ndystor Magazine IInve
February 2015
Buyer Outreach Training
with Lisamarie Schmidt & Michael Kerkhof
Page 15
February 6 11am-3:30pm
Ask the Edito r: Ga
s is cheap er. Maybe mortgag es are to o? would lik e to chec I k on financing . What w ill I find?
Page 18
FIND OUT HOW YOU CAN OWN A HUD HOME WITH $100 DOWN PROGRAM
Apex Contracting Services Inc. Property Preservation & Remodeling
Call For a Free Estimate Phone: 317-721-3092 ApexContractingServices@gmail.com www.ApexContractingServices.com 2
First Time Home Buyers, Investors
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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 9775 Crosspoint Blvd., Suite 118 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.
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3
9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256
How to Avoid Rental Scams on Craigslist is a great resource for finding likely a scam. If you are unsure you can Craigslist homes, unfortunately there has been an always call the number.
Always pay with a check, money order increase in scams on Craigslist involving 4. Releasing personal information, if they or wire. This way you have a way of Rentals. Renters that are looking online are asking for your personal information, tracking the money. for a new home need to ensure that they such as your social security number or are protecting themselves from these your banking information, do not give 8. You should always receive a lease. We recommend getting a copy of it first to scammers. Follow these steps to avoid your personal information over the review it and after you sign it always being a victim to these predators. phone. Professional Companies that take a copy with you. This protects you As a client looking to become a tenant: deal with renting homes will meet with and the owner of the property. The lease 1. Use a professional. Realtors are a great you at the location of the home or their should also contain information on how resource to find rental homes. They can office and give you an application to to contact the property management also do the research to make sure the fill out. They should never ask for you company or owner and their address. owners are legitimate. Typically these information over the phone. Craigslist is a great starting resource to services are free, so why not use them. 5. Also keep an eye out if the person is help your search for a new place to live not willing, or able, to show you the 2. If it sounds too good to be true, then it but potential renters need to be aware of probably is. Always look at how much home. If they own the home there is no the scams that could be out there. This is reason why they cannot meet you there the rent is at the location of the home. an increasing problem that not only affects Does it seem right for the area? If you and show you the house. If someone the tenants but the owners as well. So there are unsure do a little research around the legitimately is trying to rent out a home is always two victims when these crimes area that the home is in to see what other they are going to be willing to meet you happen. homes are going for. If it is exceptionally to show the home. So as an owner using craigslist to rent a low then this is most likely a scam. 6. Never wire money or send checks to property, here are some helpful hints to 3. Another sign would be the phone anyone that you haven’t met or don’t prevent these types of scams: k n o w their company. Only deal with number. If you are looking for a home professionals that are local 1. Always review craigslist and watch in your area and the phone number and you can meet with in for potential post that have copied your is for another state or even information. If you find that someone person. another country has done that then report it to craigslist. this is most 7. Never pay in cash. 2. If a potential tenant calls and reports to you that someone else is soliciting your property on craigslist, call craigslist and also report to your local authorities. Because of the increase in these type of fraud cases, most local authorities have set up task force departments to handle them. You can also call the Attorney General’s office to report the problem. 3. We also suggest water marking your pictures, so that no one else can easily copy and use them. 4. Check your property weekly to make sure no one has placed signs on your property or changed the locks.
