good point about your number being a 765. I mean, some people will like they said, Oh, can you change your number? Because you're in this area? It doesn't matter. It doesn't matter. It doesn't matter. Let's be honest. There is no more long distance calls. I mean, unless you're calling overseas. Yeah. And then what is it even here in Indiana or Indianapolis? It's 317. Or now? 463? Yeah, so it throws everybody off. So like even my wife, she's always kept her stairss to six. Oh, yeah. But she just kept it real. There's no reason to change it. Yeah,

Stacy Patlan: 21:14

yeah. No, I don't I don't think there's any reason change it. And honestly, those numbers stick out when I see him on a sign. I'm like, oh, that's that agent. When I see him text me. It's actually kind of a reminder, not the same 317 Number.

Ian Arnold: 21:26

Anytime a racy six is Sir like, hey, that's Stacy. Yeah,

Stacy Patlan: 21:29

I have so many sixes have my phone number. It's ridiculous. Hey, makes it

Ian Arnold: 21:33

easier memorize. Yeah. All right. So if I actually take away your phone until you you cannot work for 24 hours. What do we catch you doing for fun?

Stacy Patlan: 21:42

Catch me doing for fun. That's a good one. If I could I leave Indiana? Yes. I would be on a beach. I would be not in Indiana. It's been really cold. I am a water baby. Like anytime I go on a vacation. It is somewhere tropical, somewhere warm on a beach. I like taking cruises. So those are really fun to me. If I had to stay local. If I had to stay local. I really don't know. There's a few things I've been wanting to try. Like I've been wanting to try some Pilates classes. So maybe I'd venture out and do that. I also there's a couple new restaurants I'd like to try so maybe just take a day bait with myself. I think that'd be fun. So where's your favorite place to vacation? Favorite place to vacation on a cruise ship. So it moves. There is no set location.

Ian Arnold: 22:35

I told my wife we should do it. But she's anti it and then she hears a story on the news. Oh, this boat got stranded and all the head eat for a week or pop tarts? Surely that would be us. No, no,

Stacy Patlan: 22:46

no, no, I've been on I think six cruises now. And they are very enjoyable. And some people do not like them because they are you are confined to a space until you get to an island and if you're not well traveled are good with getting along with locals then obviously it's probably not fun. But as a woman and a mom, I don't have to think about where we're going to eat. You can eat whatever you want. So I'm gonna go here, you can go there. Dinner's at whatever time and we're eating whatever they're eating. Then you have a room steward that cleans your room. Even if you leave it a mess. They will clean your room. They will hang your clothes up. It's wonderful. Yeah, it's a break.

Rick Ripma: 23:23

I love cruises. Yeah, yeah. I think there are a lot and I before I ever went on one I thought I don't want to ever go on a cruise. That sounds horrible. It's like you said it's wonderful. It's

Stacy Patlan: 23:33

wonderful. There's so much entertainment. There's absolutely something to do with every moment of the day. The evenings always fun comedy shows they have really good theatrics. So yeah, that's what's your favorite cruise line? I have only cruise with carnival. Okay, I was supposed to go on my first cruise. March of 2020. Oh, and we saw COVID happening. And I was like, I'm still getting on that ship. And then I was like, I saw the one that was stranded. And they were all like, quarantined on the ship for two weeks and was like, nevermind. Yeah. And then they cancelled it. So we had a major cruise credit. So we were in, we were able to take like three cruises based on our original credit. Wow. From pre COVID prices to post COVID prices. So that's why I've chosen carnival and we have casino benefits.

Rick Ripma: 24:22

What was your What was your favorite location for for going or what is your

Stacy Patlan: 24:26

I really enjoyed Honduras. Okay. Yeah, it was very beautiful, very tropical. It was a small island on Honduras. I don't remember what the island was called. But we got to see the sloths and a whole bunch of different exotic birds. We had a tour guide that took us around. So it was really neat to see to actually you know, there's a lot of propaganda here of like, third world countries. And while it was very Third World and very poor, there was also very nice areas and it was fun. It was fun. It was really cool to see it's kind of eye opening. Yeah, Honduras

Rick Ripma: 24:57

is beautiful. I've been there are one time, but we were on the mainland. Okay. And it's it's a beautiful country, but it is poor. Yes, it is. But by going there, you're helping those people know. And they're all friendly and nice. I don't know if you saw this, but it's a little odd. You're driving down the road, you know, we were always with a tour group and you, there's guards outside of their stores and things like that. And I said, Well, what's why? And they said, well, because there's no police close by. So they have to have security.

