All Forum Posts by: Eric Miller

It's going to vary by HOA. Here is a list of HOA docs if you want to look at certain neighborhoods. You'll still need to do DD to make sure these are the most up to date versions.

https://www.chicagotitleindy.c...

The AV would stay the same, but each year they go up/down based on market values. Some randomly see larger jumps if the area is increasing faster in value, but it won't go from 29k to 85k. Investment property is taxed at the 2%, but you won't see that jump until 2022 if you purchase this year. Taxes accrued this year as owner occupied are paid next year at the 1% rate with all the current deductions.

I was considering this about a year ago for Raccoon Lake but hard to tell demand. I was also looking at Heritage Lake but renters wouldn’t be able to do boats because it’s a private lake. Tough to put lots of money out without good data points.  

Yes, I did join MIBOR. Its about $1500 per year for everything (technology fees, NAR fees, Indiana NAR fees, etc). So factor that in. If you end up only doing 1-2 deals a year it's probably not worth it.

I believe you could also get your license and put it into Referral only and save the MIBOR costs and continuing education costs. Then just refer your deals to agents for a referral fee.

I did my licensing through Real University out of Greenwood online, it was like $400 or $500. When you sign up with the real estate classes you can ask to be put on the list allowing brokers to contact you. From there you can talk to each one about fees/splits etc. There should be plenty of no monthly cost options. Where my license is parked has no fees other than the splits, but I was already doing a bunch of investment deals with that broker before I got my license, so I did not shop around. Good luck!

Also offer short term this time of year (at a higher rate). Last year, I purchased one in Oct and ready to rent mid Nov that I knew would be harder to find a tenant for because of the time of year. I found a short term 6 month tenant right away that moved in the same day the rehab was completing. That will bring me back to May for turnover.

This time of year is definitely slower, price might be a little high because of no garage and the location. I have been in a few houses on this street including yours (just looked it up on zillow). Nice job on the updates (if you did that), it was a mess when I was looking at it to buy. This street has a lot of trash houses, plus its an old dead end neighborhood off 40 where it is hard to exit turning left towards Plainfield during busy times of the day. I think it turns off a lot of people.

Are you just marketing on Zillow? I find that more inquiries come from facebook marketplace now. Post it there. Also post it on the "Hendricks County Rentals" group page on facebook. Good luck!

@Blake Morgan yes from the MLS. There is a window AC unit in the first picture, I'm guessing the AC is bad. I buy sheriff sale properties in Hendricks County west of Indy and like it when they pop up for sale like this so I can get inside before the sale, but other investors obviously do the same. I've bought 2 like this where they were listed for a fast sale and didn't sell in time before the sheriff sale.

It says cash only and looks like it’s in foreclosure. I see these on occasion where they try and sell real quick rather than take a foreclosure hit to the credit. 

@Lei L. Yes I use my personal FB. If your profile settings are set to friends only no one can see your stuff unless they are friends. They can only see some basic info about you that you have set to public. Go in your privacy settings and change anything you don’t want people to see to private.