All Forum Posts by: Staci Rogers

Hi Connor,

We are seeing investors have success in the Terre Haute market in that price range. Terre Haute is a college town with a couple new industries coming in and adding jobs. Some properties in Indianapolis might work, but it would depend on if you plan to do any rehab.

Feel free to reach out if you would like to chat.

Staci Rogers

Hi Neil,

There are numerous different tax districts in Indianapolis, and each has its own tax rate. The current property tax rates for Indianapolis vary from 2.1362 to 4.7699. Here's a couple links that might help you:

https://www.indy.gov/activity/review-tax-rates

https://www.stats.indiana.edu/dms4/propertytaxes.asp

Keep in mind that if you are looking at a property that is currently owner occupied, it is likely that the homeowner has a homestead exemption filed, which would lower the tax assessment by 60%, or a maximum of $45,000. There is also a supplement homestead exemption for 25-35% depending on the home value.  There might also be exemptions filed for over age 65, disabilities, etc. You can check the Marion County GIS to get an accurate tax assessment of the property and view the current exemptions.

Feel free to reach out if you have questions.

Staci

Hi Paula,

I've seen an influx of investors picking up properties in Terre Haute. Terre Haute is a college town and has growth potential due to new businesses coming in. Entek will create over 600 jobs by the end of 2027, and a casino is scheduled to open in early 2024, adding additional jobs. House prices are affordable, and the favorable rents are providing properties that cash flow well for the investors. 

Let me know if you have any questions.

Staci

Quote from @Jacob Brush:

I want to get into house hacking as soon as possible. Would it be smart to get a DSCR loan, or an FHA loan? I do not meet the requirements right now for an FHA loan, but from what I heard about the DSCR loan they don't look at your income, or credit score, instead they look at how much rent you will be making monthly. What else do they look at?

Hi Jacob,

Not all lenders have the same DSCR guidelines. For example, while a lender may look primarily at the cash flow of the property, your income and credit score may still be considered as secondary factors to qualifying.

Also, the terms/rates for DSCR lenders vary, so if you are purchasing an investment property, be sure to shop around.

Good luck!
Staci

In the current rate environment, I've seen investors shifting to Terre Haute, Lafayette, Indianapolis, and the areas just outside of Indianapolis. It is getting more challenging to get properties in Bloomington to cash flow since the housing prices there tend to be higher. Not impossible, just more challenging. 

Let me know if I can answer any questions for you.

Hi Kain,

There is a Cleveland, Indiana but it is a very small town. Perhaps you are thinking of Cleveland, Ohio? 

If you are interested in investment properties in Indiana, I am happy to make a recommendation for an agent, depending on the area you are looking. I am also happy to discuss financing options and run cash flow scenarios for you. 

Staci Rogers

VP, Business Lender - IU Credit Union