Stacy Patlan: 25:30

Yes, we went to, we drove past a Wendy's. And I said, I want to eat it when he's out of the country. We wouldn't eat Wendy's. And there was like an armed security guard with a large rifle. I'm like, Is this necessary? But yeah, it probably so but our tour guide we did, we held it a taxi on our own. He charged us like $75 for the whole day. And then we tipped him well, and he's the tip. He was like, This is what I if I were to work with the taxi company at the port, this would be this is enough for my whole month's income. Wow. And so he was very grateful and gracious. And I enjoyed him. He taught me a whole lot like he drove us past his personal homes, we got to see where he lived, which was kind of saddening, but you know, it gives you a little bit of eye opening, gratefulness for where we live. Yeah, but

Rick Ripma: 26:17

we were there. My son owns a bird tour company. Okay. And we were there on a tour. Very cool. Not a burger, but my wife is so we went on the tour and it was it was very eye opening. Yeah. But we actually had lunch at at a at a house. This you know, the the resort sets that up through his bird tour company. So very interesting, because it was it was a nice enough looking house. But I mean, there were wires are exposed. Yeah, it's different.

Stacy Patlan: 26:45

Yeah, like the house. We drove Pat. Like his house had like a 10. Roof tarp sides. I mean, yeah. No running water. No, nothing. Like they had a spigot that's outside that all the neighbors use. It's like, I couldn't imagine living that way. Yeah, we're lucky. We are. Yeah, we have some issues here. But yeah, we're lucky. Yeah,

Rick Ripma: 27:02

definitely. All right,

Ian Arnold: 27:03

you ready to ask your favorite question?

Rick Ripma: 27:05

Oh, I am. I'm glad you're gonna let me. So what is your superpower or superpowers, you just say, um,

Stacy Patlan: 27:11

my superpower is analyzing a deal. When it comes to finding investments, I'm very good at, you know, finding out what you should pay for it, what you could probably expect in a rehab cost, because I rehab myself. So I kind of know what your rough estimate will be. So being able to help my clients buy property instead of overpaying and then being upside down and stuck. Because we use a lot of hard money loans, a lot of our clients use a lot of hard money loans, right. And so those are interest only payments, and those can be very expensive, especially if you get upside down. So I think that's my, that's my main superpower. It's

Rick Ripma: 27:48

vital when you're doing rehab that somebody knows what the cost is going to be. Because normally when you do rehab, you underestimate what it's going to actually cost. Absolutely,

Stacy Patlan: 27:57

absolutely. And I don't know if you're familiar with wholesalers, I mean, wholesalers are obviously salesmen, too. So they're going and finding motivated sellers, they're putting a price on it. And they may give you an estimated repair cost to help sell it. And those aren't always accurate. So it's good to have a second opinion with an experienced person.

Rick Ripma: 28:16

Yeah, I think it's vital to have or not, maybe not vital, but I think it's extremely helpful to have the background you have how understanding investments and growing up in the investment world on real estate. I think it's I think it really gives a tremendous amount of knowledge that a lot of other people don't have. So I think it's I think, especially if they want to buy, you know, a house for investment, yeah. Do you work with first time investors? Or do you work mostly with no, I

Stacy Patlan: 28:45

work with first time investors, as long as they're motivated and kind of have an idea of what they want. I do like for my clients to, you know, I don't I don't want to pick your strategy. Do you want to flip? Do you want to rent? What would you like to do? And how do you want to do it, and from there, I can kind of put them on a goal path. It's also very helpful for like my retail clients, because you know, they'll walk into a house and see bad carpet or a leak and it may be they get nervous because they're used to calling like a Peter mins plumbing who is a very costly plumber, I have access to licensed plumbers that are just day to day guys that can fix that for a quarter of the price. So I'm like we can get this done. Don't be nervous. There's things that we can work through. And that also benefits my sellers too, because they're not getting those high inspection response cost makes