4
IndyInvestorMagazine.com
9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256 11341 E McDowell Drive Indianapolis
$890
BLC#21313924
4 Bedrooms, 2 Baths, 1,520 Sq. Ft. www.tourfactory.com/
532 Mountain Pine Drive Greenwood, IN
$1,300
BLC#21324949
3 Bedrooms, 2.5 Baths, 1,362 Sq. Ft. www.tourfactory.com/
11318 Kristen Lane Indianapolis
$975
BLC#21317762
3 Bedrooms, 2 Baths, 1,293 Sq. Ft. www.tourfactory.com/
8430 Skyway Drive Indianapolis
$1,070
BLC#21321167
3 Bedrooms, 2 Baths, 1,248 Sq. Ft. www.tourfactory.com/
4541 S Biltmore Avenue Indianapolis
$1,025
BLC#21320745
3 Bedrooms, 2.5 Baths, 1,350 Sq. Ft. www.tourfactory.com/
2164 Crossford Way Indianapolis
$1,050
BLC#21320739
3 Bedrooms, 2 Baths, 1,038 Sq. Ft. www.tourfactory.com/
2829 Cardigan Road Indianapolis
$1,050
BLC#21321396
3 Bedrooms, 1.5 Baths, 1,189 Sq. Ft. www.tourfactory.com/1152746
10360 Osceola Court Indianapolis
$1,020
BLC#21318758
3 Bedrooms, 1.5 Baths, 1,405 Sq. Ft. www.tourfactory.com/
8128 Whistlewood Drive Indianpolis
$1,075
BLC#21318751
3 Bedrooms, 2.5 Baths, 1,440 Sq. Ft. www.tourfactory.com/
3515 Ashway Drive Indianapolis
$910
BLC#21317788
3 Bedrooms, 1.5 Baths, 1,169 Sq. Ft. www.tourfactory.com/
12123 Meadow Lane Indianapolis
$1,270
BLC#21325384
3 Bedrooms, 1.5 Baths, 1,100 Sq. Ft. www.tourfactory.com/
1435 W Edgewood Avenue Indianapolis
$1,070
BLC#21316146
3 Bedrooms, 2 Baths, 1,289 Sq. Ft. www.tourfactory.com/
IndyInvestorMagazine.com
1021 N Payton Indianapolis
$970
BLC#21320562
3 Bedrooms, 1.5 Baths, 3,114 Sq. Ft. www.tourfactory.com/
4030 Rommell Drive Indianapolis
$1,320
BLC#21319959
4 Bedrooms, 2.5 Baths, 2,238 Sq. Ft. www.tourfactory.com/
5228 Boy Scout Road Indianapolis
$1,075
BLC#21323538
3 Bedrooms, 1.5 Baths, 1,834 Sq. Ft. www.tourfactory.com/
6107 Powell Drive Indianapolis
$890
BLC#21313810
3 Bedrooms, 1.5 Baths, 1,100 Sq. Ft. www.tourfactory.com/
5
9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256 611 Fern Street Greenfield, IN
$1,232
BLC#21327027
3 Bedrooms, 2.5 Baths, 1,480 Sq. Ft. www.tourfactory.com/
3895 W Fairview Road Greenwood, IN
$1,300
BLC#21328698
3 Bedrooms, 2 Baths, 1,429 Sq. Ft. www.tourfactory.com/
4865 E 64th Street Indianapolis
$1,144
BLC#21328593
3 Bedrooms, 1.5 Baths, 1,248 Sq. Ft. www.tourfactory.com/
603 Treyburn Lakes Way Indianapolis
$1,375
BLC#21328049
4 Bedrooms, 2.5 Baths, 2,122 Sq. Ft. www.tourfactory.com/
66
707 Fern Street Greenfield, IN
$1,125
BLC#21326434
3 Bedrooms, 2.5 Baths, 1,406 Sq. Ft. www.tourfactory.com/
5341 Alameda Road Indianapolis
$1,345
BLC#21328591
3 Bedrooms, 2.5 Baths, 1,668 Sq. Ft. www.tourfactory.com/
3940 Planewood Drive Indianapolis
$1,500
BLC#21327365
3 Bedrooms, 2.5 Baths, 2,184 Sq. Ft. www.tourfactory.com/
11615 Lone Pine Circle Indianapolis
$1,300
BLC#21327364
3 Bedrooms, 2.5 Baths, 1,995 Sq. Ft. www.tourfactory.com/
1311 Fairview Drive Greenfield, IN
$995
BLC#21320560
4 Bedrooms, 2 Baths, 1,408 Sq. Ft. www.tourfactory.com/
6233 Tyball Place Indianapolis
$1,290
BLC#21326687
3 Bedrooms, 2 Baths, 1,401 Sq. Ft. www.tourfactory.com/
11647 Peacock Drive Indianapolis
