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TURKEY
November
November 2013
THANKFUL PILGRIM HUD Training Seminar
Hosted by:
blessings Lisamarie Schmidt
THANKSGIVING November 21st 11am-3:30pm
FEAST
Pg9
Michael Kerkhof
HARVEST
family
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Page 18
gratitude
PUMPKIN PIE
FIND OUT HOW YOU CAN OWN A HUD HOME WITH $100 DOWN PROGRAM
First Time Home Get on the Buyers, Investors 478125I 1
Social Bandwagon
with Atlantis Realty Want to know about properties coming soon before they are listed? Follow us on all the local social media.
http://twitter.com/AtlantisRealty Check out these listings and our commercial properties on our website at www.AtlantisRealtyGroup.com.
2
1/11/12, 1:03:50 PM
RSVP for Tours at:
1-800-276-8940 ext 2 or bustour@atlantisrealtygrp.com
HUD Homes & Foreclosures Tour Here is your chance to view great deals on HUD Homes and Bank Foreclosures. Meet and talk with professionals such as lenders, appraisers, inspectors and contractors to learn about the home buying process and how to bid on properties.
IndyInvestorMagazine.com
What are QR codes?
The reason why they are more useful than a standard barcode is that they can store (and digitally present) much more data, including url links, geo coordinates, and text. The other key feature of QR Codes is that instead of requiring a chunky hand-held scanner to scan them, many modern cell phones can scan them.
They look like this: ____________
How does the cell phone read the code?
They come to us from Japan where they are very common. QR is short for Quick Response (they can be read quickly by a cell phone). They are used to take a piece of information from a transitory media and put it in to your cell phone. We use QR Codes in our magazine to see the virtual tour or website of a property. Once it is in your cell phone, it will give you details about that property or business.
The cell phone needs a QR code reader, which most of them are free from your app store. It takes literally 1 minute for someone with an iPhone or Android phone to find and install the reader
How QR codes work 1. The QR code is scanned by a device, in this case a smart phone.
2. QR code software on the phone analyzes the image and extracts encoded information.
AARON STECKELBERG • U-T
Sources: Open Mobile Alliance: Tech-faq.com
Lisamarie Schmidt
3. The decoded information - such as text, numbers or even website addresses - is displayed on the device.
FOR SUBSCRIPTION & ADVERTISING
Editor-in-Chief
Write to Indy Magazine at 8645 E 96th Street, Indianapolis, IN 46256.
Amanda Shoaf
To order a back issue: Send U.S. check or money order for $2.00
Chief Creative Editor
Contributors:
Mike Kerkhof David Heller Lisamarie Schmidt
Visit our website for more information: www.IndyInvestorMagazine.com Register for an online subscription for FREE or subscribe for a hardcopy delivered 12 issues for $24.00 online or mail us. If interested in advertising in our publication call us at 1-888-765-3431 or email to lisas@atlantisrealtygrp.com for rates.
IndyInvestorMagazine.com
3
8645 E 96th Street Indianapolis, IN 46256 8982 Pumpkinvine Road Fairland, IN
$135,000
BLC#21235210
3 Bedrooms, 2 Baths, 1,484 Sq. Ft. www.tourfactory.com/1006925
2736 W Bartholomew Flat Rock, IN
$33,000
BLC#21256371
2 Bedrooms, 1 Baths, 690 Sq. Ft. www.tourfactory.com/1060611
817 Birch Indianapolis
$35,000
BLC#21237619
3 Bedrooms, 2 Baths, 622 Sq. Ft. www.tourfactory.com/1008900
4
15465 Gallow Lane Noblesville, IN
$148,000
BLC#21243638
3 Bedrooms, 2.5 Baths, 3,144 Sq. Ft. www.tourfactory.com/1030739
321 E Delaware Street Fortville, IN
$129,900
BLC#21246385
3 Bedrooms, 2 Baths, 1,724 Sq. Ft. www.tourfactory.com/1037803
880 Peppermill Run Greenwood, IN
$85,500
BLC#21243632
2 Bedrooms,2 Baths, 1,088Sq. Ft. www.tourfactory.com/1030751
IndyInvestorMagazine.com
69 S Byron Street Cicero, IN
$50,000
BLC#21246228
3 Bedrooms, 1 Baths, 3,144 Sq. Ft. www.tourfactory.com/1032835
10390 Cerulean Drive Noblesville, IN
$102,000
BLC#21253429
3 Bedrooms, 2.5 Baths, 1,996 Sq. Ft. www.tourfactory.com/1054707
4509 E 21st Street Indianapolis
$28,000
BLC#21149519
2 Bedrooms, 1 Baths, 1,440 Sq. Ft. www.tourfactory.com/807217
8645 E 96th Street Indianapolis, IN 46256 36 Ash Lane Shelbyville, IN
$16,800
BLC#21232851
4 Bedrooms, 1 Baths, 1,000 Sq. Ft. www.tourfactory.com/999053
1739 E 71st Street Indianapolis
$65,700
BLC#21247734
3 Bedrooms, 2 Baths, 1,154 Sq. Ft. www.tourfactory.com/1040192
4025 Richelieu Road Indianapolis
$56,900
BLC#21250029
4 Bedrooms, 1.1 Baths, 2,036 Sq. Ft. www.tourfactory.com/
234 Menden Ingalls, IN
$34,000
BLC#21239295
4 Bedrooms, 1 Baths, 3,974 Sq. Ft. www.tourfactory.com/1017371
5431 E Terrace Indianapolis
$45,000
BLC#21243039
3 Bedrooms, 1.5 Baths, 1,225 Sq. Ft. www.tourfactory.com/1024961
5118 Tuscany Lane Indianapolis
$33,500
BLC#21230592
2 Bedrooms, 1.5 Baths, 1,139 Sq. Ft. www.tourfactory.com/993820
IndyInvestorMagazine.com
3531 N Luewan Drive Indianapolis
$24,000
BLC#21249128
3 Bedrooms, 1 Baths, 1,107 Sq. Ft. www.tourfactory.com/1042966
8758 Appleby Lane Indianapolis
$94,500
BLC#21249590
3 Bedrooms, 2 Baths, 1,316 Sq. Ft. www.tourfactory.com/1043292
589 Northgate Drive Greenwood, IN
$72,000
BLC#21228179
5 Bedrooms, 2 Baths, 1,983 Sq. Ft. www.tourfactory.com/990172
5
Lunch & Learn - HUD Sales Training: “Successfully Selling HUD Homes in Indiana”
November 15th
& at 6935 Lake Plaza Drive Indianapolis
With the release of M&M III, there are many changes to HUD’s residential real estate program. For those that have sold HUD before they may notice many changes and for those considering HUD, now is the time to learn.The Successfully Selling HUD Homes class presents the dynamics of M&M III, the new bidding site and bidding periods and ultimately addresses everything from marketing to contract to close. HUD homes are becoming the predominant REO in the market and understanding the NEW process is the key to REO success now and into the future. This class has been developed by PEMCO, Ltd. who is contracted by HUD to manage the sale of all HUD-owned properties. Classes are taught by either a PEMCO Employee or a trained contractor.
In addition to learning general information about HUD, its properties, and the HUD Sales Process, attendees will learn: • Who can buy HUD properties • How to market, advertise, and show HUD Homes • How to register with HUD • How to write a HUD Sales contract • How to navigate the HUD listing site • How “priority bidding” works • And Much More
How Our Process is Different
Client applies for financing and will get a preapproval whether they have a house picked out or not
(317)564-4906
Client “thin” file is submitted to underwriting and is qualified based on credit and income. Final conditions will include satisfactory appraisal and title work. While submitted, appraisal, title, inspections and processing verifications are completed. Buyers and agent are informed of final underwriting conditions. Final conditions are submitted and 24 hours later file is CLEAR TO CLOSE!
Final HUD prepared and closing takes place the next day. Weekend and Evening Realtor Support! We are your team! – Over 20 years of experience in both loans and customer service. Imagine never having to call your loan officer to see where you are in the process –
NOBODY IS FASTER THEN GVC
Carla Jackson 317-796-3989
66
Happier clients – More Closings More Referrals
www.gvcmortgage-carmel.com
Yvette Wright 317-339-9339
IndyInvestorMagazine.com
8645 E 96th Street Indianapolis, IN 46256 3923 N 150 Columbus, IN
$101,600
BLC#21245356
6 Bedrooms, 2 Baths, 2,510Sq. Ft. www.tourfactory.com/1032783
7602 Woodside Drive Indianapolis
$81,900
BLC#21253048
3 Bedrooms, 1 Baths, 1,148 Sq. Ft. www.tourfactory.com/1045131
7729 E 14th Street Indianapolis
$69,000
BLC#21256554
5 Bedrooms, 3.5 Baths, 2,231 Sq. Ft. www.tourfactory.com/1064042
9671 Prairiewood Way Carmel, IN
$389,900
BLC# 21256065
3 Bedrooms, 2.5 Baths, 4,452 Sq. Ft. www.tourfactory.com/
744 S Obrien Steet Seymour, IN
$25,000
BLC#21255524
3 Bedrooms, 1 Baths, 1,402 Sq. Ft. www.tourfactory.com/1059241
9301 N Viola Way Noblesville, IN
$199,900
BLC#21244176
3 Bedrooms, 2.5 Baths, 2,096 Sq. Ft. www.tourfactory.com/
IndyInvestorMagazine.com
19155 Carol Cove Circle Noblesville, IN
$182,500
BLC#21257041
5 Bedrooms, 2 Baths, 3,108 Sq. Ft. www.tourfactory.com/1065163
7914 Dillon Place Indianapolis
$149,000
BLC# 21254254
4 Bedrooms, 3 Baths, 2,980 Sq. Ft. www.tourfactory.com/1054578
7618 E 35th Street Indianapolis
$34,500
BLC#21253023
3 Bedrooms, 1 Baths, 1,456 Sq. Ft. www.tourfactory.com/1052089
7
Learn the in’s and out’s of how to bid & buy with the new HUD process.
NEW for M&M 3
Classes are held every month. Call for Dates and Times.
“Successfully Selling HUD Homes in Indiana”
Course Information: With the new introduction of M&M III, there are many changes to HUD’s residential real estate program. For those that have sold HUD before they may notice many changes and for those considering HUD, now is the time to learn. The successfully
Please RSVP
by replying to this email or Contact person: 800-276-8940 ext 2 Email: HUD@atlantisrealtygrp.com Instructor
Lisamarie Schmidt
selling HUD homes class presents the dynamics of M&M III, the new bidding site and bidding periods and ultimately address everything from marketing to contract to close. HUD homes are becoming the predominant REO in the market and understanding the New process is key to REO success now and into the future. This class has been developed by PEMCO, Ltd, who is contracted by HUD to manage the sales of all HUD-owned properties. www.HUDPemco.com
Highlights • Who can buy HUD properties • How to register with HUD • How to navigate the HUD listing site • How to write a HUD sales contract • How “Priority bidding” works • And much More.... www.HUDHomestore.com Atlantis Realty Group Inc 8645 E 96th Street Indianapolis, IN 46256 Phone: 800-276-8940x2 Fax: 866-469-4882 E-mail: HUD@atlantisrealtygrp.com www.AtlantisRealtyGroup.com
8
IndyInvestorMagazine.com
HUD & 203K Continuing Education
Successfully Selling HUD Homes in Indiana By Lisamarie Schmidt, Atlantis Realty Group, Inc. From 11am-1pm
Lisamarie Schmidt
November 21, 2013 • 11am-3:30pm at Moon Dog Tavern 4825 E. 96th Street Indianapolis, IN
Lunch served from 12pm-1pm
Financing HUD Homes By Michael Kerkhof From 1:30pm-3:30pm
Receive 4 Hours of CE Credit and Lunch for FREE! Provide your License number for your certificate of completion. For ttendees, please bring your business card as well as your license.
Questions? Please contact: Michael Kerkhof (317) 371-5079
Michael Kerkhof
Please RSVP. Seats are limited. We look forward to seeing you!
CALL 765-5920215 TODAY!
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9
128 W Arizona Street Indianapolis 3 Bedrooms, 3 Baths
BLC# 21252441
$110,000
1522 S Talbott Street Martinsville 3 Bedrooms, 2 Baths
BLC# 21254596
$21,000
310 N Hendricks Street Greenfield 2 Bedrooms, 1 Baths
BLC# 21258732
$39,900
8088 Teel Way Indianapolis
3 Bedrooms, 2 Baths BLC# 21260512
$156,750
6233 Abaca Indianapolis
3 Bedrooms, 2.5 Baths BLC# 21261914
$119,700
6899 W Lora Drive Boggstown 3 Bedrooms, 1 Baths
BLC# 21256308
$13,500
9728 Fortune Drive Fishers 4 Bedrooms, 3 Baths
BLC# 21261399
$385,000
1130 Northpointe Drive Franklin 2 Bedrooms, 2 Baths
BLC# 21261150
$33,000
4070 Candy Apple Blvd. Indianapolis 3 Bedrooms, 2.5 Baths
BLC# 21259221
$97,500
3706 E Thompson Road Indianapolis 4 Bedrooms, 1.5 Baths
BLC# 21259510
$104,900
3546 Wallace Indianapolis
2 Bedrooms, 1 Baths BLC# 21256962
$11,500
113 Downing Court Noblesville 3 Bedrooms, 2.5 Baths
BLC# 21259717
$199,900
6170 Winthrop Indianapolis
1,984 Square Feet Duplex BLC# 21248357
$228,900
3902 Candle Berry Drive Indianapolis 4 Bedrooms, 2.5 Baths
BLC# 21260030
$58,500
9046 Greenlee Indianapolis
4 Bedrooms, 2 Baths BLC# 21259033
$109,500
2006 Flamingo Way Franklin 2 Bedrooms, 1.5 Baths
BLC# 21253037
$84,900
19468 Links Lane Noblesville 3 Bedrooms, 2 Baths
BLC# 21260134
$129,900
25 E 40th Street 7K Indianapolis 4 Bedrooms, 4 Baths
BLC# 21260940
$99,900
4536 Payton Indianapolis
2 Bedrooms, 1 Baths BLC# 21259889
$44,900
2157 Gent Indianapolis
2 Bedrooms, 1 Baths BLC# 21258743
$14,900
1518 Hoefgen Street Indianapolis 2 Bedrooms, 1 Baths
BLC# 21243942
$22,200
8393 Big Oak Drive Atlanta, IN 3 Bedrooms, 2.5 Baths
BLC# 21258585
$165,000
3526 E 50th Street Indianapolis 4 Bedrooms, 2 Baths
BLC# 21258722
$84,900
11033 Falls Church Drive Indianapolis 4 Bedrooms, 2.5 Baths
BLC# 21259235
$107,500
407 W 32nd Street Indianapolis 2 Bedrooms, 1 Baths
BLC# 21260738
$12,997
10 6801 Lake Plaza Drive, Suite 112A • Indianapolis, IN 46220 • P: 317.578.3827 • F: 317.577.4484
6078 E Smokey View Lane Mooresville
7907 Puckett Lane Camby
3 Bedrooms, 2 Baths BLC# 21230875 $175,000
4132 Waterthrush Drive Indianapolis 3 Bedrooms, 2.5 Baths
BLC# 21211569
$109,000
2252 Prairie Fire Lane Indianapolis 4 Bedrooms, 2.5 Baths
BLC# 21255913
$125,000
335 Louise Drive Indianapolis
3 Bedrooms, 1 Baths BLC# 21248311
$116,900
3026 Everbloom Way Indianapolis 3 Bedrooms, 2 Baths
BLC# 21254887
$89,000
3 Bedrooms, 2.5 Baths BLC# 21250796 $109,000
966 Brookstone Drive Franklin 3 Bedrooms, 2 Baths
BLC# 21256583
$86,000
582 Hunters Drive W #C Carmel 2 Bedrooms, 2 Baths
BLC# 21253725
$79,900
6511 Redland Drive Indianapolis 3 Bedrooms, 2.5 Baths
BLC# 21254887
$89,500
9718 E SR 234 Wilkinson
4 Bedrooms, 2 Baths BLC# 21255289
$38,000
4321 Barharbor Court Indianapolis 3 Bedrooms, 3 Baths
BLC# 21242022
$104,500
15400 Herriman Blvd. Noblesville 7,0000 Square Feet
BLC# 21251116
$545,000
11541 Presido Drive Indianapolis 3 Bedrooms, 2 Baths
BLC# 21249203
$94,500
2832 N Denny Street Indianapolis 2 Bedrooms, 1 Baths
BLC# 21257027
$35,000
2303 Meadow Way Anderson
3 Bedrooms, 2 Baths BLC# 21248913 $104,500
8888 Pine Tree Indianapolis
3 Bedrooms, 2 Baths BLC# 21255057
$159,900
6104 Madison Indianapolis
2 Bedrooms, 1,620 SQFT BLC# 21247797
$199,900
5706 Rosslyn Indianapolis
2 Bedrooms, 1 Baths BLC# 21251902
$132,900
630 N Colorado Avenue Indianapolis 4 Bedrooms, 2 Baths
BLC# 21250828
$25,200
7224 Birch Drive Nineveh
3 Bedrooms, 2 Baths BLC# 21235358
$69,900
5106 S Emerson Indianapolis
4 Bedrooms, 2 Baths BLC# 21242134
$169,000
7939 Piney Wood Court Indianapolis 3 Bedrooms, 2 Baths
BLC# 21252413
$64,900
1461 N Gladstone Indianapolis 2 Bedrooms, 1 Baths
BLC# 21246684
Chris Schlosser 317.523.3037 • chris@cmsrealestate.net || www.cmsrealestate.net
$18,900
11
Now is the Best Time to Protect Your Family with Life Insurance Monthly Premiums For.....