Rick Ripma: 29:30

a difference. If somebody is like looking at a first time homebuyer or a first time investor, there are loans out there. You know, there's there's a special loan and you probably know about it, where you qualify, you have to have good credit, you have to have your 25% down maybe 20% down to 2025 as long as the house cash flow is at some point, yeah, you know, you're gonna qualify, you're gonna be able to that loan. So those loans are, you know, DSCR Yes, debt service. coverage ratio. Yeah. And then I just want people know they're out there. Yeah. You don't have to have you know, you have to have money and you have to have good credit. That's pretty Yeah, the money for the down payment closing costs that kind of thing. Yeah. And then you can get, it's amazing what you can do. How how? It's a phenomenal loan for somebody buying an investment property, because what I mean, is there is there there much better investment than buying real estate. Not

Stacy Patlan: 30:24

in my opinion, but I'm also in the real estate world. So I think every multimillionaire billionaire owns tons of real estate. So I think it's very, it's safe. I mean, it's also something, you know, as someone who wants to be a private lender, so say, you don't want to be hands on you could private lend to an investor. That's also secured by a mortgage. So you have security on both aspects. But ya know, I mean, real estate obviously goes up and down, but eventually it always goes up. So

Rick Ripma: 30:56

yes, and I won't say it never goes to zero, but it's a it's a rare time that we'd go zero.

Stacy Patlan: 31:02

Yeah, right. We do not foresee and oh, wait again. No, even then they didn't go to zero. No, they didn't. They did. Some houses do. But yeah,

Rick Ripma: 31:10

it's a much safer investment. Yes.

Ian Arnold: 31:12

Yeah. So since you know all about investments, and you know all about people buying and wanting to buy a house or even sell theirs. What's the best way somebody get a hold of you?

Stacy Patlan: 31:23

To just give me a call? Do you? Would you like me to list my number again? Yes, 765-969-6066. I like to do intro calls. I'm more than willing to meet at my office. My office is at the Irvington Event Center, which is off the shadeland in Washington Street, have an office there. And if you want to come in and meet, we can kind of talk through your goals. If you're someone that's local, or out of state more than happy to hop on a zoom call with you chat through things and see where we can go.

Ian Arnold: 31:52

You were the first real estate agent asked, Would you like me? Give me your blind number again? Yeah. Well, yeah, that should be a no brainer for a salesperson.

Rick Ripma: 32:02

No, I think that's good. And just so everybody gets it, the number 76596906066. Yes, correct. Well, there are a lot of sixes. That makes it easy. I think I think it makes it easier to remember. Yeah, if in doubt, dial six, right. Yeah. And to get a hold of v and r, I got a HardWorkingMortgageGuys.com. That's HardWorkingMortgageGuys.com. Or you can give us a call at 317-672-1938 31767 to 1938. That is a call no text.

Ian Arnold: 32:32

All right, Stacy. So we had a question of the week. Okay. And now let's go on probably the hardest question. We'll ask you. Okay, what was your first car? Toyota

Stacy Patlan: 32:40

Corolla. Nice. I had a Toyota Corolla. So this is actually hilarious story. So my sister, she my sister is seven years older than me. When she got her license. She got my mom's old car. When I got my license, I'm like, Oh, I'm gonna get dad's old car and my dad had a prelude. And so I was like, oh, that's gonna be a nice car. I pulled in the driveway, my friends dropping me off, and there's now a truck in the driveway. So I'm like, I'm gonna get a truck. I was so mad and so distraught. My dad's like, you're not getting my car. But you knew. So I had a 1994 Toyota Corolla. It had 46,000 miles on it. I bought in 2010. Maybe the lady was just a nanny. And so she just drove back and forth to school. So I drove that car till the wheels fell off.

Ian Arnold: 33:27

Yeah. Which means she's still driving today. No, it's probably still rolling out there somewhere. He

Rick Ripma: 33:33

does like Toyota's Yes, that's his car of choice. Yes. Yeah, they're

Stacy Patlan: 33:36

very reliable. Yeah,

Rick Ripma: 33:37

I prefer Ferrari. But I mean, you know, of course,

Ian Arnold: 33:41

loosely. And that's why I have investments and you do not Ferraris not know,

Stacy Patlan: 33:50

maybe an appreciating asset, but I'm not sure they say All cars are depreciating.

