All Forum Posts by: Anthony Sgro

@Gil Keren

As far as repairs and capex go, it really depends on the age of your property. I’m assuming you are using 6% each for repairs and capex, which seems a little low to me.

I have a property that was built in 1946 and I factor in 10% for maintenance and repairs, along with 10% for capex. Maybe I’m too conservative, but I don’t want to get caught with my pants down.

I think the overall numbers are decent, it all depends on if you’re buying in a solid area and expect decent tenant. If so, it sounds like a decent deal, but I’m not blown away with it.

@Shawn Holsapple I am also looking for a CPA in the Indianapolis area. Thanks!

@Nathan Cruz I am also interested, pending that it is virtual. I am an out of state investor.

@Charles D Cruz thanks Charles, but my question was directed to if I could coax the appraiser to look at SFH in the area, since there have not been duplexes sold recently in the area. Does anyone have any experience with this?

Having recently purchased a duplex, I noticed that my appraiser obviously used previously sold duplexes in the area. The problem is, these duplexes were sold at least a year and a half ago at 90k (the purchase amount). Currently, SFH with similar square footage in the area are selling for 130k-150k.

My question is, can I bring this up to a lender if I want to cash out refinance at some point? I know I will have a seasoning period, but I believe there is much more value in my home than the appraiser or the seller displayed.

Any advice will be much appreciated. Thanks!

I’ve been contemplating building an addition on my primary residence and turning it into a house hacking opportunity.

I currently live in a 4 bedroom, 3 bath house that has an in-law-suite. It is attached to the rest of the house, but it is a converted garage. The suite only consists on a large living room and a full bathroom. I would like to build an addition on the side of the suite that includes a kitchen and possibly a small bedroom. I’m estimating that I can pull around 800-1k in rent when completed.

I have a few questions:

1. What would be the estimated cost of the project?

2. Do you think it could be a good investment for the future? My strategy is it at least hold the property for 7-8 years past the completion of the project and possibly rent out both sections of the house when we move.

3. Would it negatively effect the price of the house if I decide to sell in 7-8 years? The area consists of all high priced, single family houses. Very few if any residences are rented. Just seeing if my house would be made so abnormally that I would have a harder time selling it if that’s where I decide to go.

Thanks!

@Andrew Griffin it really depends on the area. Indianapolis value can change street by street. What general area are the properties located in?

@Nick Giulioni what do you think about just outside of Garfield Park? I just had an offer accepted on a duplex around Emma Donnan Middle School. Seems like a mid to low C neighborhood, but has potential for appreciation with it being sandwiched between Garfield Park and Indianapolis University.

@Angela Smith I’ll PM you

@Angela Smith I have a 2 bed/1 bath available if they are interested. It’ll be a little tight, but it will be available in September. 700 square feet, located in Garfield Park.