Age
250,000 Death Benefi ts
500,000 Death Benefi ts
Female
Male
Female
Male
25-35
$9.84
$10.72
$14.00
$15.75
36
$10.06
$10.94
$14.44
$16.19
37 38 39
$10.28 $10.72 $11.16
$11.16 $11.59 $12.03
$14.88 $15.75 $16.63
$16.63 $17.50 $18.38
40
$11.81
$12.69
$17.94
$19.69
41
$12.47
$13.56
$19.25
$21.44
42 43 44 45
$13.34 $14.22 $15.09 $16.19
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$21.00 $22.75 $24.50 $26.69
$23.63 $25.81 $28.44 $31.06
46
$17.28
$19.47
$28.88
$33.25
47
$18.16
$20.56
$30.63
$35.44
48
$19.25
$21.66
$32.81
$37.63
49
$20.56
$23.19
$35.44
$40.69
50
$21.88
$34.94
$38.06
$44.19
51 52 53 54
$23.41 $24.94 $26.69 $28.66
$27.34 $30.41 $33.47 $36.97
$41.13 $44.19 $47.69 $51.63
$49.00 $55.13 $61.25 $68.25
55
$30.63
$40.91
$55.56
$76.13
56
$32.59
$44.63
$59.50
$83.56
57
$34.78
$48.34
$63.88
$91.00
58 59 60
$37.19 $39.81 $43.09
$52.28 $57.09 $63.00
$68.69 $73.94 $80.50
$98.88 $108.50 $120.31
Free Medical Exam with Application Family and Children Plans Apply Online Donna Petri Call: 317-250-8126 or Email: donna@mvp-insurance.com 12
IndyInvestorMagazine.com
Gorgeous three bedroom in beautiful Carmel! BACK
9671 PRAIRIEWOOD WAY, CARMEL, IN
MLS #21256065
KITCHEN
BRAND NEW custom kitchen, GE Profile and Bosch appliances! Hunter Douglas blinds throughout - all window treatments stay! Custom built cabinets in the basement that are built around the 62 inch television that also stays! Two beautiful fireplaces that are so cozy for those Indiana winter nights! Gorgeous landscaping, and the greenest grass you’ll find! All appliances maintained by this one-owner family! Don’t miss out! GARAGE Come and see it today!
$389,900
Contact: Jill Curtis at 317-480-7966 View tour at: http://tours.tourfactory.com/tours/tour.asp?t=1062288
The mortgage solutions you need from a bank you can trust. We have mortgages to fit every type of budget–including yours. And you can be confident that you’re working with a bank you can count on today and tomorrow. TAlk WiTh A ChAse loAn offiCer TodAy. PaulLines G Davenport, Loan Eric | Loan Offi cer |Officer NMLS ID # 425938 T: 317-201-6360 Mortgage Banking | Chase | 200 E Carmel Drive paul.g.davenport@chase.com Offi ce phone - 317-705-7422 |Cell Phone - 317-513-4216 http://homeloan.chase.com/paul.g.davenport
E-Fax-866-324-6989 | Eric.A.Lines@chase.com All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply. ©2011 JPMorgan Chase & Co. 2351G 0211
IndyInvestorMagazine.com
13
UPDATE ON HUD $100 DOWN PAYMENT! HUD has recently changed the way they market their HUD foreclosed homes. They are trying to upgrade their image and they do not want to their foreclosed homes to be lump in with the other “bank foreclosures”. You still have to place your bid for a HUD foreclosed home on the Internet and you still have to use a Realtor. So, for the homebuyer that part is pretty much the same as before. But, the most important thing is they are still going to offer the HUD $100 Down Payment Incentive in most parts of the country! The normal down payment for FHA Home Loans is 3.5% and for conventional loans the down payment is up to 20%. Most people that want to purchase a home really don’t have a lot of money available for a down payment so they are left out of today’s home market. But everyone should be able to come up with hundred dollars for a down payment. But this is a government program and there are, of course, some strings attached.You have some requirements in order to take advantage of this $100 down payment program. The $100 Down Payment Program Has the Following Requirements: 1. HUD Foreclosed Homes Only! This FHA $100 Down Payment Loan is for the purchase of HUD foreclosure homes. 2. Have to use FHA financing.You cannot use conventional financing. 3. This program is for Owner-Occupants only, not for Investors.You have to sign a form at closing stating you are going to live in the property and not use it has an investment such as a rental property. 4.You still need to have the earnest money of $1,000 for properties listed above $50,000 and $500 for properties listed for less than $50,000. Earnest money will be returned to you at closing as a credit on the Closing Statement. 5.You can ask HUD to pay for closing costs up to 3% of purchase price. If you are going to buy a home in the near future, you need to consider HUD Homes with this HUD Homes $100 Down Payment Program. This program is a national program and the perfect HUD foreclosed home could be in your area.
14
IndyInvestorMagazine.com
How To Purchase a HUD Home
Cómo comprar una Vivienda ¡El proceso para comprar una vivienda puede parecer complicado, pero si toma las cosas paso a paso, pronto tendrá en sus manos las llaves para su propia casa! Nueve pasos para comprar una vivienda Calcule cúanto puede invertir en una vivienda Conozca sus derechos Busque la mejor hipoteca Aprenda acerca de los programas para compra de vivienda Busque una vivienda Haga una oferta Haga inspeccionar la vivienda Busque un seguro para propietarios de vivienda Firme papeles continued on page 16...
Unlock a Better Way to Sell Your House Atlantis Auction Group
List Your House for $75 on our Online Auction Lic AU10900054
1-800-276-8940 Ext 707
www.AtlantisAuctionGroup.com IndyInvestorMagazine.com
15
How To Purchase a HUD Home
Cómo comprar una Vivienda continued from page 15...
Paso 1: Calcule cuánto puede invertir en una vivienda La cantidad de dinero que usted puede permitirse invertir depende depende de sus ingresos, valoración crediticia, gastos mensuales actuales, la cuota inicial y la tasa de interés. Las calculadoras abajo pueden servirle de ayuda, pero es mejor visitar a un prestamista para averiguar con mayor certeza.
¿Cuánto puede invertir en una vivienda? Comprar vs. Alquilar Como Prepararse Para Comprar Vivienda ¿Necesita ayuda con su cuota inicial o costos de cierre?
Programas de compra de vivienda locales ¡Un asesor de vivienda le puede ayudar a calcular cómo manejar y pagar sus deudas, y empezar a ahorrar para ese pago inicial! Busque un asesor de vivienda cerca a usted Paso 2: Conozca sus derechos Equidad de Vivienda: Igualdad de Oportunidades para Todos - pamfleto Ley de Procedimientos para Liquidación de Bienes Raíces (RESPA, por sus siglas en inglés) Derechos del prestatario Prestamistas fraudalentos Paso 3: Busque la mejor hipoteca Ahorre dinero preparándose bien. Hable con varios prestamistas, compare costos y tasas de interés, negocie para obtener una mejor oferta. Considere conseguir aprobación previa para un préstamo. Cómo buscar la mejor hipoteca: averiguar, comparar, negociar - folleto Deje que la FHA le ayude Evite prácticas de préstamo abusivas Paso 4: Aprenda sobre los programas de compra de vivienda Programas de compra de vivienda locales Los programas de préstamo FHA le ofrecen una cuota inicial más baja y son una buena opción para los compradores de casa por primera vez. Deje que la FHA le ayude Programas de compra de vivienda especiales de HUD Programa del Buen Vecino – para policías, maestros, bomberos, y técnicos de emergencia médica Ventas a descuento para evacuados de huracanes Propiedad de vivienda para residentes de vivienda pública Programa de Garantía de Préstamos Hipotecarios para Comunidades Indígenas (Sección 184) continued on page 17...
16
IndyInvestorMagazine.com
How To Purchase a HUD Home
Cómo comprar una Vivienda continued from page 16...
Paso 5: Busque una vivienda Escoja un agente de bienes raíces Lista de expectativas - ¿Qué características desea? Listsa de verificación de búsqueda de viviendas – lleve esta lista consigo al hacer comparaciones de viviendas Viviendas en venta (incluye viviendas de HUD) Viviendas para refaccionar (“Fixer-Upper”) – programas para compra y reparación de viviendas Viviendas pre-fabricadas (casas móviles) Construya una casa Si escoge una vivienda en un vecindario con una Asociación de Propietarios de Vivienda (HOA, por sus siglas en inglés), asegúrese de solicitar una copia del paquete de HOA de modo que usted pueda revisarlo antes del cierre. Paso 6: Haga una oferta Discuta el proceso con su agente de bienes raíces. Si el vendedor le hace una contraoferta, tendrá que negociar hasta que ambos concuerden en los términos de la venta. Hacer una oferta Paso 7: Haga inspeccionar la vivienda Presente su oferta sujeto a condición de una inspección de la vivienda. Una inspección le indicará la condición en que se encuentra la casa y puede ayudarle a evitar comprar una vivienda que necesita reparaciones mayores. Para su protección, haga inspeccionar la vivienda 10 preguntas para el inspector de vivienda Paso 8: Busque un seguro para propietarios de vivienda Las agencias crediticias requieren que usted tenga un seguro hipotecario. Asegúrese de buscar la mejor oferta. Seguro hipotecario 12 pasos para reducir el costo de su seguro de hipoteca Paso 9: Firme papeles Por fín está listo para el “cierre”. ¡Asegúrese de leer todo antes de firmar! Costos de cierre e información importante
Are you upside down on your mortgage? Do you need to sell your home? No equity? No Problem! Atlantis Realty Group
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?
: n o i t s e Qu
?
?
?
Do you think mortgage interest rates will decrease? And are the new hybrid ARMs a good deal?
Answer:
?
?
When the Federal Reserve said it would begin winding down its purchase of mortgage-based securities, a program designed to keep mortgage interest rates low, the average 30-year fixed-rate mortgage went up to 4.5 percent. Advisors for Kiplinger’s Personal Finance say the mortgage payment on a $200,000 home is about $115 higher than it was when the interest rate was 3.5 percent.
Ask the Editor
Lisamarie Schmidt
18
Today’s rate is still historically low, but some say it could drop slightly by yearend ... or it might rise slightly.
If you need a mortgage, lock in the best rate you can get now. You can lock in your mortgage rate until you close, but the longer the lock-in period, typically 30, 45, 60 or 90 days, the greater the cost. It’s generally an eighth of a percentage point for every 15 days beyond an initial 30 days, which doesn’t cost anything. Remember that it’s still a great time to buy because home values haven’t returned to the market’s peak of 2006. They are still 34 percent below their crest reports Clear Capital, a real estate data provider. Hybrid ARMs can be a good deal With a hybrid adjustable-rate mortgage, the interest rate is fixed for a number of years and adjusts annually thereafter. It’s a safe choice. A 5/1 ARM may charge 3.37 percent interest for the first five years and adjusts annually after that, often to a cap of two percentage points. Hybrid ARMs are available for three, five and seven years. Some credit unions offer a 5/5 ARM. The starting interest rate remains the same for the first five years, then adjusts every five years thereafter, typically with a 2 percent cap. At Navy Federal, one of the largest credit unions, the initial interest rate on its 5/5 ARM recently was recently 2.375 percent. In five years, it would adjust to 4.375 percent, just slightly more than the average 30-year fixed rate at the time of origination.
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Financing a Fixer-Upper?
Purchase and Rehab All in One FHA Loan! You just love the house. Except for the leaky pipes. Or maybe the kitchen is too small. For the house that’s almost perfect, we have the perfect solution: Our Renovation Mortgage, a mortgage and home improvement loan all in one.