Rick Ripma: 33:55

Well, I'm really into cars. Okay. And I can tell you that a, you know, you get a Ferrari Dino of, you know, 72 Ferrari Dino. When I first started looking at him, they were just $100,000 they're now$300,000 to go

Stacy Patlan: 34:12

up. Yeah, you're very right. So my family in Richmond is very heavy in the car business. Okay, so my whole family our used car salesman.

Ian Arnold: 34:23

Rick and I both are too so so.

Stacy Patlan: 34:27

They they do they do mostly hold they go to auctions a lot, but they also refurbished cars. So like my grandpa had like a 69 Impala that he built from the ground up. I mean, they've done Thunderbirds, all all that so very, I am very into cars went to the car shows and I love that because I got to ride the old cars didn't have seatbelts.

Rick Ripma: 34:46

Oh, yeah. That's great until you hit something.

Stacy Patlan: 34:50

But as a kid, it was like, restrictive.

Rick Ripma: 34:54

It is funny, because seatbelts once somebody's in and if somebody hasn't been into that accent they don't realize what a seatbelt actually can do for you

Stacy Patlan: 35:02

know, I wear my eyes where I wear mine all the time and people like some people like put their seatbelt just click it and and sit on top of it. For what?

Ian Arnold: 35:10

Why just use it just stop studying and yeah, it's just again,

Rick Ripma: 35:15

it's like anything else if you need it. You want it on? Yes. And really they're very comfortable today.

Stacy Patlan: 35:21

You don't really bother me at all.

Rick Ripma: 35:22

I've worn it for so long. Even. It's just automatic. Yeah,

Stacy Patlan: 35:26

absolutely.

Ian Arnold: 35:26

I will say is weird, because I told you to recognize has been the car business. So there'll be times where you have to just move a car or something like that. Well, at that point, I'm not putting my seatbelt on, right? It feels weird. It feels like it's going to back up and everything. I'm like, Whoa. Yeah. Like a blanket. Yes. It's like you're not used to it. Yeah, yeah. Oh,

Rick Ripma: 35:46

automatically put it on? Yeah, even if I'm think I'm not going to do it. Automatically. It goes on. It just is an automatic automatic thing.

Stacy Patlan: 35:53

I 100%. Agree. So

Rick Ripma: 35:55

i What are you really excited about or proud of in your business?

Stacy Patlan: 36:01

I think I'm proud of my accomplishments for my age. I'm 29. So I've been in the business for, like 10 years now. So I built a really steady real estate career at a very young age, a lot of people doubted me. So I'm very proud of that. I'm excited because I am building a real estate team. So instead of just, you know, we all want to say we're entrepreneurs, right? But if you're doing your business every day, it's still a job. So I'm excited to build a team so I can make it more of my career and my business versus my job. So while I'll still be in day to day functions, it won't be heavily reliant upon me. And that's obviously 510 year goals, but you got to set it or you're not going to get it. That's right.

Rick Ripma: 36:47

And even if that's the case, you're still you're still the mastermind behind it.

Stacy Patlan: 36:52

Right, right. Yep. Yep, I want to be easily accessible. I don't, I don't want to just leave the business and be done. I mean, I would go stir crazy if I was just like, retired. I don't know what I would do. I mean, I still enjoy being out and about a lot of driving a lot of work in pieces. And some days it is exhausting. But it's also very fulfilling. Because, you know, if my son has a field trip and needs a chaperone, I can take off. I don't have to ask. So I have a lot of flexibility in my schedule. And I honestly if like there were no Realtors ever again. I don't know what I would do. Yeah, I do I do for my career.

Ian Arnold: 37:26

All right. So since you've been in the business for a long time, I want to hear good story. So what do you think was one of your most memorable transactions?

Stacy Patlan: 37:36

Most memorable? Lord, that's a tough one. Do you want a bad one? Or do you want a good one? Your choice? All right.

Rick Ripma: 37:43

We prefer bad though.

