All Forum Posts by: Anthony G

@David Van Brunt Any update on this?

Have you seen the house?  I haven't spent a lot of time there, but I think it's mostly working poor in that area.  You'll likely cashflow, but I don't know of any redevelopment plans for that area so appreciation will likely be slow.

I know people who did fairly well renting rooms to summer interns in nearby Columbus, IN so I could see it working.  From what I remember the houses close to campus are pretty pricey as those are highly desirable for students.  I'm familiar with Bloomington, do you have a target area?

Darrin,

It seems like you would have to get enough income in those short periods of time to make up for higher vacancy rates as you run through 6-month leases.  Would you be furnishing the homes or apartments?

According to this site not much change.  As foreclosures increase, more rental units will be required.

http://www.deptofnumbers.com/rent/us/

What happened in '08?

It sounds like your situation is similar to my neighborhood.  One thing to think about it time of year.  Most houses in our neighborhood come on the market in the summer to allow families to move between the school year.  This brings enough potential buyers through the neighborhood that will potentially see your house for sale (a plus).  If I tried to sell in the off-season, I would have to do all of my own advertising so I'm not sure how successful I would be considering most people are using realtors or at least browsing realtor.com.

I'm also considering a FSBO in the future. I'm considering because houses in our neighborhood sell fast but always at the exact same price (cookie cutter houses with high price per sq/ft).

Do houses in your neighborhood sell fast?

Is there a lot of price variation or are the price per sq/ft similar between like houses?

I've done a 203K project before.  I would highly recommend you have a reputable contractor that you're familiar with ahead of time or be quick to get estimates.  You will NOT close on the house 30 days from the accepted offer.  I think I've heard that 45 days is a target and I think mine took over 2 months.  All-in-all it can be a great program if you have a solid contractor.  You also want to avoid having to pay for too much unnecessary repairs that your approved inspector (I forget their real title) may find.  I got my loan through Flagstar Bank out of Michigan.

Natalie,

I know this is an older post but Indiana property taxes are capped at 1% of the property's assessed value for owner-occupied residential, 2% for rental/farm, and 3% for commercial.  Some areas come in lower, but you'll have to check for each specific property.