■ Purchase or refinance ■ Remodel the kitchen or bath ■ Renovate or add a room ■ Paint the house or add siding ■ Add a porch, deck or patio ■ Replace a leaky roof ■ Put in new flooring, carpeting or tiling ■ Update electrical wiring, plumbing or heating systems ■ Conserve energy with new windows ■ Plus much more! This program offers the unique features that make FHA loans excellent financing solutions in today’s market:
■ Purchase or refinance ■ 1-4 unit properties (owner-occupied only) ■ FHA down payment (3.5%*) ■ Flexible credit qualifying ■ Assumable loans *For example, a $200,000 FHA loan with 3.5% down, 5.000% interest rate, 5.616% APR, and 0 points would require monthly payments of $1,074.00 for 30 years.Taxes and insurance are extra. Information is subject to change without notice. Restrictions apply, ask for details. Chris Moore Renovation Sales Manager Prospect Mortgage NMLS# 418893 600 E. Carmel Dr., Ste. 122 & 123, Carmel, IN 46033 Office: (317) 847-4738 | Cell: (317) 847-4738 Fax: (877) 536-9262 chris.moore@prospectmtg.com
Visit My Website! • Learn about home loans • Use loan calculators • Apply for a home loan
HomePath is a registered trademark of Fannie Mae.
Loan inquiries and applications in states where I am not licensed will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifier #3296) is a Delaware limited liability company licensed by the Department of Corporations under the California Residential Mortgage Lending Act and operates with the following licenses: AK Mortgage Lender/Broker License #AK3296; AZ Mortgage Banker License #BK0903027; To check the license status of your CO mortgage broker, visit www.dora.state.co.us/ real-estate/index.htm; GA Residential Mortgage License #16984; IL Residential Mortgage Licensee #6424; MA Mortgage Lender/Broker License #MC3296; MS Licensed Mortgage Co.; MT Residential Mortgage Lender Licensee #120; NV Division of Mortgage Lending Mortgage Banker #1173 and Mortgage Broker #3095; Licensed by the NH Banking Dept.; Licensed Banker-NJ Dept. of Banking and Insurance #9932414; Operates as Prospect Lending, LLC in NY (Licensed Mortgage Banker - New York State Department of Banking); OR Mortgage Lender Licensee #ML-2006; PA Dept. of Banking license #22122; RI Licensed Lender #20021343LL, Broker #20041643LB; licensed by the VA State Corp. Commission as MC-2195. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law.
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REAL ESTATE INVESTORS • Rehab ~ Fix and Flip Let us fund your next investment property purchase. We provide investors with short term funding for acquisition, rehab projects and renovations of residential foreclosed properties. Our basic criteria for funding consider is listed below: • Loan to Value Ratio (Purchase) Up to 65% • Interest Rate Usually 10-16% • ARV Funding Available • Term 6 months; 12 months - 2 years • Amortization Interest Only • Loan Safety Mortgage secured by a lien against the Property
• Fees 3 - 6% (TBD) • Loan Purpose Single Family / 1-4 Units, Non Owner Occupied • Loan Preference 1st position (primary) 2nd position (case by case) • Loan Distribution Third Party Escrow / Service Company • Location Indiana, Marion County (Primary) • Cities Indianapolis & Surrounding Cities; Central Indiana
For Additional Information: www.dkdglobalfinancial.com Call 317-809-5177 • Email: td@dkdglobalfinancial.com
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FEATURED
6320 Rucker Road • Indianapolis, IN 46220 P: 317-446-0152 • F: 317-466-9752 • www.jsruizrealty.com
1887 Sweet Gum Drive Avon
Come take a look at this beautiful two story brick house with over 3000 sq ft. With 5BR and 4BA. It has great fireplace, hardwood floors, 3 car att garage and an open patio/ wood deck. Spacious KT and in ground pool. BLC# 21259931 $299,900
6102 E 25th Street Indianapolis
8151 S Talbott Avenue Indianapolis
Come take a look a this nice 3 bed 2 bath ranch home. You will love the beautiful hardwood floors throughout the house. Also you will love the beautiful kitchen. The back yard is huge with plenty space for family functions. BLC# 21261387 $139,900
5703 Misty Ridge Indianapolis
2BR, 1BA w/ eat-in kitchen, walk-out to patio from MBR. Back yard has mature trees, a deck and fenced for privacy. Convenient location to highway and park and major streets. BLC# 21242519 $20,000
This 1,138 square foot single family home has 2 bedrooms and 1.0 bathrooms.
1608 Douglas Lane Lebanon
1902 S G Street Elwood
BLC# 21254305
$82,000
14184 Woodfield Circle Carmel
Take a look at this exceptional home with about 3,000 sq ft. It has 4BR & 3.2BA. Dual sided fireplace, hardwood floors, granite tops, screened porch, in ground pool, walk out basement, full KT in basement and 2 car att garage. BLC# 21260195 $364,900
6441 Rockville Road Indianapolis
5349 Creekbend Drive Carmel
A two story with over 2000 sq ft of living space located at Spring Creek. With 4 bedrooms and 2.1 baths. This home has a fireplace, 2 car attached garage and a wood deck. A nice place to relax. Must see! BLC# 21260208 $199,900
916 W Chapel Pines Drive Indianapolis
12317 Titans Drive Fishers
Home has some hardwood floors. Living room, 2BR, and a den. There is a sunporch as well. Property sits on a wooded lot. The garage was previously converted into living space. BLC# 21251993 $99,900
2BR, 2 full BA. Open concept living room, dining room and kitchen - the prefect layout for entertainig. The property has a 2 car attached garage and a screened in back porch. BLC# 21227615 $80,000
Spacious home w/ 3BR, 2.5BA; great room; living room; Master BR w/double sinks, garden tub and separate shower; walk-in closets in every bedroom; two-story entry way. BLC# 21195233 $167,000
4839 Welton Street Greenwood
5747 W Smokey Row Road Greenwood
1310 Crescent Drive Greenwood
This 2BR home has vinyl siding and newer vinyl replacement windows. Living room and interior hall have laminate flooring. The eat-in kitchen has newer cabinets. BLC# 21254227 $73,000
Cute 2-story home in Elwood. Home needs a little TLC, 3 bedrooms, 1 bathroom, large kitchen and dining room. Nice Sun room to enjoy warm summer evenings. BLC# 21237844 $19,950
Nice 2 bedroom bungalow with vinyl exterior and 2 car attached garage. Property sits on nice sized lot with spacious back yard. Home has partially finished basement. BLC# 21255836 $64,900
Morgantown Bungalow With Two Bedrooms. Small Basement For Storms Or Storage. Open Concep T With A Wonderful View Of Mature Trees And Pond. BLC# 21255369 $24,900
Great ranch in desirable greenwood neighborhood. Partially fenced back yard. Access to 3 fishing lakes. Low utilities, and a nice home. BLC# 21255202 $89,900
2425 E 39th Street Anderson
1057 Timber Creek Drive U# 7 Carmel
941 W 77th Street N Dr. Indianapolis
7850 E 46th Street Indianapolis
7171 E 13th Street Indianapolis
3BR 1.5BA home with hardwood floors in the bedrooms. The kitchen has built-in appliances. The backyard has plenty of room for family functions. Come check it out! BLC# 21255128 $61,200
Mstr BR has full bath & both BR have walk-in closets. Kitchen with breakfast bar. Tons of updates throughout, such as: new appl., new carpet and flooring, new furnace & more. BLC# 21212042 $86,500
A lovely brick ranch with 3BR and 1BA. It has a fireplace, Kitchen features hardwood floors & plenty of cabinet space and Spacious bedrooms. Large lot size. BLC# 21252715 $155,000
Take a look at this bungalow on Indy’s east side. Home has a formal living room with eat-in kitchen. 3BR with upstairs bonus room. Nice wood deck in rear. Home has many possibilities. BLC# 21251400 $24,950
Stone ranch with unfinished basement. Bonus sun room with a view and fireplace. Beautiful lot with mature trees. This home has a garage and a carport. BLC# 21252747 $45,000
1556-58 Ringgold Avenue Indianapolis
1505 S Reisner Street Indianapolis
1439 Sarazen Indianapolis
10205 E Dedham Drive Indianapolis
5244 Shelbyville Road Indianapolis
A duplex with over 2000 square feet of living space. It has 5 bedrooms and 2 baths, hardwoodfloors. Great for investment. Must see.
Take a look at this bungalow with over 800 sq ft of living space. With 2 bedrooms and 1 bath. It has enclosed porch & basement. Must see.
BLC# 21259697
BLC# 21259978
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$24,900
$24,900
Great lot on a cul-de-sac! Perfect to build that custom home for your family. This neighborhood has a nature preserve, walking trails and lake. BLC# 21211617 $29,000
Large condo includes 2BR, LR with slider to fenced yard and patio PLUS full basement. KT is open and overlooks living area. Attached garage for easy access. BLC# 21261341 $25,000
Jenni Ruiz || jenni@ruizrealty.net
3BR, 1.5BA ranch. Living room has bay windows. Nice backyard with a detached garage and storage. Mature trees covering front porch. Oversized one car garage. BLC# 21254455 $125,900
6320 Rucker Road • Indianapolis, IN 46220 P: 317-446-0152 • F: 317-466-9752 • www.jsruizrealty.com
11071 Timberview Lane Fishers
4BR home w/ 2.5BA and 3 car garage. Family room w/ gas fireplace; kitchen with new granite counter tops, glass tile back splash, hardwood floors; beautiful dining room; living room currently being used as office; finished basement equipped with new surround sound.
BLC# 21245328
$269,900
10794 Timothy Lane Indianapolis
BLC# 21259110
$175,000
467 W Harriman Avenue Bargersville
A lovely 2 story home with almost 1900 sq ft of living space located at Bentwood Park. With 3 bedrooms and 2.5 baths. Hardwood floors, 2 car attached garage and has a loft.
BLC# 21259201
$108,000
819 Heritage Lane Anderson
A nice brick ranch property with over 1000 sq ft of living space. With 3 bedrooms and 2 baths. Hardwood floors and enclosed glass porch. It has a 2 car attached garage, above ground pool and spacious backyard. Must see.
BLC# 21259052
7266 N Laredo Drive McCordsville
A beautiful house with over 3000 sq ft of living space located at Gateway Crossing. With 4 bedrooms and 2.5 baths. It has a large loft, screened-in porch, walk in closets, a great fireplace and 2 car attached garage. Must see.
$32,000
This 3 bed 2.5 bath home is a great opportunity. You will love the brick and vinyl exterior. The high ceilings makes this home feel spacious. The master bedroom has full bath and is on the main floor, while the other 2 bedrooms are upstairs. The nice size backyard leaves plenty room for activities.
BLC# 21261748
$105,000
2828 Rand Lane Anderson
A beautiful two story home with over 1500 sq ft of living space in Paramount Springs. With 3 bedrooms and 2.5 baths. Fireplace, 2 car attached garage and maple kitchen cabinets. Move-in ready.
BL# 21260218
$95,000
2726 Dr A J Brown Indianapolis
Home has 1BR, 1BA, living room, dining room, kitchen & bonus room. Freshly painted with new carpet. Covered front porch, mini-blinds & scree door. Gas stove hook-up. BLC# 21249542 $29,900
746 N Belmont Indianapolis
3BR bungalow together with hardwood floors & original wood work dividing the living room and dining room. Eat-in kitchen. Unfinished basement to complete as you wish. BLC# 21245900 $18,500
8311 Thorn Bend Drive Indianapolis
Beautiful 2 story home located on Indy’s northwest side. This home has spacious rooms. This home has a nice basement and it is ready for you to come check it out! $219,900 BLC# 21255569
Too New For Photo 538 Ironbrook Court Indianapolis
This luxurious 2 story home located on Indy’s South East side has 3 bedrooms, 3 bathrooms,and you will be impressed by the elegant cherry hardwood floors. The stunning landscaped front and back yard gives this home awesome curb appeal.
BLC# 21251261
$133,500
4805 N Shadeland Avenue Indianapolis
4042 W Vermont Indianapolis
A great 4 bedroom home with attatched garage and air conditioned right next to Gasoline Alley. This is a great home in a great location come check it out!
BLC# 21257712
$30,000
Ideal lot close to neighborhood with easy access to the interstate. Perfect for a gas station/convenience store check out over 200 feet of frontage! BLC# 21185076
$109,900
Too New For Photo 728 Manhattan Avenue Indianapolis
Charming bungalow with brick covered porch for relaxing on cool fall evenings. Detached garage inside large fenced lot with mature trees. Original hardwood floors, arched doorways and built ins in the dining room. Full basement for storage space.
BLC# 21260991
$30,000
5010 E New York Street Indianapolis
Cute all brick bungalow on Indy’s east side. Living room has wood burning fireplace. The 2 bedrooms are both large with hardwood floors. Home has a full basement that is partially finished. Basement has a half bath. Enclosed front porch is great for relaxing and enjoying summer evenings.
BLC# 21250679
Jenni Ruiz || jenni@ruizrealty.net
$45,000
1146 Churchman Indianapolis
Large douplex with three bedrooms on each side. Newer roof and vinyl siding. Located near the heart of Fountain Square. BLC# 21249591
$34,900
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HUD.GOV/HUDHomes
U.S. Department of Housing and Urban Development
Listing and Bidding Procedures Disclosures HUD Homes are sold “As Is” without warranty. Irregularities in bids: HUD reserves the right to waive any irregularity in any bid, reject any and all offers, and to withdraw a property prior to the bid opening. Code and Zoning violation: Brokers should advise Purchasers that the properties may contain code and/or zoning violations. Code and Zoning status must be determined by the Purchaser. Property Condition: No guarantees and/or warranties made. No repairs will be performed by HUD after closing. Purchasers are encouraged to have the properties inspected by a qualified home inspection service company to satisfy themselves as to the condition of the property. Potential Purchasers: Contact a HUD Approved Broker to obtain a copy of the current listings, to visit listed homes or to make an offer. HUD pays closing cost up to 3% of the purchase price. If inserted on line 5 of the HUD Sales Contract when the electronic bid is submitted.
HUD’s Homeownership incentives: $100 Down - Available to owner occupant buyer who purchase a HUD Home with FHA financing, indicate on Line 4, Lender MCAW form, and buyer still responsible for earnest money deposit. More information on BUYING A HUD HOME on the HUD website at: http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home
Listing Codes IN - Insurable: All properties listed as “INSURABLE” are eligible for FHA financing. All requests for insurance will be under Section 203(b) of the National Housing Act Program. An interest rate will be charged on the loan and is negotiable between the purchaser and lender. The mortgage may include some mortgage insurance payments.
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IE - Insurable with Escrow Repairs: Properties listed as “INSURABLE WITH ESCROW REPAIRS” means that certain repairs (not to exceed $5,000.00) are required to meet Minimum Property Standards for an FHA mortgage. These properties can qualify for FHA 203(b) mortgages if the purchaser and lender establish a repair escrow at the closing for the completion of repairs within 50-days of the closing. This is not a gift from HUD. The sales price remains the same and is added to the mortgage. No repairs prior to closing. UI - Uninsured: Properties listed as “UNINSURED” means that certain repairs and or improvements are required to be eligible for an FHA 203(k) mortgage. The required repairs on most of these properties exceed $5000.00. Purchasers of these properties have the option to purchase “as-is” with cash or conventional financing. These properties are also eligible for an FHA 203(k) mortgage if the required repairs end or the improvements are completed within 90-days of the closing.