Stacy Patlan: 37:47

We will do one that kind of talks about loans. You do want to both? Yep. So we have one I had one that it was very memorable is one of my very good clients. It was actually an agent. That's what Fathom she was a great agent. We were selling the flip. It was completely remodeled. it appraised $20,000. Under this is like during COVID pricing. So it's like oh my goodness, we're appraising under. So we get two new appraisals. The next one comes in over asking. And then the third one comes in a little under asking. So then it's like a whole debacle of which number are they going to choose? My seller ends up meeting in the middle. I don't know how they ended up figuring it out. But that was such a painstaking transaction for so many different numbers to come in with different variables. So that was pretty memorable. I don't know, I have so many stories. I've had houses where pipes have bust. I've had things where buyers have walked at the table and I have the seller. I can't even put my finger on one. Wow.

Ian Arnold: 38:54

No, that would be really crazy to be at the closing table. And somebody just get up and walk out. Yes. Because you've already agreed to everything. Yeah, I mean, even when the loan process, let's say on our end, you had to you had to sign off on everything three days in advance. Yeah. So you already know the numbers. Yeah. So something else had to happen. Yeah, in that three days. Yeah. And

Stacy Patlan: 39:16

the lender was actually there. So some lenders I don't know if you guys go to your guys's closings when you have the opportunities. The lender was actually there and he was in a debacle. He's like, I don't know what happened. So that was pretty painstaking. I did actually just have one transaction. It's off of 32 out by Grand Park, and they're expanding 32 So my investor bought the house. She was going to flip it. She decided you want to go ahead and sell it. It's on three acres in Noblesville, really close to Grant Park has a four car garage with two apartments in it. So it's three livable spaces. I actually have the buyer too, and I'm representing both sides. Turns out the septic is just leaking. into public waterways, waterways. So, that was very educational because I got to meet with Hamilton County Health Department, I got to learn how they do the well tests or the septic tests. And also kind of get pricing on septic because I haven't done a whole lot with septic being in the metropolitan area there is septic in some places, but it's mostly public water and waste. So that was very interesting. The buyer was initially was satisfied and the seller is satisfied. The benefit for the buyer is he has the three acres that are going to widen 32 So they're gonna end up taking the house, and he's like, that's fine with me. I'll just build a new one a little further back. So he's very excited about that. Because I'll obviously pay him for the house. Are

Rick Ripma: 40:46

they pay enough? Yeah, yeah. That'd be good. Yeah, that's that's the key. They gotta pay enough. Yep. Yeah. So your first story with you know, you talked about they walked at the table, that the first one, the first one was the appraisals. appraisals. Yeah. So the the appraisals. The thing people have to understand is a lender can't pick, yeah, one of those three appraisals. Nope. Okay. Even to get a second appraisal in today's world is not the easiest thing in the world to do. And to get a third one probably would be okay, because you had to such varying Yes, appraisals. Yeah. But there has to be a reason just so people understand there has to be a reason in order to order another appraisal, Freddie, Fannie, FHA, VA, yeah, they want to let's just allow you to, I don't like this appraisal, let's get another. Yeah. And you know, appraisers go through a lot of training and everything else. But they're not they're human. They make mistakes, too. Yes, they are. But I've had some appraisers who who do that, and then they'll they'll actually update their appraisal. Yeah. Others who get the fact that you question them really doesn't make them happy? Yes,

Stacy Patlan: 41:57

I was going to say they do not like you questioning their work. When but when you're able to provide decent evidence, you know, please take a look at it and kind of hear me out like that. The

Rick Ripma: 42:09

good ones are okay with that. Yeah, if you give them detailed information that they couldn't get, yeah, a lot of times people give them things they already had, you know, it's like, yeah, I had all this.

Stacy Patlan: 42:18

Well, and for my clients, I always do an appraisal package. So when I get the notification, the appraisers coming in, I called the appraiser, I talked to him personally, and I let them know, I'll be available by phone for your entire appointment. And then if the email isn't provided, or if it is, I'll confirm their email, and I'll put together an appraisal package. If it's a flip, I will show them before and after pictures. If my client has like a long invoice, I won't show them the invoice of everything they paid for to put into the house. I will also write a brief description of every I mean, if it was a doorknob updated, it's in that appraisal package. So I find good appraisers will actually sometimes attach it to the appraisal. Some of them won't. But I like to see them as attached to the appraisal to kind of give evidence because sometimes we obviously some agents like to price high and investors always want to price a little high just to test the market. So I think when you're able to provide evidence, you get a little more leeway when it comes to your appraisal. Yeah.

