All Forum Posts by: Richard G.

If you don’t mind, how old is the home?  I’ve found that in Indy, you can get a good deal on older homes, but those also bring other concerns with them...  Also, what do you think of the market in Indy?  

Hi all, I looked into going with Vivint or Solar city for a 20 year lease option a few years back, but ultimately decided against it.  These were my reasons, some of which were already mentioned above:

- The cost of the system was exorbitant...  basically they were playing with their numbers to max out the government incentives.  There was no cost to me, but I also would not be benefiting from the incentives financially.

- They planned to raise rates every year according to a schedule, I.e. regardless of what market conditions are.  In my projections, my energy costs would exceed the costs of staying with my local utility after about 5-7 years.

- They would have the right to use my roof FOR FREE for 20 years, but my energy would not be free and I would have no ownership of the system.  Quite the opposite...  any extra electricity generated on my roof would not belong to me, and instead would be used to make them more money...  So my roof becomes their free power plant, for 20 years...

- The 20 year catch as described above, especially issues related to trying to sell the home in the future if buyers did not want to be locked into steadily increasing electricity rates year after year.

- Bottom line, my recommendation, in line with others above, if you can afford to buy the system outright, do that.  Don’t however buy it outright from one of the above companies whose business is leasing systems.  You will pay at least double what you would pay another company to install a turnkey system.  

@Michael Volek please send me the info as well.  Thanks 

Great podcast! I just put an offer in on a multi-unit myself, my first one, so fingers crossed. Interesting discussion on rolling the rehab costs into the HUD and I will explore.

Thanks for all of the advice.  I ended up passing on the property.

Thanks for your replies!  

It is a block foundation, and is currently renting for about half current market rates...

I’m debating buying, holding for a few years, then selling to gain the equity. 

I have an opportunity to buy a 3bed/1bath SFH estimated to be worth $70k for $50k in cash. The home is currently rented to one tenant who has lived in it for 35 years and pays $400/month. The tenant does not want to move, has a low income, can pay up to $500/month, and would plan to live there until they can't anymore.

The house is in good shape except for one of the basement walls that started to buckle.  The owner put an anchor system in place to shore up the wall, that they claim is guaranteed for 23 more years.  

Taxes are $1725/year and insurance is $800/year.  

The owner will sell at $50k if the tenant can stay with rent increased to $500/month. 

My questions are whether this would be a good deal, too much of a headache, other thoughts?