Listing and Bidding HUD Approved Brokers will show properties, prepare complete contracts and submit bids through internet Electronic Bidding at the HUD Listings website. New listings are available daily. During the Exclusive Listing Period, bids may be submitted only by Owner Occupant purchasers, which HUD defines as owner-occupant purchasers, qualified nonprofit organizations and government entities. There will be: • a thirty (30) day Exclusive Listing Period for Owner Occupant purchasers for properties listed insurable and insurable with Escrow Repairs, •
a five (5) day Exclusive Listing Period for Owner Occupant purchasers for properties listed uninsured.
Owner Occupant must occupy the house for one year and can’t participate in a HUD sales for two years after purchase. Exclusive Listing Period (Owner Occupant Priority). • For insurable and insurable with Escrow properties, bids shall be opened and reviewed on the Tenth (10th) day of the Exclusive Listing Period. All bids will be treated as having been received simultaneously. If no winning bid is received by the tenth (10th) day, dig shall be opened and reviewed on each day after the tenth (10th) day up to the thirtieth (30th) day, or until a winning bid is received. If no winning bid is received in that thirty (30) day period, the listing shall be extended to all buyers on day 31. See Extended Listing Period below. Extended Listing Period. At the conclusion of the Exclusive Listing Period, should a property remain unsold, all general public bids (including investors) may be submitted daily. Submitted a Bid Over the “As Is” Value The “As-Is” value is equal to the appraisal value.You can’t get a second appraisal when using FHA.You will be notified if you overbid and will require submission of proof of funds. Buyers must bring cash for the overbid amount.
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Bid Opening, Review and Results In order to be valid for bid opening on a specific day, bids must be completed and confirmed on the Internet no later than 11:59 p.m. on the previous day. Bids can be submitted 24/7 but are not reviewed Holidays or weekends. Bids received on the same day shall be considered to have been received simultaneously. Friday, Saturday and Sunday bids will be considered to have been received simultaneously and will be reviewed simultaneously on the following Monday. Bids will be opened and reviewed each business day. The highest acceptable net bid to HUD will be selected. Results will be posted each business day by 1:00 p.m. If two acceptable bids which are exact same amount are received, the AM Contractor will select the winner by randomized electronic drawing. REMINDER: Brokers must check the HUD Listings website on a daily basis for available properties and Bid Result Publication. If your bid is selected, Brokers must submit the original written and completed HUD Sales Contract along with the required Addenda to the appropriate AM Contractor office within the next 48 hours of Bid Result Publication otherwise the bid will be considered canceled and the second highest acceptable net bid to HUD will be considered. NOTE: If you search for a property and it does not show up in the search properties area then that property has an accepted bid at this time.
Property Search Results There are no HUD Homes that match your search criteria.
Required Contract Documents HUD SALES CONTRACT and REQUIRED ADDENDA:
•
Fillable HUD Sales Contract Form 9548 Revision (1/99)
Attach the following Addenda: •
Lead Paint Addendum, if the property was built prior to 1978. The Lead Based Paint Addendum is property specific and will be posted with the property listing.
•
General Addendum to HUD Sales Contract.
•
For Your Protection: Get a Home Inspection
•
Notice to Purchaser Addendum when the offered amount exceeds the appraised value at the time the offer is submitted.
Certification of Owner-Occupant, if purchaser is an owner-occupant.
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Radon Gas and Mold Notice and Release Agreement.
•
Forfeiture & Extension Policy (Addendum A, Rev. 6/15/2009)
•
Lead-Based Paint Addendum (if applicable)
•
Flood Zone Addendum (if applicable)
•
Letter from a Financial Institution acknowledging that purchaser has funds available for down payment.
• Mortgage Pre-Qualification Letter from a lending institution, if the purchase is to be mortgaged, stating that an in-house credit check has been performed and the purchaser has been pre-qualified for a mortgage up to a specified mortgage amount. The Pre-Qualification letter must be on lender letterhead, give the name(s) of the people listed on the contract, have the correct loan amount, the type of loan, noted that “the credit has been approved”, signed by the loan office (no digital signatures), and dated within the past thirty days.
• Certification from a Financial Institution, if the purchase is cash, stating that funds are available on the day of closing.
• Certification of Owner-Occupant Status for Cash Purchases: All bids by owner-occupants, who are purchasing properties listed in the owner-occupant category, must include an Owner-Occupant Certification. Sanctions will be immediately imposed upon Brokers, Agents and Investors found to be abusing the system.
Avoid Common Errors! To be acceptable, hard copies must contain no errors and done in BLUE ink. You can’t use white out or liquid paper on a contractual document. Do not use a yellow highlighter on the contractual documents. The document will not scan properly for HUD with highligher on it. Make sure social security numbers are not listed on the contract. The buyers name must match exactly on lines 1, 2 and 13 on the contract.
Down Payment Owner Occupants Only:
3.5% Minimum Down payment for FHA financed properties.
Maximum mortgage amount 96.5% of the appraised value or sales prices whichever is lower.
Investors:
1 unit: 25% Minimum Down payment, for FHA financed properties;
2 to 4 units: 15% Minimum Down payment, for FHA financed properties.
Earnest Money Deposit Required Earnest Money: Must be in the form of a cashier’s check, money order, or other certified funds. The original Earnest Money check should be submitted with the sales contract after bid acceptance. The Earnest Money deposit will be sent to the Closing Agent after Execution. •
$1,000 for offers greater than $50,000,
•
$500 for offers $50,000 or less,
•
50% of the Listing Price for Vacant Lots
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Earnest Money Forfeiture and/or Return The following provisions are applicable in all instances except those where HUD is unable or unwilling to close the sale, in which case the entire amount will be returned.
Investor Purchasers: •
Uninsured Sales: 100% of the deposit will be forfeited to HUD for failure to close, regardless of the reason.
•
Insured Sales:
• 50% of the deposit will be forfeited to HUD for failure to close if the purchaser is determined by HUD to be an unacceptable buyer.
• 100% of the deposit will be forfeited to HUD if the sale fails to close for any other reason.
Owner-Occupant Purchasers: Return 100% of the deposit when:
•
There has been a death in the immediate family (purchaser, spouse or children living in the same household).
• There has been a recent serious illness in the immediate family that has resulted in significant medical expenses or substantial loss of income, thus adversely, affecting the purchaser’s financial ability to close the sale. •
There has been a loss of job by one of the primary breadwinners, or a substantial loss of income through no fault of the purchaser.
•
For an FHA insured sale, HUD (or a D.E. underwriter) determines that the purchaser is not an acceptable borrower. For an uninsured sale, the purchaser was pre-approved for mortgage financing in an appropriate amount by a recognized lender and, despite good faith efforts, is unable to obtain mortgage financing. “Pre- approved” means a commitment has been obtained from a recognized mortgage lender for mortgage financing in a specified dollar amount sufficient to purchase the property.
• There is other equally good cause, as determined by AM Contractor, in keeping with the spirit and intent of the above policy. Return 50% of the deposit when: For an uninsured sale, despite good faith efforts by the purchaser, there is an inability to obtain a mortgage loan from a recognized mortgage lender. Forfeit 100% if the deposit when:
• No documentation is submitted.
• Documentation fails to provide an acceptable cause for the buyer’s failure to close.
• Documentation is not provided within a reasonable time following contract cancellation.
Vacant Lot Sales: The purchaser is considered to be an investor and instructions pertaining to investors will apply.
Closing Costs (Line 5) HUD pays certain Closing Costs up to 3% of the purchase price, IF inserted on line 5 of the sales contract when the electronic bid is submitted. Enter this numeric figure (not percentage) on line 5.
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Closing Time Frame All purchasers must close on or before forty-five (45) days of contract acceptance date for normal and cash closings. 203k must close sixty (60) days of contract acceptance.
Closing Extension Policy ALL SALES ARE EXPECTED TO CLOSE WITHIN THE APPLICABLE TIME FRAME IDENTIFIED ON LINE 9 OF THE SALE CONTRACT. Closing Extension Request: If the closing does not occur on the specified date on line 9 of the HUD Sales Contract 9548, the Broker should contact HUD’s Closing Agent at least two weeks prior to that date to request an extension. AM Contractors, as HUD’s Representative, may grant an extension of closing time and, if approved, each extension will be for a period of fifteen (15) days: • Submit the “Request For Extension of Closing Date” (Extension Request form) and all the required supplemental supporting documents to HUD’s Closing Agent prior to the expiration of the sales contract. • Documentation submitted with the extension request must establish that a closing can reasonably be expected to occur within the extension period. • The extension request must be accompanied by a cashier’s check, money order or other certified funds in the appropriate amount and made payable to HUD. The fee is based on the Contract Sales Price:
Contract Sales Price
Extension Fee
Equal to or less than $25,000.00
$150.00 ($10.00 per day)
$25,000.01 to $50,000.00
$225.00 ($15.00 per day)
$50,000.01 and over
$375.00 ($25.00 per day)
• The initial 15-day extension will be provided for owner occupant purchasers, at no cost, if documentation is provided indicating that proper and timely loan application was made, that the delayed closing is not the fault of the purchaser and that mortgage approval is imminent. • The extension fee will be retained by HUD. In the event that the purchaser closes prior to the end of the extension period, the unused, prorated portion of the extension fee will be credited to the amount due at closing. •
The approval of an extension does not obligate AM Contractor, as HUD’s Representative, to grant future extensions.
Home Inspection
(Optional, but highly recommended)
There is a 15 day due diligence period.You must have FSM authorize your home inspection.You have 48 hours to complete home inspection after last utility is turned on and you must turn off utilities after inspection. When you receive written permission (executed sales contract), contact the local utility companies, and coordinate dates between them and your inspection.
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Fill out a utility activation request form. The utilities are to be turned on in the purchaser’s name and at purchaser’s expense. The purchaser is responsible for the actual costs to activate, deactivate and when necessary, re-winterize the property. The purchaser must place a refundable $150 deposit, in the form of certified funds or money order. The amount is sufficient to cover these costs. This deposit is required to ensure the property has been re-winterized. It is the buyer’s responsibility and cost to re-winterize. If the property has not been re-winterized at the end of the allowable 72 hr period, this may result in a delay of closing (buyer will also be responsible for any property damage incurred).
FHA Amendatory Clause This addendum is not required and will not be executed on HUD sales. HUD homes are exempt from the clause.
Broker Registration and NAID As Broker, Nonprofit, or Government Agency, you can make an offer on a HUD Home only if you have a HUD Name Address Identifier (NAID). To apply for a NAID, http://www.hudhomestore.com/hud/NaidRegistration.aspx So in order to place a bid on a HUD property, you must have an active NAID,You may obtain a NAID by completing the necessary forms and providing all required attachments to the HUD Homeownership Center which has jurisdiction over the state in which you are located. The NAID application package must contain the documents as listed at http://www.hudhomestore.com/hud/NaidRegistration.aspx If your application package does not contain the required documents, the package will be returned and extend the processing time. The NAID application processing time is a minimum of 2 weeks. For Selling Brokers: Only Selling Brokers may obtain a NAID. Real Estate Agents must use the NAID of their Selling Broker to submit bids. First to get a NAID Number Register Here
As an agent, if you have already registered, login here
As an agent, if you have never registered, login here
Properties for Purchase
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Available
Not Available
Broker Commission (Line 6a) HUD will pay up to 6% or a minimum of $2500 commission to be equally split between the Listing and Selling Broker, IF inserted on line 6a, of the new HUD Sales Contract Form 9548 (1/99). Line 6b will populate 3% for the listing broker commission. Remember: Lines 5 and 6a affect the net to HUD.
Help
“WHAT IF I NEED HELP?”
If you need help, you can obtain it:You can go to http://www.HUDHomestore.com
The HUD-9548 Sales Contract Line1: Type purchaser(s) name and complete property address. Make sure to type in the county. Line2: Enter name(s) and style in which tile will be taken. Please match the name exactly as on line 1 and the STYLE they are taking title (individual, married, etc.) Line3: Enter bid amount and amount of the earnest money (which is $500 if $50,000 or under or $1000 if $50,001 and over) and fill in that it will be held by HUD. Please send this in a cashier’s check or money order (NO personal checks) paid to the order of HUD. Line4: Make sure the appropriate box is checked for the type of financing your buyer is getting and in compliance with what seller’s offering. If FHA 203(b) repair escrow, then check “said mortgage involves a repair escrow amounting to $__” and fill in amount. Also leave blank or enter TBD (to be determined) the three spaces for down payment, mortgage loan amount and the number of months. Line5: Enter the amount of financing/closing cost submitted on your bid. Line6: Enter dollar amount of commission to be paid by seller as submitted on your bid. Line7: Enter net amount due seller as submitted on your bid. Line8: Enter buyer type (owner occupant or investor) Line9: Enter in accordance with AM Contractors instructions for closing dates. On the second blank if you purchaser would like to use a different closing agent at their own expense you can fill in the blank with the closing agency they will use (otherwise it will be closed with HUD’s designated closing agent) Line10: Enter appropriate back up offer information Line11: Check the appropriate boxes. Line12: Purchaser(s) must initial in appropriate space Line13: Make sure to write in your purchaser’s phone number under the signature line, and have them date the contract: when they sign it. Always have the managing broker sign the contract and the owner/occupant certification in the original blue ink signatures. If this is an investor bid please make sure that the company name is on Line 1 and 2 of the contract. Also make sure that you include the company paperwork and proof of EIN number from the IRS.
SEE SAMPLE CONTRACT BELOW
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Please fill out contract in blue ink!
U.S. Department of Housing and Urban Development Office of Housing Financial Housing Commissioner Property Disposition Program John Doe 1. I (We), ________________________________________________________________________ (Purchaser(s)) agree to purchase on the terms set forth herein, the following property, as more particularly described in the deed conveying the property to the Secretary of Housing and Urban Development:
Sales Contract
HUD Case No.
