Bloomington, IN Investors

[Michael Johnson]

Looking to connect with some folks in Bloomington, IN. I have reached out to some members that I found via the search feature but haven't received many replys. 

[Charles Sinn]

Hey Michael,

I hope you enjoy Bloomington!  HAND can be a breeze to deal with or a nightmare.  

HAND is about $100/year... Or $100 inspection, which maybe lasts for 3 years? something reasonable.

https://bloomington.in.gov/housing/rental-occupanc...

 If you purchase a home that was previously a rental, they will have a file on it, and everything should be up to date with minimal repairs needed. 

If you buy a home that was a single family house, you could be in for some trouble.   They are very thorough, which can be annoying, but it also forces you to make repairs that your probably want done anyways.  

Some notes from my experience (just a representative of what I have learned, the list could be MUCH longer, but it will show you how picky they can be). 

-HVAC -- you have to get a receipt from a HVAC contractor saying its running clean

-Bathroom tub needed more caulking around the edge, to prevent water from reaching subfloor

-Toilet was running

-a Window wouldn't hold itself up, which ended up being a pretty expensive repair.  If you buy a house with old wood windows with broken counterweight ropes, its a mess to fix

-I got a condo with a party wall.  In the attic, the drywall between units wasn't seamed.  I had to get drywall compound on all seams

-Closet bi-fold doors were off their hangers 

-Front door needed some more weatherstripping to seal out cold air.  

The 1% rule will be next to impossible to hit... BUT, because you are buying to live in while in school, it is absolutely worth buying, and should wind up cash flowing pretty well once you leave. 

I worked with and recommend Evan Buckmaster in Bloomington.   He is in a large office and knows of deals on and off market.  He is great, and his office is able to get everything done quickly.  Their office is literally next door to the biggest Title company in town, so everyone knows each other.