Ian Arnold: 43:19

Well, I also, you have to also look during that COVID time know whenever if you were trying to appraise a house, three or four months in between appraisals could be drastic. I mean, because houses didn't we're all right, we're selling it asking price. Alright, now we're 20 over now we're 40 over now we're 60 over or whatnot, depends on neighborhood and everything. It was a crazy time for everybody. Yeah,

Stacy Patlan: 43:40

and I think people should be if you're someone that did not experience the COVID market and how stressful that was on a client. I mean, it was great for sellers, but was very stressful for buyers, they were giving their lives away. I mean, if you would like a call market to actually be able to negotiate a deal to where you're getting something and the seller is getting something, then you need to be buying now. I'm not sure what's within the foreseeable future. I mean, I've everybody's saying rates are going to come down and I kind of assumed that they will be and will we go back into like a semi COVID market when rates come down? Yep. So do you want to compete with that? Or would you like to be able to actually negotiate a fair price, get repairs done, get some credits, and maybe go into a house with low money down and save your savings instead of putting an appraisal gap in? Because Rick,

Ian Arnold: 44:32

Rick and I've had this conversation. And it's just like, one of the things is because the biggest issue now is inventory. Yeah. And guess what, that's not changing for anytime soon. So with rates drop, people are gonna be like, Oh, now Now we're down. It was whatever, seven, half a percent, whatever it was, but now we're down here. Oh, now it's time to move. Yeah, everybody's gonna jump right back on that bandwagon. Yep.

Stacy Patlan: 44:56

I think when they can, I think when rates can come down low enough to where they're kind of comparable to rent prices, then obviously, people are going to come back in. But if they can rent something for cheaper, they're going to be kind of satisfied for now. Until they get tired of renting. Yeah,

Rick Ripma: 45:11

I'm noticing they're already coming back. And on that point that you made, the appraisal gap, there actually are some strategies, depending on the situation that you can work out as a lender. So if you do if somebody has that, you know, or you get back into that market, you know, a good lender who knows what they're doing. We have strategies, okay. You know, there are ways to ways to get around, not around it, but ways to work, work through things like that. Just so people know. Yeah.

Ian Arnold: 45:40

So let me ask you this. What do you think one of the biggest misconception about the real estate industry is

Stacy Patlan: 45:47

biggest misconception is that it's a complicated process. It's really not. When you hire good service, you will get good service and it will be very straight path. You know, I've had so many clients thanked me, because they're like, I'm on a roller coaster of emotions and you just held steady, like I got you what you needed, gave me with all the paperwork, got it all done negotiated for you didn't have any arguments with with the seller or the sellers agents, or the buyers or buyers agents, because there can be conflicts there. So I think that's the biggest misconception that it's like a huge daunting task. And it's really not I mean, it is, it is something you have for 30 days, you have to be well involved. But once you get out of that you're buying your home, you don't have to worry about it. And it's not as hard as people think. Yeah,

Rick Ripma: 46:36

it certainly is not.

Ian Arnold: 46:37

Alright, so I'll ask you just one last time. Okay. Somebody's been listening to you for the last 50 minutes, basically. So if someone wants to talk to you about real estate buying, selling investment or even talking possibly coming on a team, what's best way they get a hold of

Stacy Patlan: 46:50

you? Yep, they can give me a call 765-969-6066 and

Rick Ripma: 46:57

to get a hold of ena I go to HardWorkingMortgageGuys.com That's HardWorkingMortgageGuys.com Or you give us a call at 317-672-1938 31767 to 1938. And please follow us for more indies real estate gurus and

Ian Arnold: 47:12

reminder if you have any friends, family, coworkers looking to buy, sell or refinance. Let us know more happy to help you. Stacey. Thank you for joining us on your show. It's been a pleasure.

Mindy Riley: 47:20

I appreciate you having me. Rent NMLS number 33041 NMLS number 66459 Arnold NMLS number 1995469 equal housing opportunity some restrictions apply