123-456789
111 Any Street, Any City, County, State and Zip
(street number, street name, unit number, if applicable, city, county, state)
2. The Secretary of Housing and Urban Development (Seller) agrees to sell the property at the price and terms set forth herein, and to prepare a deed containing a covenant which warrants against the acts of the Seller and all claiming by, through or under him. Title will be take in the following Names must match Line 1 and state whether single, married and tenancy name(s) and style: _______________________________________________________________________________________________ $100,000.00 3. The agreed purchase price of the property is 3. $________________________ based on sales price, $500 for < $50k and $1,000 for > $50k, Held By HUD 1,000.00 Purchaser has paid $ ____________________ as earnest money to be applied on the purchase price, and agrees to pay the balance of the purchase price, plus or minus promotions, at the time of closing, in cash to Seller. The HUD earnest money deposit shall be held by ____________________________________________________ , If property is UI, only box 4. Purchaser is applying for FHA insured financing [ 203(b) 203(b) repair escrow, 203(k) ] with a cash 203k or Conv/Cash can be down payment of $ ________________ due at closing and the balance secured by a mortgage in the amount of checked ... for properties $ _______________________ for ________ months (does not include FHA Mortgage Insurance Premium, listed as IN/IE check the prepaid expenses or closing costs Seller has agreed to fund into mortgage. ). box of the loan you have Said mortgage involves a repair escrow amounting to $ _____________________. been approved for Purchaser in paying cash or applying for conventional or other financing non involving FHA. 5. Seller will pay reasonable and customary costs, but not more than actual costs, not more than paid by a typical Seller see HUD Notice 2005-12 in the area, of obtaining financing and/or closing (excluding broker’s commission) in an amount not to exceed 5. $________________________ 6a. Upon sales closing, Seller agrees to pay to the broker identified below a commission (including Up to 3% selling bonus, if offered by seller) of 6a. $_______________________ 3% auto populated by HUD 6b. If broker identified below is not the broad listing broker, broad listing broker will receive a commission of 6b. $_______________________ 90,000.00 7. The net amount due Seller is (Purchase price [ Item 3] less Items 5 and 6) 7. $________________________ 8. Purchaser is: owner-occupant (will occupy this property as primary residence) investor nonprofit organization public housing agency other government agency. Discount at closing: _______________% Discount will reduced by amounts, if any, listed on Line Items 5 and 6. 45 9. Time is of the essence as to closing. The sale shall close no later than __________ days from Seller’s acceptance of contract. Closing shall same as line 3 be held at the office of Seller’s designated closing agent or _________________________________________________________________ pull the LBP Addendum from 10. If Seller does not accept this offer, Seller may may not hold such offer as a back-up to accepted offer Please property details as required. 11. Lead based paint addendum is is not attached; Other addendum is is not attached hereto and made part of this contract. 12. Should Purchaser refuse or otherwise fail to perform in accordance with this contract, including the time limitation, Seller may, at Seller’s sole option, _retain all or a portion of the deposit as liquidated damages.The Seller reserves the right to apply the earnest money, or any portion thereof, to any sums which may be owed by the Purchaser to the Seller for rent. JD Purchaser(s) Initials: _________ Seller’s Initials: ________ don’t forget 13. This contract is subject to the Conditions of Sale on the reverse hereof, which are incorporated herein and made part of the contract. Certification of Purchaser: The undersigned certifies that in affixing his/her/its signature to this contract he/she/it understands: (1) all the contents thereof (including the Conditions of Sale) and is in agreement therewith without protest; (2) he/she/it is responsible for satisfying itself as in the full condition of the property; and (3) that Seller will not perform repairs after acceptance of this contract. Purchaser(s) (type or print names & sign) Purchaser(s) Address: John Doe Current Address John Doe Purchaser(s) Social Security Number (SSN) or Employer Identification Number (EID) (Include hyphens) Phone No:_ Date Purchaser(s) Signed Contract 800-555-1212 123-45-6789 01/01/2011 Date Contract Accepted by HUD Seller: Secretary of Housing and Urban Development By: (type name & title & sign) X Certification of Broker: The undersigned certifies that: (1) neither he/she nor anyone authorized to act for him/her has declined to sell the property described herein to or to make it available for inspection or consideration by a prospective purchaser because of his/her race, color, religion, sex, familial status, national origin, or disability; (2) he/she has both provided and explained to the purchaser the notice regarding use of Seller’s closing agent; (3) he/she has explained fully to the purchaser the entire terms of the contract, including Condition B on the reverse hereof; and (4) he/she is in compliance with Seller’s earnest money policy as set forth on HUD forms SAMS-1111, Payee Name and Address, and SAMS-1111-A, Selling Broker Certification which he/she has executed and filed with Seller. Brokers Business Name & Address: (for IRS reporting) (include Zip Code) Broker’s EIN or SSN: (include hyphens) SAMS NAID: 12-3456789 XYZ ABC XYZABC1234 1 Home Road Signature of Broker: Broker’s Phone No: City, St., 12345 Type of print the name and phone number of sales person: Managing Broker Signature This section for HUD use only. Broker notified of:
Authorizing Signature & Date:
Acceptance Back-Up No. ____________ Rejection Return Earnest Money Deposit x Previous editions are obsolete
32
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IndyInvestorMagazine.com
form HUD-9548 (1/99)
Apex Contracting Services Inc. Property Preservation & Remodeling
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Home advisors for bankrate.com say remodeling a kitchen may sound like a big, expensive affair. But the truth is that there are ways to breathe new life into any kitchen without spending a lot. • A spokeswoman at Lowe’s says paint gives the biggest bang for your buck. It instantly changes the feel of a space. If you do it yourself, it costs almost nothing. • For $150 to $500, you can give your kitchen a snazzy look with the installation of a fancy new faucet. You don’t have to be a plumber to install one, says Jamie Gold, author of New Kitchen Ideas That Work. • Changing an appliance may push the outer limit of your budget. But if you’re willing to accept a minor imperfection, it’s possible to pick up a new range for $500 or less at a home improvement store or a “scratch and dent” place. • Countertops will stretch your remodeling budget, but nice options are available. For example, Gold says granite tile can give you the granite look without the price of a granite slab. Save money by installing the tiles yourself. • New floors can be an expensive remodeling project, but they will have a dramatic effect on appearance. Don’t overlook vinyl flooring, some of which looks like stone and costs about $2 a square foot. If you’re handy, you can install it yourself. • Adding a backsplash behind your sink and counters is a small change that can have a big impact. Christine Tse, an interior designer in New York City says it can change your kitchen from “drab to fab.” You can find nice options at about $200 for 12 square feet, or you can spend several times that for designer materials. • To get appliances and cookbooks off the countertop, add some floating shelves to a wall. Thick floating wood or glass shelves cost about $40 each.
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Why do the most successful real estate professionals love working with HouseMaster®? Our Inspectors are accurate, not arrogant!
HouseMaster inspectors are among the best trained in the industry. In addition to extensive technical training and ongoing support, they are also trained on how to communicate their findings in clear, concise and professional terms. We approach every inspection as a “service” focusing on educating your customers in a courteous and helpful manner. You’ll be impressed with both our knowledge AND demeanor! “The Mark of Inspector Professionalism” How does your new home measure up? Feel free to compare your home inspection results to over 2,000 other reports compiled in the HouseMaster Home Defect Survey. To see an interactive version of the survey results, go to housemaster.com/homedefects
MAJOR STRUCTURAL CONCERNS
ROOF REPAIR
ELECTRIC SYSTEM
ALUMINUM HOUSEHOLD WIRING INSULATION
CENTRAL HEATING SYSTEM
CENTRAL COOLING SYSTEM
WATER HEATER PLUMBING SYSTEM
OLD/MIXED PIPING
FOUNDATIONS
AGE OF HOME:
AGE OF HOME:
0-12 Years
13-29 Years
30+ Years
As you might expect, newer homes generally experience the fewest problems or defects. However, the survey does point to some areas which can be of concern, even in a new or newer home.
Homes in this age range tend to require more repairs than newer ones. In a few categories, homes in this age group actually score worse than older homes. This is generally because systems in these homes are nearing the end of their useful service life, while in the older homes these systems will have been replaced.
While the expression “they don’t build them like they used to” has some truth behind it, older homes generally need more repairs — due to normal wear & tear and aging. It’s interesting to note that in selected categories, the often simpler systems in older homes hold up well.
9.11% of homes contained major structural concerns
13.65% of homes contained
37.71% of homes contained
19.33% of homes needed
49.35% of homes
55.34% of homes
14.15% of the homes
30.29% of the homes
48.63% of the homes
<1% of the homes had
aluminum household wiring
5.54% of the homes had aluminum household wiring
4.72% of the homes had aluminum household wiring
roof repairs
required electrical system repairs
major structural concerns
needed roof repairs
required electrical system repairs
AGE OF HOME:
major structural concerns
needed roof repairs
required electrical system repairs
11.7% had inadequate
30.45% had inadequate
48.88% had inadequate
15.4% of surveyed homes required Central Heating System repairs
59.74% of surveyed homes
54.35% of surveyed homes
13.67% of homes required
28.59% of homes required
20.98% of homes required
1% of homes required water heater repairs
18.34% of homes required
37.31% of homes required
8.96% had problems with the plumbing system
20.19% had problems with
40.42% had problems with
<1% had old or mixed piping
18.34% had old or
37.31% had old or
22.64% of homes showed
26.17% of homes showed
47.38% of homes showed
insulation
repair to the Central Cooling System
signs of water seepage or drainage concerns
insulation
required Central Heating System repairs
repair to the Central Cooling System
water heater repairs
the plumbing system
mixed piping
signs of water seepage or drainage concerns
insulation
required Central Heating System repairs
repair to the Central Cooling System
Every HouseMaster inspection includes context included on the attached document!
HouseMaster is the country’s most experienced name in home inspections. We take great pride in providing your customers with a positive service experience. Each HouseMaster customer is presented with our coveted Inspection Resource Guide®. at the start of the inspection. The guide includes an instructional home repair DVD to help emphasize that the focus of the inspection is on major elements. The DVD also shows customers how to address common maintenance issues on their own. The Guide also includes results of our home inspection survey. The results, which categorize the frequency of common home concerns reported, sorted by the age of the home, helps give buyers a better sense of what conditions found in their report may be considered normal depending on the age of the home.
water heater repairs
the plumbing system
mixed piping
signs of water seepage or
HouseMaster’s reputation inspires confidence:
HouseMaster, founded in 1979 is hands down THE recognized authority on home inspections. You may have seen HouseMaster featured on CNN, HGTV, and Fox Business or on your local news. We have collectively performed over 2 million inspections with overwhelmingly positive feedback. Over 99% of real estate professionals surveyed would recommend HouseMaster to their friends or family! In today’s market, customers and clients need to be confident that the inspector they choose is reputable, knowledgeable, personable and experienced –that’s us!
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“Looking to buy a home or an investment property? Call the Heller Team. Let the experience of 20 years in the industry work for you!”
“Looking to buy a home or an investment property? Call the Heller Team. David Heller Associate Broker Let the experience of 20Realtor years in the Stacy Heller industry work for you!”
Heller Team Realtors
DAVID HELLER ASSOCIATE BROKER
STACY HELLER REALTOR
HellerTeam@AtlantisRealtyGrp.com
317.402.0779 (C)
800.276.8940 ext 713
Many Americans are moving back to town For decades, the American dream was a spacious house outside of the city with a big yard where the children and neighbor kids could play. It sounds perfect, but some suburbanites are having second thoughts, according to author Leigh Gallagher. In fact, according to census data, during the last four years cities have, for the first time, grown faster than the suburbs. Gallagher’s book, The End of the Suburbs: Where the American Dream is Moving, details the apparent trend of homeowners out of the burbs and into the city. That could be because cities save time. In the suburbs, the bread winner has a long commute to work. Meanwhile, one parent spends about three hours a day in the car driving the children to school, sports practice, their private lessons and places like the library. And finally, the big house and yard are a lot of work to maintain. Because homes are far apart, there are no casual, impromptu meetings with other kids or with other adults. Gallagher writes that suburbanites want a more walkable, urban community. It could be in one of the revitalized downtown areas of a city or in one of the “city replicas” in the suburbs. They range from smaller walkable residential villages to giant “lifestyle” centers. Certainly, not everyone is disenchanted with suburban living. It still offers fresh air, elbow room, a high level of privacy, and a specious structure where you can modify rooms to reflect what your interests are now. And you can invite boomerang kids or your mom and dad to stay with you. Chicago builder John McLinden recalls the streets of his home town, where residents sat on their porches, greeted and visited with people passing by. He’s building such a place.”
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317-842-3400 9784 Fortune Drive Fishers There are more than 3,100 sqft with 4BR and a huge unfinished basement. There is a huge KT with center island and a family room with fireplace. Brand new exterior paint, carpet, vinyl, and much more! The large rear deck overlooks the private backyard and provides the perfect place to entertain friends and family. $358,000
12580 Scottish Bend Carmel Home has four spacious bedrooms, four and a half baths, and more than 3,000 square feet! This does not include the finished basement with an awesome bar for entertaining. Located in Lynnwood, one of Carmel’s most prestigious communities, this dream home is not going to last long. $509,000
14151 Dickinson Court Fishers This great three bedroom, two and half bath home is waiting for you! Your new home features 1,640 square feet, fenced yard, and a screened rear porch. You’ll love the spacious kitchen with center island as well as the family room with the cozy fireplace. $165,000
13056 Overview Drive Fishers There are three spacious bedrooms, more than 2,200 square feet, and a huge finished basement! This home is absolutely beautiful. Located in one of the most desirable communities in Fishers, you’ll love the beautifully maintained grounds, sparkling pool in the summer, and much much more. $342,000
16865 Cedar Creek Lane Noblesville This beautiful four bed, two and a half bath home is ready for some lucky new owners. You’ve got brand new flooring throughout, paint, and many more improvements. Need space? This one has it with 2,414 square feet which doesn’t include the large finished basement. $184,900
11950 Bills Avenue Fishers This beautiful home in The Bristols is waiting to make some lucky new owners very happy. With nearly 3,000 square feet, five bedrooms, and four baths, there is plenty of space for everyone! There is also a large partially finished basement. This one has new paint, new carpet, and much more! $280,000
2001 S Batavia Muncie This is cute ranch features four bedrooms, two baths, and 1,248 square feet. It has some updated flooring, kitchen cabinets, and counters. There is also a rear deck that overlooks the private backyard. This one needs very little and is priced to move. $50,000
885 Hacienda Place Greenwood This once neglected home has been completely redone from top to bottom. As you enter the home, your client would absolutely love the amazing view of the water and the open floor plan. There is absolutely nothing to do on this home! $289,700
8949 Ginnylock Drive Indianapolis This four bed, three bath home in Brunson Acres features 1,660 square feet, a finished basement, and a great screened porch. There is also a cozy fireplace for those chilly nights. Just bring your things because this one is move-in ready and has new paint, flooring, and much more. $178,900
10747 Mistflower Indianapolis A great home in Lawrence township school district. The home was renovated a few years ago and is ready for a new owner. Come and take a look! $99,000
1242 E 90th Street Indianapolis
This 3BR ranch is waiting for some lucky new owners! There are nearly 1,700 sqft. Home sits on more than half an acre and features mature trees and $133,900 plenty of privacy.
