All Forum Posts by: Jason Foster

@Joshua De Young - shoot me a message if you're still with ERS. I just got a SFR under contract in Evansville (my first in the area) and am looking for a local PM. I have seen ERS listed in multiple threads and would like to connect.

Thanks,

Jason Foster

@Sean McCluskey others have made the point too, but I’d encourage you to consider the full picture. Frankly, as a local investor, I’d be happy if you and all the other coastal investors left town and gave those of us based here more deals to evaluate.

But alas, that’s not likely to happen. So I’ll just tell you that you’re not likely to find any way around the 2% cap. It’s the result of a massive property tax overhaul about 10 years ago.

But despite the taxes, I believe in the Indy market. Rents are rising, the economy & labor market are strong, urban revitalization is happening at a steady clip, the population & regional employment is growing, etc.

On a 5-10 year holding period, I’m confident the extra $900/year (60% post-tax of 1% on your example) will be paid back in the form of rent increases and/or property value increases.

And if all else fails, send any properties you’re looking to unload my way!

I don't know where you're investing, so take this with a grain of salt, but at least in the markets I'm active in, "clean" offers (meaning most/all contingencies waived) are pretty common if you're buying investor grade properties and competing with all cash offers.  I lost four deals in a row this winter because of financing & inspection contingencies.  On the fifth I waived both, and ended up securing the deal despite having a lower priced offer than at least one of the other investors bidding for the property.  There's no right/wrong call, and other deals will come, so I wouldn't stress about losing this one.

I received my property tax bills last week, and was surprised by how high the rate was given the 2% cap on investment properties.  Given the school referendum that passed, my properties are now over 3%.  Has anyone had any success pursuing lower tax assessed values?  If not, curious to hear how others are handling the increases (ie, raising rents, etc)?  Thanks all!

Happy New Year, everyone.  I'm just getting into real estate investing, and am looking for CPA & Attorney recommendations in Indy for a couple of buy-and-hold rentals I'm getting ready to purchase.  Thanks in advance for any help!

@Hank Keller would you mind sharing which TK company you're working with in Indy?  I'm evaluating a few different companies in the Indy market.  Thanks in advance!

Agree w/everything said above.  I went to Butler and live in the area.  There are two different categories of renters in that area.  College students -- who command higher rent premiums -- generally won't be renting south of 42nd street.  Depending on which cross-streets you're evaluating, and the rental comps you're looking at, just make sure the numbers work.

@Mickey Russo I’m another newbie investor in Indy and would really appreciate your lender recommendations as well. Thanks so much!