All Forum Posts by: Annie Li

@Sharad M. I will probably laugh at myself several years later when I see my own comments about brick house with concrete foundation...

I'll call Merillville police record dept to see if they can provide some insight on crime rate in this neighborhood, which seems to be the only factor to determine whether I should keep the house or not.

@Adrien C.I agree with you.  It's not a good idea to take such a big risk by buying in a wrong neighborhood.  I hesitate to call off the contract mainly because the property manager I've been talking to is very confident on this rental and you also had success in that neighborhood.  Furthermore, I love all brick houses, this one even has concrete (not block) foundation that you don't see in at least half of the brick houses in that area.  It indeed has central heat and air which have been confirmed by the inspector.  I'm thinking to try to get money for all repairs from the seller; if they don't agree, I'll withdraw.

@Michael HillYou are right, there is water damage in basement when a faucet broke but the listing agent said they found that only a few hours later.  The inspector didn't mention anything about potential mold in his report though.

@Jim C.I'd love to have coffee with you when I'm visiting the area again, which is very soon.  I've sent you colleague request.  In regards to the 3 listings that were sold recently, they are all through auctions and the unpaid balances are much higher.  Is it possible that the sold price may not truly reflect how much the buyer actually paid in order to get the property?  How much do you think the property I'm under contract with is really worth if I have a good property manager?

Thanks for everyone's reply.

@Jason Farmerwhich year did you buy that house? I wonder if the area could have got better since @Sharad M.bought on same street as mine and is doing fine.  The house has been vacant for several months but air compresser is still there; there are no bars on windows of houses in the neighborhood, it's just a very quiet residential area without anybody wandering on street....I'd love to buy in a better area of Merillville, but can I get it for a similar price?  I doubt it.  I'm a new investor so it might be a good learning experience for me to buy in a not so nice neighborhood once.

@Sharad M. this doesn't sound fair.  Do you think I can challenge the assessed value with city?

@Adrien C. My realtor walked through the house with me on a Vedio call

@Sharad M. I offered $52,000 and got accepted right away.  I should have tried even lower...

You are right.  Kitchen and dining are vinyl.  All bedrooms and living room are hardwood (it's underneath the carpet in living room).  

@Adrien C. That's great news!  I didn't know you can really sell that house for around $100k in such an area.  I was only focusing on cash flow.  

@Adrien C. I haven't signed contract with the company, just asked for opinion.  If you know any good PM in the area, please let me know.  Thanks!

@Sharad M. Thanks for the info, very helpful.  My realtor had a video call with me while he was in the house.  This is a well maintained house, central air, all hardwood floor, very spacious, partially finished basement. I'll probably spend about $3000 on paint and minor repairs.  Does your house have high turnover rate? How long did it take for you to rent it out?