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2431 N Galaxy Lane Indianapolis
Great 4 bedrooms 1.5 bath home with eat in kitchen. Hardwood floors in upper level, bedrooms and family room. This home also has a wood deck off the family. $69,000
607 W South Street Frankfort
Walk to the park or lounge on the deck! This one and a half story retains some old world charm but needs you to bring it back to the luster it once had. Lots of square feet with 4 bedrooms and a detached garage as well. $23,000
616 N Woodlark Drive Indianapolis
Roomy 3 bedroom, 2 full bath Bi-Level with large backyard. Warren Twp. schools and in the Cumberland town area. $65,000
10328 E Woodhaven Court Indianapolis
Large 4BR, 2.5BA with large lot on a quiet cul-de-sac. The Large back yard has mature trees front & back with a screened in porch. Large updated KT and the attached family room. $89,000
10214 E Ridgefield Drive Indianapolis
Spacious Bi-Level 3 Bedroom, 2 Bath Home In Ridge Field East. This Quiet Location Is On A Dead-End Street And Sits Next To An 80 Acre Park, Enjoy The Wildlife All Around. $65,000
9501 E 37th Place Indianapolis
Spacious 4 bedroom, 2 bath home on corner lot with hardwood floors. Large fenced rear yard with covered patio and storage shed. $75,000
4662 Tim Tam Indianapolis
Completely rehabbed....new carpet, new AC, updated kitchen, finished lower level, updated two baths, and many more. This home has a great floor plan and a large lot. This is a MUST SEE! $104,900
3206 N Elmhurst Drive Indianapolis
3 bedroom, 1.5 bath home on wooded lot with mature trees. $70,000
5840 Indianola Ave. Indianapolis
2BR, 1BA with attached 1 car garage. Hardwood floors throughout with a cozy fireplace. A wood deck sits off the back of the house perfect for $117,500 entertaining.
9800 WESTPOINT DRIVE, SUITE 220 • INDIANAPOLIS • 317-842-3400
14010 Bruddy Drive Fishers
There is a nice open floor plan, three spacious bedrooms and 1,340 square feet. There is brand new paint, carpet, vinyl, and more! This one is going to go fast so do not wait! $129,900
918 N Morgan Rushville
This home has a ton of space, 4BR, 2BA. The backyard is fenced in and backs up to your two-car detached garage. This home is in good condition. $49,900
6109 N Pershing Indianapolis
Beautiful 3BR, 1.5BA, home with a 3 car garage. This home as beenproperly maintained and is move-in ready!! Hardwood floors in several rooms, new AC, and updated baths. $84,900
9510 Tower Lane Indianapolis
Great 3 bedroom 2 bath ranch home on dead end street. Enjoy the private fence yard with a large deck for entertaining. Don’t wait on this on it won’t last long at this price. $70,000
8554 Hague Road Indianapolis
This townhome features 2BR and a finished basement. There are more than 1,500 sqft. You are only minutes from Castleton, dining, shopping, entertainment, and highways. $67,500
509 S Main Street Fortville
This home has all the upgrades including a beautiful front porch and over 3500 sqft. Great for a large family with 6BR and 3.5BA, the master bedroom is on the main. $144,900
12994 Saxony Blvd. Fishers
Ranch home has 3BR 3BA with an open floor plan, attached garage and many custom details from the large great room with a fireplace, hardwood floors & new KT cabinets. $379,500
4349 Baker Drive Indianapolis
This is a great corner lot in Lawrence Township that’s nearly 1/4 of an acre. The lot features mature trees and is a great place for your ideal home. $999/mo.
2529 Station Street Indianapolis
4BR home, 1,237 sqft, and a large covered front porch. Home sits on a nice lot and is conveniently located only minutes from shopping, dining, and entertainment! $17,500
4728 N Kitley Avenue Indianapolis
Great 3BR 1.5BA home in Brookhaven. Enjoy quiet evenings in your spacious backyard. This home has a huge Family room with two sided fireplace to cozy up to in the winter. $75,000
12473 S SR 3 Westport
This 2BR 1BA home is just outside of Columbus, IN and sits on 2 lots with over 1/2 acre of land. Needs some work and updating perfect for the handyman. $42,000
6409 N Appollo Drive Alexanria
What a deal! This home has two bedrooms, two full baths, and sits on a nice lot. This one does need some love, but his lots of potential, and is priced to move. $14,400
6464 E State Rd 26 Frankfort
Plenty of room to garden or just enjoy the space. This property sits on over 1.5 acres two story 4 bedroom 3 bath. Needs some TLC but at this price it can be a wonderfull family home. $70,400
2824 Brookside Avenue Indianapolis
This duplex has been completely redone and is ready for some new owners. Both sides have 2BR, 1BA, and over 1,000 sqft. This duplex is in great condition. $44,900
11968 Cross Country Ct. Fishers
This home has 4BR, 2.5BA, and nearly 2,800 sqft! There is also a huge unfinished basement with nearly 1,100 sqft. The KT is very large with beautiful wood floors and center island. $295,000
1500 Woodbine Drive Anderson
This home has 2BR, an attached garage, and 1,549 sqft. The backyard is fully fenced. There is also a large separate family room. This would be a great place to call home! $54,000
504 E Staat Street Fortville
This cute home has 2BR, a full unfinished basement, and a detached garage. There are also some beautiful hardwood floors. Home is on over .75 of an acre. $22,900
828 Bittersweet Anderson
This great bi-level needs little work and is priced to go! There are nearly 2,000 square feet, three spacious bedrooms, and tons of character. The huge backyard is full fenced! $65,000
12251 Eastcreek Court Indianapolis
4BR and more than 2,300 square feet. The screened rear porch offers a great place to entertain or relax. The family room has a beautiful brick fireplace. $155,900
407 Chestnut Street Noblesville
This 2BR home has nearly 1,000 sqft, a large covered porch, and rear deck. It sits on a nice corner lot and is conveniently located only a few blocks from downtown Noblesville. $35,500
8202 S 300 Markleville
There are 4BR, 2BA, and more than 2,000 sqft. The detached garage provides plenty of space for storage. This home sits on a gorgeous acre plus a backyard pool! $110,000
1300 S Mulberry Street Hartford City
This ranch home has 4BR, 2BA, and 1,440 SQFT. There is also a large twocar garage & a fenced yard. Move in or rent it out, but this is a steal at this price and it isn’t going to last long! $37,700
8148 Foxchase Circle Indianapolis
This 2BR and 2.5BA home has nearly 2,000 sqft. The large private deck provides a great place to relax. Home is conveniently located only minutes from Castleton. $128,900
3020 N Osceola Lane Indianapolis
3 bedroom, 3 full bath tri-level with inlaws quarters added to the rear of the home with its own kitchen, living room and bedroom. $90,000
Too New For Photo 1837 N Emerson Indianapolis
There’s nothing to do here but collect the rent of $800 per month. 3BR/2BA single family ranch. The current owner has updated almost all major mechanicals. $49,500
1233 Raible Anderson
Huge historic home with over 2500 square feet of main living area with fireplace, sunroom, wood work and built-ins. 3 bed 2.5 bath. Must see!! $34,300
401 N Columbia Street Boswell
2BR, 1BA home sits on a great, private lot and features nearly 1,500 sqft. There is a detached garage. Look at this price! This would be a great one to call your own or add to your portfolio! $23,000
5261 Woodside Drive Indianapolis
3BR 2BA home surrounded by mature trees. This 1447 sqft home has a cozy stone fireplace & hardwood floors. You can lounge on the deck or enjoy the lovely front porch. $69,000
615 W Grant Hartford City
This home has 3BR, 1.5BA, and nearly 1,100 sqft. There is an attached garage and it sits on a great lot. The kt has a large center island. Call it home or add it to your portfolio! $22,900
4034 N Temple Indianapolis
There’s nothing to do here other than collect the monthly rent of $695. 2bed/1 full bath single family ranch. The current owner has updated almost all major mechanicals. $55,000
311 E Staat Street Fortville
This charming home has 2BR, 1BA and just over 1000 sq ft. Sit on the front covered porch in the evenings or entertain on the large brick patio in the back. Can you believe this price?! $26,900
4421 Kingsley Drive Indianapolis
There’s nothing to do here but collect the rent of $725 per month. 3 bed/1 full bath/1 bonus room single family ranch. The current owner has updated almost all major mechanicals. $43,000
9518 Tower Lane Indianapolis
Large 4BR 3BA home with attached garage. Updated KT with newer cabinets. Quiet neighborhood. Great deck off back yard for entertaining in the private fenced back yard. $85,000
2903 N Rouark Indianapolis
This 3BR 1.5BA home sits on a quite street. There is large two story deck off the back of the house overlooking your private back yard. This one has brand new paint, carpet, and much more! $72,600
4102 Richelieu Road Indianapolis
5 bedroom with LOTS OF ROOM. Large Family room with fireplace. Large rear deck. $85,000
2310 N Goodlet Indianapolis
There’s nothing to do here but collect the rent of $695 per month. 2BR/1BA. The current owner has updated almost all major mechanicals + a new roof has been installed. $40,000
Too New For Photo 43 N Sheffield Indianapolis
This duplex is on the West side of Indianapolis and an easy one to rent. Each unit is a 2 bedroom 1 bath with a detached 1 car garage. Don’t wait on this one it will not last! $24,900
1218 N Drexel Avenue Indianapolis
Hardwood floors and a lovely fireplace are featured in this home of almost 1000 sqft. The main bath has tub and shower and the extra bath in the basement has a shower. $74,500
6816 Carters Grove Drive Noblesville
This beautiful home has nearly 2,300 SQFT, three car garage, and many upgrades. The bedrooms are very spacious and the master has an incredible vanity area with dual sinks. $289,900
1430 N Gladstone Indianapolis
There’s nothing to do here but collect the rent of $825 per month. 2 bed/1 full bath/1 bonus room single family ranch. The current owner has updated almost all major mechanicals. $56,500
7210 Larkshall Road Indianapolis
Home has 5BR, 3BA, and more than 2,800 SQFT plus a full finished basement. The home sits on a great lot. The in-ground pool and patio area offers a great place to entertain friends and family. $243,900
4213 E Pleasant Run Pkwy. Indianapolis
Solid brick bungalow with 2BR, 1BA, and large partially finished basement. Home has a detached garage and has tons of potential. $53,500
731 Carlyle Place Indianapolis
There’s nothing to do here but collect the rent of $690 per month. 2BR/1BA. The current owner has updated almost all major mechanicals and a new roof has been installed. $47,000
10004 Ridge Drive Indianapolis
This beautiful home has 3BR, 2.5BA, and nearly 2,000 SQFT. It sits on more than three quarters of an acre. Recent updates include new carpet, vinyl, garage door, and much more! $209,900
WWW.WILMOTHGROUP.COM
1414 N Tuxedo Street Indianapolis
Charming, solid home, with 2BR on the main level and one upstairs. Updated bathroom, refinished hardwood floors and newer carpet in the bedrooms. $27,900
11856 Bengals Drive Fishers
This home has 3BR including a huge master suite with tray ceilings. There are more than 2,100 SQFT. The backyard is fully fenced and provides a great place to entertain friends and family. $189,000
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Making a House Your Dream Home with Renovation Loans! With the number of short sales and foreclosures on the market, many in need of repair or upgrades, renovation loans may give you the perfect opportunity to own the home you’ve always wanted. Renovation loans allow you to shop for and purchase a home in your desired buying area and in your price range, but that may need a new roof, upgraded bathroom ,new kitchen, windows, etc. Renovation loans can help you get a great deal, and make a good house GREAT! Unlike many lenders, Prospect offers a full line of renovation mortgages. Here are a few basics to help you understand the difference. FHA 203k (Consultant)
Fannie Mae Homepath®
FHA 203k (Streamline)
Fannie Mae Homestyle®
Loan Type
Purchase or refinance
Purchase only
Property Type
Purchase and renovate most residential properties
Purchase and renovate a Homepath designated Fannie Mae-owned property
1-4 Unit Primary Resident 1 Unit Second Home 2-4 Unit Investment Properties 1 Unit Investment Property Minimum Down Payment
Gift Funds
√
Purchase or refinance Purchase and renovate most residential properties
®
√
Fannie Mae Hompath® (Streamline)
√
√
√
√
√
√
√
√
√ √
3.5%
20% for 2 - 4 unit primary and 1 - unit investment
Can be used for 3% down payment for owner-occupied, primary residence
Can be used for down payment for owner-occupied, primary residence
3.5%
Permitted per HUD guidelines
Mortgage Amount
3% for primary residence 1 - unit property 15% for 1 - unit property (second home or investment) 25% for 2 - 4 unit primary or investment
20% for 1 - unit primary and second homes
Based on “as completed” appraisal value or total acquisition (sales price + renovation costs) (lower of the two)
Mortgage Insurance (MI) Required
√
√
Maximum Renovation Amounts
No maximum as long as mortgage amounts are within county guidelines for FHA loans
Up to $35,000
Up to 35% of the as completed value, no more than $35,000
Allowable Repairs
From structural changes to landscaping, new appliances and more
From flooring to painting, remodeling kitchen/bath, appliances and more. No major remodeling structural repairs or landscaping
From flooring to painting, remodeling kitchen/bath, appliances and more.
50% of the as completed value
50% of the as completed value, up to $35,000
From structural changes to landscaping, new appliances, swimming pools, and more
Prospect customers benefi t tremendously from our internal Draw Department. We are able to disburse initial draws (payments for renovation work) within 12-14 business days from closing. This quick disbursement time allows us to provide funding for work to begin more quickly than other lenders who do not manage the draw process. As a result, you’ll have the peace of mind you need, knowing that our Draw Department is providing world-class service every step of the way. I am a certifi ed Renovation Lending Specialist and can answer all your questions about this exciting loan program, and work with you to get prequalified. Contact me today! Chris Moore Renovation Sales Manager Prospect Mortgage NMLS# 418893 600 E. Carmel Dr., Ste. 122 & 123, Carmel, IN 46033 Office: (317) 847-4738 | Cell: (317) 847-4738 Fax: (877) 536-9262 chris.moore@prospectmtg.com
Visit My Website! • Learn about home loans • Use loan calculators • Apply for a home loan
HomePath is a registered trademark of Fannie Mae.
Loan inquiries and applications in states where I am not licensed will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifier #3296) is a Delaware limited liability company licensed by the Department of Corporations under the California Residential Mortgage Lending Act and operates with the following licenses: AK Mortgage Lender/Broker License #AK3296; AZ Mortgage Banker License #BK0903027; To check the license status of your CO mortgage broker, visit www.dora.state.co.us/ real-estate/index.htm; GA Residential Mortgage License #16984; IL Residential Mortgage Licensee #6424; MA Mortgage Lender/Broker License #MC3296; MS Licensed Mortgage Co.; MT Residential Mortgage Lender Licensee #120; NV Division of Mortgage Lending Mortgage Banker #1173 and Mortgage Broker #3095; Licensed by the NH Banking Dept.; Licensed Banker-NJ Dept. of Banking and Insurance #9932414; Operates as Prospect Lending, LLC in NY (Licensed Mortgage Banker - New York State Department of Banking); OR Mortgage Lender Licensee #ML-2006; PA Dept. of Banking license #22122; RI Licensed Lender #20021343LL, Broker #20041643LB; licensed by the VA State Corp. Commission as MC-2195. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law.
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Computer Issues? We CAN Help! I can help you with any IT problem you’re having! • Workstations • Servers • Cloud-based • Much, much more!
CONTACT ME TODAY! Bill Perdue bill@perdueconsulting.com 317-332-4619
Paying off your mortgage may not be best use for your money Not having a mortgage can be satisfying but it may not be smart. Financial planners recommend you consider doing other things before you pay off your mortgage. • Pay off credit card balances. Paying credit card debt gives you an instant return equal to the interest rate on your card. Financial planners say a mortgage is a good debt and should be one of the last ones to be paid off. • Put extra money into your retirement account instead. The last 10 years of working and saving give you a chance to stash more money in a tax-advantaged retirement account. If you are over 50, you can put $23,000 in a 401(k) and $6,500 in an IRA or Roth IRA during 2013. • Bulk up your emergency savings account. Unless you have six months of living expenses, you could end up draining retirement accounts. If you do that, you could be house rich and cash poor in retirement. • Weigh the return versus the risk. At Kiplinger’s Personal Finance, experts say if you’re paying 4 percent interest on your mortgage and your nonretirement cash accounts are earning 1 percent, go ahead and pay off the mortgage. • Have a flexible future. To pay off your home faster, consider paying extra on the principle of your current mortgage. You could save a great deal of interest. And if your finances hit a rough patch, you can revert to the lower payment. If you’re paid ahead on some mortgages held by credit unions and banks, you might not have to pay anything at all for a time.
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8645 E 96th Street Indianapolis, IN 46256 10891 Sweetsen Road Camby, IN
$75,050
BLC#21248232
2 Bedrooms, 2 Baths, 1,069 Sq. Ft. www.tourfactory.com/1041756
10941 N 1050 Hope, IN
$30,000
BLC#21234220
2 Bedrooms, 2 Baths, 960 Sq. Ft. www.tourfactory.com/1000724
913 Woodhill Drive Indianapolis
1726 E 73rd Street Indianapolis
$59,000
BLC#21234528
2 Bedrooms, 1 Baths, 950 Sq. Ft. www.tourfactory.com/1005611
4826 Atwell Drive Indianapolis
$30,000
BLC#21240126
3 Bedrooms, 1 Baths, 1,032Sq. Ft. www.tourfactory.com/1020553
6558 Glory Maple Lane Indianapolis
1754 N Pricilla Indianapolis
$49,500
BLC#21250186
2 Bedrooms, 1 Baths, 1,218 Sq. Ft. www.tourfactory.com/1043285
5512 Wood Hollow Drive Indianapolis
$86,000
BLC#21256794
3 Bedrooms, 2 Baths, 1,409 Sq. Ft. www.tourfactory.com/1064270
28 W 9th Street Anderson, IN
Too New For Photo $80,000
BLC#21257293
3 Bedrooms, 2 Baths, 1,394 Sq. Ft. www.tourfactory.com/1060838
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$117,000
BLC# 21253546
4 Bedrooms, 2.5 Baths, 2,402 Sq. Ft. www.tourfactory.com/1047604
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$99,900
BLC#21204643
4,050 Square Feet www.tourfactory.com/
Do not depend 100% on your inspection for the future. How can you protect your largest personal investment?
Lisamarie Schmidt
The Atlantis Realty Group 8645 E 96th Street Indianapolis IN 46256 800-276-8940
P.O. Box 797, Carmel, IN 46082 Call to Theorder Atlantis800-544-8156 Realty Group www.rwswarranty.com
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8645 E 96th Street Indianapolis, IN 46256 3140 Wayside Anderson, IN
$71,000
BLC#21258093
4 Bedrooms, 2.5 Baths, 2,224 Sq. Ft. www.tourfactory.com/1065769
8511 N Pennsylvania Street Indianapolis
2314 Nichol Anderson, IN
$22,000
BLC#21258412
3 Bedrooms, 1.5 Baths, 1,879 Sq. Ft. www.tourfactory.com/1063786
2403 Baur Drive Indianapolis
126 S Meridian Street Ingalls, IN
$214,000
BLC#21101541
Studio www.tourfactory.com/
1307 N Malvina Indianapolis
Too New For Photo $235,000
BLC#21204643
3 Bedrooms, 2 Baths, 1,732 Sq. Ft. www.tourfactory.com/
5519 E 20th Street Indianapolis
$80,000
BLC#21257293
3 Bedrooms, 1 Baths, 1,064 Sq. Ft. www.tourfactory.com/1069891
1722 Lilac Drive Indianapolis
$67,500
BLC#21252225
3 Bedrooms, 2 Baths, 1,497 Sq. Ft. www.tourfactory.com/1051250
3558 Bowen Place Indianapolis
Too New For Photo $20,000
BLC# 21261867
3 Bedrooms, 1 Baths, 952 Sq. Ft. www.tourfactory.com/1076709
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$118,000
BLC#21259374
3 Bedrooms, 1.5 Baths, 1,312 Sq. Ft. www.tourfactory.com/
IndyInvestorMagazine.com
$75,000
BLC#21257881
3 Bedrooms, 1 Baths www.tourfactory.com/
A Thanksgiving tradition: The five grains of corn We know that the first Thanksgiving in 1621 was a time of plenty. But we usually don’t realize that soon after that came a period which the Pilgrims called the starving time. Food rations continued to decline through the winter of 1622. The Pilgrims had put much of their hope in the fall harvest of corn, but it was a failure. Later that year, a ship provided them the items they could trade with the Indians for food. Even with that, the food shortage was severe. According to a popular myth, at one point in the winter of 1622-1623, they were surviving on five kernels of corn a day per person. Experts say the story is likely not literally true, but it is symbolic of the hardships the pilgrims faced. When the 102 religious dissenters left for the New World, they decided all goods and all work be shared in common. Possibly it was believed that the pioneers would have to shoulder burdens together to make the experiment work. In the early years, Governor William Bradford wrote that each family received a portion of the hunt and a peck of meal each week. Soon, after a difficult winter and a starving time, Bradford ruled that all colonists would be able to provide for their own families, rather than share the fruits of their labors. In 1623 after the switch to private farming, the pilgrims again celebrated bounty of harvest.
Celebrating with five kernels of corn Today the story of the five kernels of corn reminds us that the pilgrims and each one of us must some kind of sacrifice, but we are also thankful for blessings. Five kernels placed by each one at the table can provide a way to remember the sacrifices of the past and to be thankful for our blessings. The modern celebration is to give thanks for one blessing with each kernel of corn. In tradition, the first kernel is in thanks for autumn beauty. The second is in thanks for loving each other. The third is in thankfulness for family. The fourth is in thanks for friendship. The fifth kernel is in gratitude for the freedom that we find in the New World. On Thanksgiving Day, take a few moments to be thankful for your blessings.
Looking for a 2nd home in Florida??
Now is the time to buy!
Atlantis Realty Group can help. We have an office south of Miami in Homestead, Florida. Check out our listings and others at www.AtlantisRealtyGroup.com
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IT’S A JUNGLE OUT THERE BUILDING THE BRIDGE HOME OWNERSHIP 203k GUIDE How do you turn a fixerTO upper into your dream home?
How do you turn a fixer upper into your dream home?
The Solution – the FHA 203(k) Loan! The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done the house hasLoan! been purchased. The Solution – theuntil FHA 203(k) HUD's 203(k) program can help you with the purchase or refinance of a property by
The purchase of athehouse needs repair is often a catch-22 situation, because the bank allowing you to roll-in costs ofthat repairs and improvements up to 110% of the after improved value of the home with a minimum 3.5% down payment. won’t lend the money to buy the house until the repairs are complete, and the repairs can’t be done until the house has been purchased. We hope you find this 203(k) guide helpful. If you have more questions or would like to
HUD’s 203(k) program can help youmywith theinfo purchase or refinance of a property by allowing speak with a 203(k) specialist about a loan, contact is below. Happy House Hunting! you to roll-in the costs of repairs and improvements up to 110% of the after improved value of the home with a minimum 3.5% down payment. We hope you find this 203(k) guide helpful. If you have more questions or would like to speak with a 203(k) specialist about a loan, my contact info is below. Happy House Hunting! Brought to you by: Brought to you by:
Michael Kerkhof
AmeriFirst Home Mortgage
Michael Kerkhof Office 317-254-8800
AmeriFirst Home Mortgage Cell 317-371-5079 Officemkerkhof@amerifirst.com 317-254-8800 NMLS #247367 Cell 317-371-5079 mkerkhof@amerifirst.com NMLS # 247367
NMLS ID 110139
44
AmeriFirst Home Mortgage
The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance LenderThe ID 110139 programs. Section 203(k) program is HUD’s primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for 800.466.5626 expanding homeownership opportunities.
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203(k) - How Is It Different?
of the property being financed. A portion of the loan proceeds are used to pay the seller, or, if a refinance, to pay off the existing mortgage, and the remaining funds are placed in an escrow account and released as rehabilitation is completed. You may also roll in up to six months of mortgage payments if the HUD consultant determines you need to be displaced from the home during the repairs.
When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.
We will discuss both of these loans in detail but first letâ&#x20AC;&#x2122;s discuss the 203(k) process from start to finish.
Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan unless the condition and value of the property provide adequate loan security. When rehabilitation is involved, this means that a lender typically requires the improvements to be finished before a long-term mortgage is made.
These are two Different 203(k) Loans Available
Hereâ&#x20AC;&#x2122;s What You Can Expect:
1. Find a Property and Make the Offer - A potential homebuyer locates a fixer-
upper and executes a purchase agreement or sales contract after doing a feasibility analysis of the property with their real estate agent.
2. Find a FHA approved Lender and Meet with a 203(k) Specialist
- The homebuyer then selects an FHA-approved 203(k) lender and arranges for a detailed proposal from licensed contractors showing the scope of the work to be done, including a detailed cost estimate on each repair or improvement of the project.
3. Appraise the Property - The appraisal
is performed to determine the value of the property Choosing which loan suits you best will depend after renovation. The appraiser will also determine on the amount of improvement your property if there are any additional repairs necessary for the property to meet minimum FHA property needs. guidelines. Any health or safety issues would be Streamlined: The 203(k) Streamline is an addressed at this time. all-in-one loan used for homes that need minor repairs. It allows borrowers to finance the purchase 4. Loan is Approved and Closed - The of an existing home and make improvements or borrower, property and requested improvements upgrades up to $35,000 before move-in. There are are approved and the loan closes for an amount no minimum repair costs and the borrower must that will cover the purchase or refinance cost of the property, along with the improvement costs. The occupy the property. amount of the loan will also include a contingency Standard: The Standard 203(k) is an all-in-one reserve of 10% to 20% of the total renovation costs loan used when homes need major rehabilitation, and is used to cover any overages resulting from or when repairs are structural, involves landscaping, extra work required to complete the work proposed. or when the renovation costs exceed $35,000. There At closing, the seller of the property is paid off and must be a minimum of $5,000 worth of repairs, and the remaining funds are put in an escrow account again, the borrower must occupy the property. FHA to pay for the repairs and improvements during the loan limits are based on property type and location rehabilitation period.
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5. Work Begins on the Property
(2) Must be owner occupied (no investors)
The mortgage payments and renovation begin after the loan closes. The borrower can decide to have up to six mortgage payments (PITI) put into the cost of rehabilitation if the property is not going to be occupied during construction, but it cannot exceed the length of time it is estimated to complete the rehab.
(4) The lesser of 5 units in the project or 25% of the total number of units can be undergoing rehabilitation at the same time
6. Disbursements & Payment (Draws) - Escrowed funds are released to the
contractor during construction through a series of draw requests for completed work. To ensure completion of the job, 10% of each draw is held back; this money is paid after the lender determines there will be no liens on the property. The borrower will always approve the release of funds to the contractor.
(3) Rehab is limited only to the interior of the property
(5) The maximum amount of the loan cannot exceed 100% of the after improved value (6) No more than four condo units per building
How the Program Can Be Used This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways: (1) To purchase a home and rehabilitate it.
Eligible Properties
(2) To purchase a dwelling on another site, move it onto a new foundation and rehabilitate it.
To be eligible, the property must be a one- to fourfamily dwelling that has been completed for at least one year. In addition to typical home rehabilitation projects, this program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit.
(3) To refinance an existing mortgage and rehabilitate the home.
A 203(k) mortgage may be originated on a “mixed use” residential property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; (2) The commercial use will not affect the health and safety of the occupants of the residential property; and (3) The rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property. A 203(k) mortgage may be originated on a condominium provided: (1) The condominium project has been approved by FHA
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Features of the 203(k) Streamline Eligible and Ineligible Improvements for the 203(k) Streamline Eligible Improvements include: 203(k) Streamlined loan is intended to facilitate uncomplicated rehabilitation and/or improvements to a home. Eligible improvements include: • Repair/Replacement of roofs, gutters and downspouts • Repair/Replacement/upgrade of existing HVAC systems • Repair/Replacement/upgrade of plumbing and electrical systems • Repair/Replacement of flooring • Minor renovation, such as kitchens & baths, which do not involve structural repairs • Painting, both exterior and interior
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• Weatherization, including storms windows and doors, insulation, weather stripping, etc. • Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens • Septic system and/or well repair or replacement • Accessibility improvements for persons with disabilities • Lead-based paint stabilization or abatement of lead-based paint hazards • Repair/replace/add exterior decks, patios, porches • Basement finishing and renovation with does not involve structural repairs
• Basement waterproofing • Window and door replacements and exterior wall re-siding
Ineligible Improvements include: • Renovation involving structural changes, like moving a load-bearing wall, or new construction, like adding rooms • Landscaping or Fencing • Work that will not start within 30 days of loan closing or will cause the borrower to be displaced from the home for more than 30 days or renovations that will take more than 6 months to complete • Luxury items like swimming pools, hot tubs, tennis courts, etc.
Contractor Requirements
Borrowers must use contractors to complete rehab unless borrower can provide documented proof that they can perform the work. Example: Borrower is a licensed plumber or electrician, etc.
Timelines & Disbursements for the 203(k) Streamline
Timelines - When the loan closes, the mortgage proceeds will be disbursed to pay off the seller
of the existing property and the Rehabilitation Escrow Account will be established. Construction may begin. Depending on the type of improvements the homeowner has up to six (6) months for completion.
Disbursements & Payments (Draws) - No more than two payments may be made to each
contractor. The first payment is intended to defray material costs and shall not be more than 50% of the estimated costs of all repairs and improvements. The Lender will allow the first payment at closing to cover for, and not exceed, actual required contractor deposits, building permits, and/or the cost of building materials incurred prior to construction. Before a final disbursement is made, the borrower must sign a statement acknowledging that the work has been completed in a workmanlike and satisfactory manner. A final inspection is required regardless of the improvement or repair, and must be done at completion before the final disbursement is released. Any leftover funds are applied to principal balance of the loan.
Features of the Standard 203(k)
FHA Approved Consultants
- All Standard 203(k) loans must use a FHA Approved 203(k) consultant. The HUD consultant will be very helpful as they will assist you in determining the scope of repairs and the budget for the work to be done. Once the project has been determined the HUD consultant will give you a “specification of repairs” plan that will detail the work to be completed and the associated costs. The HUD consultant will also carry out the disbursement and final inspections needed to pay your contractors. Basically they are there to help you through the construction process and verify all work is completed satisfactorily and as stated and that the home meets HUD’s minimum property guidelines when repairs are completed.
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Eligible Improvements for the 203(k) Standard Homeowners can use the 203(k) program to finance “desired” repairs or upgrades such items as painting, room additions, decks and other items even if the home does not need any other improvements. Eligible improvements can range from relatively minor (though exceeding $5,000 in cost) to virtual reconstruction: a home has been demolished or will be razed as part of rehabilitation is eligible, for example, provided that the existing foundation system remains in place.
consultant. Inspections are required prior to each disbursement. A ten (10) percent holdback is required on each disbursement released from the Rehabilitation Escrow Account. The Holdback/Contingency Fee is: 1. Used as an incentive to insure all work is completed and to cover health, safety and unplanned issues that arise during construction. 2. Required on FHA 203(k); recommended on Streamline 3. Required on properties older than 30 years and/ or over $7,500 in rehabilitation costs.
The types of improvements that borrowers may 4. A minimum of 10% of the cost or rehabilitation make using Section 203(k) Standard loan financing and maximum of 20%. include: If not used (after all construction is complete) the • All of the improvements listed in the eligible remaining amount will be applied to pay down the principal balance of the loan. The total of all improvements for a streamlined 203(k) holdbacks may be released only after a final • Structural alterations and reconstruction, like inspection of the rehabilitation and issuance of the room additions, repair of termite damage, major Final Release Notice. remodeling of kitchens and bathrooms, finishing an attic or basement, adding a second story to a home, etc
Maximum Mortgage Amount Calculation
• Major landscaping and site improvement including correction of grading and drainage problems, tree removal and repair of sidewalks and driveway, if they are a safety hazard to the property.
Timelines, Disbursements & Inspections for the 203(k) Standard
Timeline - When the loan closes, the mortgage
proceeds will be disbursed to pay off the seller of the existing property and the Rehabilitation Escrow Account will be established. Construction may begin. The homeowner has up to six (6) months to complete the work depending on the extent of work to be completed.
Disbursements - As construction progresses,
funds are released after the work is inspected by a HUD-approved inspector. A maximum of 5 draws are allowed. Draw amounts may vary and are based on the work performed. Disbursements are made as each phase of the project is completed based on the draw paperwork provided by the
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REFINANCE:
Based on the lesser of: 1) The existing mortgage balance before rehabilitation, plus the estimated cost of rehabilitation and allowable closing costs or 2) The lesser of the As-Is value plus rehabilitation costs or 110 percent of the After-Improved value multiplied by 97.75%.
PURCHASE: The maximum mortgage amount is based on the lesser of 1) or 2) of the below multiplied by 96.5%. 1) The As-is value or the purchase price of the property before rehabilitation, whichever is less, plus the estimated cost of rehabilitation or 2) 110% of the After-Improved value of the property.
We hope you found this 203(k) guide to be helpful during the home buying process. The following pages contain additional information and resources to help build a smooth and straight path to your dream home.
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Potential Home Checklist
Having a record of what each home offers can make your final decision much easier. Date Seen ____________________ Address _____________________________ Price __________ Seller __________ Home Age _____ Neighborhood _________ Style of home
__2-Story __Cape Cod
Construction Type __Wood
__Ranch __Condo
__Brick
Exterior Features Landscaping Fencing Porch Paint Patio Deck Garage
__Good __Good __Good __Good __Good __Good __1 Car __Good Roof Condition __Good Sidewalks __Yes Well-Mainteined Neighborhool
__Split Level __Townhouse
__Stucco
__Fair __Fair __Fair __Fair __Fair __Fair __2 Car __Fair __Fair __No
Room/ Location
__Traditional
__Poor __Poor __Poor __Poor __Poor __Poor __3 Car __Poor __Poor
Utilities
__Finished
__Nonexistent __Nonexistent __Detached
Free eBooks for Free More eBooks Information for More Information
If you’d like to learnIfmore you’dabout like tothe learn FHAmore 203kabout loan program, the FHA 203k or credit loaninformation program, orfor credit buying information a for buying a home, or the mortgage home, process or theinmortgage general, we process offerin several general, freeweeBooks. offer several You can free click eBooks. one ofYou can click one of the pictures below to thefind pictures the eBook belowthat’s to find right thefor eBook you!that’s right for you!
__Yes
__No
__Carpet
__Hardwood
__Poor
__Work __Schools __Highways
__Shopping __Churches
Recent Sales in neighborhood:
__Airport Area __Train Station
Free eBooks for More Information
If you’d like to learn more about the FHA 203k loan program, or credit information for buying a home, or the mortgage process Free eBooks Free for More eBooks Information for More Information If you’d like to learnIf more you’dabout like tothe learn FHA more 203kabout loan program, the FHA 203k or credit loan information program, or for credit buying information a for buying a in general, we offer several free eBooks. You can click one of home, or the mortgage home, process or the in mortgage general, process we offerinseveral general, free weeBooks. offer several You can free click eBooks. one ofYou can click one of __Poor the pictures below the to find pictures the eBook belowthat’s to find right thefor eBook you!that’s right for you! the pictures below to find the eBook that’s right for you. __Poor
__Poor
__Poor
Let Us Know How We Can Help NMLS ID 110139
__Poor
__Poor
__Poor NMLS ID 110139
__Poor
NMLS ID 110139 AmeriFirst Home Mortgage AmeriFirst Home Mortgage 800.466.5626
800.466.5626
For more than 25 years, AmeriFirst Home Mortgage has helped first time home buyers and other clients realize the dream of leaving that rental behind, and owning a house. Whether it’s HomePath, conventional lending, an FHA program, VA loan, Rural Development or a 203k mortgage loan, the team at AmeriFirst is here to find the right mortgage for you. AmeriFirst is licensed in: Michigan, Minnesota, Wisconsin, Indiana, Illinois, Ohio, Kentucky, Tennessee, North Carolina and Florida. There is sure to be an office near you. NMLS ID 110139 AmeriFirst Home Mortgage AmeriFirst Home Mortgage 800.466.5626
800.466.5626
We’re easy to find. __Tile
Type of Heating __Hot Water __Gas __Electric __Oil Insulation __Fiberglass __Cellulose __Foam __Nonexistent Central Air __Yes __No Plumbing Condition __Good __Fair __Poor Sump Pump/Drainage System __Yes __No Connected to Sewer System __Yes __No Age/capaciy of water heater _____________ Age of heating system _____________ Age of electrical wiring _____________
Easy proximity to:
Renovation Needed
__Nonexistent __Nonexistent
Size _________________________ Eat-In __Yes __No Flooring __Ceramic __Vinyl __Wood __Carpet __Good __Fair Appliances __Good __Fair __Poor __Nonexistent Cabinets __Good __Fair __Poor Windows __Good __Fair __Poor Dining Room Size _________________________ Flooring __Hardwood __Carpet __Tile __Good __Fair Light Fixtures __Good __Fair __Poor __Nonexistent Living Room Size _________________________ Flooring __Hardwood __Carpet __Tile __Good __Fair Light Fixtures __Good __Fair __Poor __Nonexistent Fireplace __Good __Fair __Poor __Nonexistent Den Size _________________________ Flooring __Hardwood __Carpet __Tile __Good __Fair Light Fixtures __Good __Fair __Poor __Nonexistent Linen Closet __Good __Fair __Poor __Nonexistent Total Bedrooms _____________ Bedroom 1 Size _________________________ Flooring __Hardwood __Carpet __Tile __Good __Fair Light Fixtures __Good __Fair __Poor __Nonexistent Closet __Good __Fair __Poor __Nonexistent Bedroom 2 Size _________________________ Flooring __Hardwood __Carpet __Tile __Good __Fair Light Fixtures __Good __Fair __Poor __Nonexistent Closet __Good __Fair __Poor __Nonexistent Bedroom 2 Size _________________________ Flooring __Hardwood __Carpet __Tile __Good __Fair Light Fixtures __Good __Fair __Poor __Nonexistent Closet __Good __Fair __Poor __Nonexistent Total Bathrooms _____________ Master Bath Size _________________________ Flooring __Ceramic __Vinyl __Wood __Good __Fair Fixtures __Good __Fair __Poor Tub __Good __Fair __Poor __Nonexistent Guest Bath Size _________________________ Flooring __Ceramic __Vinyl __Wood __Good __Fair Fixtures __Good __Fair __Poor Tub __Good __Fair __Poor __Nonexistent Laundry Room Location _________________________ Washer __Good __Fair __Poor __Nonexistent Dryer __Good __Fair __Poor __Nonexistent Good Close Space __Yes __No __No
Problem Area
__Vinyl Siding __Aluminum Siding
Kitchen
__Yes
Duplicate this page for use as you inspect prospective homes for improvements needed.
Address_______________________________________________
Interior Features
Basement
Renovation Checklist
__ Industry __Doctor/Dentist __Public Transportation
Address____________________________________________ Size ____________ Price_______________ Address____________________________________________ Size ____________ Price_______________ Address____________________________________________ Size ____________ Price_______________
The website: AmeriFirst.com We’re on other social media sites as well.
See interviews with our team & other videos.
Read the blog & keep up with the industry.
Copyright Notice & Legal Notice ©2012 The AmeriFirst Home Mortgage Corporate Office 616 W. Centre Avenue Portage, MI 49024 Feel free to share this (FOR FREE) with anyone you want to. All rights reserved. Source of Information: U.S. Department of Housing and Urban Development (www.hud.gov) While attempts have been made to verify information provided in this publication, neither the author nor the publisher assumes any responsibility for errors, omissions, or contradictory information contained in this document. This document is not intended as legal, accounting or investment advice. The reader of this document assumes all responsibility for the use of these materials and information.
IndyInvestorMagazine.com
49
8645 E 96th Street Indianapolis, IN 46256 10904 E Coffey Drive Columbus, IN
$95,000
BLC#21261148
700 W Ohion Street Fortville, IN
$47,500
$50,000
BLC#21258733
S
Have your fireplace ready for heating season
Ho
3 Bedrooms, 1.5 Baths, 1,260 Sq. Ft. www.tourfactory.com/1071771
BLC#21258511
612 W Adams Street Alexandria, IN
2 Bedrooms, 1 Baths, 864 Sq. Ft. www.tourfactory.com/1065995
4 Bedrooms, 2 Baths, 775 Sq. Ft. www.tourfactory.com/1069145
It’s time to give your fireplace a checkup. Getting it ready for cold weather is important for safety and for personal comfort. All home heating systems require regular maintenance to function safely and efficiently. • Arrange a good source of fuel. Delivery of one or two cords of seasoned wood may take the fireplace through the heating season. Never use green wood, which will produce more smoke than heat and will cause deposits to build up inside the chimney. • Synthetic logs can be pretty and easy to use, but be sure to follow the instructions on the package.
• Open the fireplace flue before starting a fire. It will allow fresh air for the fire and allow smoke to go up the chimney instead of into the room. • Close the fireplace screen to keep sparks from flying out of the fire. • Educate everyone in the home so they will not discard anything into the fire, which could cause toxic fumes. And paper could cause an instant hot fire with flying particles.
• Have the chimney cleaned by a professional. Chimney sweeps use a high-powered vacuum so no dust or soot enters the house. They clean the entire chimney, check the flue and check the attic for any areas that need repair.
50
• Close the flue when the fire goes out to avoid heat loss and to keep debris, birds and animals out the house. • Have a metal container for removing hot ashes. Embers and ashes can stay hot for a long time. Place the metal container of ashes some distance from the house so they don’t ignite and set something ablaze.
IndyInvestorMagazine.com
Wa ma you Ins AS few
Ho
Silc step the ide Wi wil and
Ho
Mo hom
x, Jeff Silco
Owner
SERVICES Homeseller’s Pre-Listing Inspections
Want a Competitive edge on the housing market? Understanding the condition of your home is important. Silcox Home Inspections, Inc. can help you sell your home ASAP by giving your buyer confidence with fewer surprises in a real estate transaction.
Homeseller’s Pre-Closing Inspections
Silcox Home Inspections, Inc. will walk you step-by-step through the home and assess the property from roof to foundation to identify safety issues and current conditions. With your thorough home inspection, we will reduce the likelihood of unfortunate and costly discoveries.
Home Warranty Inspections
Most brand-new home builders provide homeowners with a 12-month Builder’s Warranty. Ordering an inspection before the warranty expires gives the homeowner a professionally prepared report to go over with the builder addressing possible issues.
New Construction Inspections
These inspections are completed for home owners or construction lenders during the construction process as part of the quality assurance checks.
Termite Inspections & Radon Testing
Do not leave any stone unturned when inspecting a home for sale or purchase. Damage from termites and exposure to radon can be costly and stressful. Your peace of mind is worth it!
Silcox Home Inspections, Inc. provides a thorough evaluation of your home inside and out:
• Structure and Foundation • Electrical Systems • Plumbing Systems • Roofs and Attics • Water Penetration • Property and Site • Gas Leak Detection • Central Heating and Cooling • Basements and Crawl Spaces • Gutters and Drainage • Walls, Floors, and Ceilings • Porches and Decks
IndyInvestorMagazine.com
It’s More Than Just an Inspection... It’s Peace of Mind.
Silcox Home Inspections
& Construction Management, Inc. 10906 Brigantine Drive Indianapolis, IN 46256 Ph. 317-710-1456 • Fax 317-284-1456 JeffSilcox1@comcast.net www.SilcoxHomeInspections.com
51
8645 E 96th Street Indianapolis, IN 46256
Feature
6011 Twyckenham Drive Indianapolis
5248 Basin Drive Indianapolis
8645 E 96th Street Indianapolis
$100,000
BLC#21239625
3 Bedrooms, 2 Baths, 1,281 Sq. Ft. www.tourfactory.com/1018382
$599,900
BLC#21032972 Updated Home with solid Bedford Stone construction, lot is .75 acres - An Excellent opportunity for in home business. All New windows in 2009. Newer furnace, a/c, water heater and water softner.
8262 Plumwood Lane Indianapolis
$260,000
BLC#21225624
4 Bedrooms, 2.5 Baths, 2,832 Sq. Ft. www.tourfactory.com/
1735 Kenruth Drive Indianapolis
$164,000
BLC#21249585
5 Bedrooms, 3 Baths, 3,294 Sq. Ft. www.tourfactory.com/1043086
Feature
121 E Quincy Street Garrett, IN
$68,000
BLC#1006980
2 Bedrooms, 2 Baths, 2,080 Sq. Ft. www.tourfactory.com/1006980
6853 Whisper Oaks Ct. Indianapolis
$83,700
BLC#21212829
4 Bedrooms, 3 Baths, 1,832 Sq. Ft. www.tourfactory.com/498834
IndyInvestorMagazine.com
$277,000
BLC#21253436
12 unit apartment building with 5,800 square feet. Apartment has great income and great renters. Apartment is in good condition with no major issues. Has great property management in place for that out of state/town investor. Great investment with good cash flow for the price.