$1,300
BLC#21326692
3 Bedrooms, 1.5 Baths, 1,589 Sq. Ft. www.tourfactory.com/
10528 Folsom Drive Indianapolis
$1,100
BLC#21328695
3 Bedrooms, 1.5 Baths, 1,050 Sq. Ft. www.tourfactory.com/
IndyInvestorMagazine.com
4631 Welton Street Greenwood, IN
$1,300
BLC#21328693
3 Bedrooms, 2 Baths, 1520 Sq. Ft. www.tourfactory.com/
4926 Penbridge Drive Indianapolis
$1,145
BLC#21327439
3 Bedrooms, 1.5 Baths, 1,370 Sq. Ft. www.tourfactory.com/
4837 Leone Drive Indianapolis
$1,071
BLC#21328047
3 Bedrooms, 1.5 Baths, 2,006 Sq. Ft. www.tourfactory.com/
2310 Herod Court Indianapolis
$1,250
BLC#21321167
4 Bedrooms, 1.5 Baths, 2,136 Sq. Ft. www.tourfactory.com/
9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256 907 N Coolee Lane Indianapolis
11324 E Whistler Drive Indianapolis
4646 David Street Indianapolis
864 W 6th Street Greenfield, IN
Too New For Photo $900
BLC#21313925
3 Bedrooms, 1.5 Baths, 1,388 Sq. Ft. www.tourfactory.com/
6611 Latona Drive Indianapolis
$1,300
BLC#21331782
3 Bedrooms, 2.5 Baths, 2,034 Sq. Ft. www.tourfactory.com/
616 Boonesboro Road Greenwood, IN
$1,324
BLC#21329392
3 Bedrooms, 1.5 Baths, 1,172 Sq. Ft. www.tourfactory.com/
6664 Kinnerton Drive Indianapolis
$1,075
BLC#21324947
3 Bedrooms, 3 Baths, 1,461 Sq. Ft. www.tourfactory.com/
$1,070
BLC#21313903
3 Bedrooms, 1.5 Baths, 1,551 Sq. Ft. www.tourfactory.com/
4441 Fullwood Court Indianapolis
$1,200
BLC#21332190
4 Bedrooms, 2.5 Baths, 2,044 Sq. Ft. www.tourfactory.com/
2717 Grand Fir Drive Indianapolis
$1,150
BLC#21329394
3 Bedrooms, 2.5 Baths, 1,677 Sq. Ft. www.tourfactory.com/
4305 Trace Wood Drive Indianapolis
$1,042
BLC#21329947
3 Bedrooms, 2.5 Baths, 2,010 Sq. Ft. www.tourfactory.com/
$1,025
BLC#21324494
3 Bedrooms, 1.5 Baths, 1,568 Sq. Ft. www.tourfactory.com/
5024 Clarkson Drive Indianapolis
$1,200
BLC#21331780
4 Bedrooms, 2.5 Baths, 1,623 Sq. Ft. www.tourfactory.com/
1511 Jeffrey Drive Anderson, IN
$975
BLC#21316150
4 Bedrooms, 2.5 Baths, 2,266 Sq. Ft. www.tourfactory.com/
7584 Pennycroft Drive Indianapolis
$1,450
BLC#21330157
4 Bedrooms, 2.5 Baths, 2,378 Sq. Ft. www.tourfactory.com/
IndyInvestorMagazine.com
$900
BLC#21332199
3 Bedrooms, 1.5 Baths www.tourfactory.com/
4959 Lewiston Drive Indianapolis
$1,100
BLC#21329527
3 Bedrooms, 2.5 Baths, 1,395 Sq. Ft. www.tourfactory.com/
4621 W SR 32 Anderson, IN
$900
BLC#21330202
4 Bedrooms, 2 Baths, 1,635 Sq. Ft. www.tourfactory.com/
11804 Cable Drive Indianapolis
$1,375
BLC#21328728
3 Bedrooms, 1.5 Baths, 1,710 Sq. Ft. www.tourfactory.com/
7
9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256 410 Creekstone Drive Indianapolis
$1,300
BLC#21325742
4 Bedrooms, 2.5 Baths, 2,140 Sq. Ft. www.tourfactory.com/
5776 Dollar Forge Drive Indianapolis
$1,095
BLC#21325744
3 Bedrooms, 2 Baths, 1,248 Sq. Ft. www.tourfactory.com/
11038 Essen Court Indianapolis
$975
BLC#21328592
3 Bedrooms, 2.5 Baths, 2 Car Garage www.tourfactory.com/
7615 Hummel Place Indianapolis
$1,375
BLC#21327366
3 Bedrooms, 2.5 Baths, 1,997 Sq. Ft. www.tourfactory.com/
8
10147 Gable Court Indianapolis
$950
BLC#21321676
3 Bedrooms, 1.5 Baths, 1,520 Sq. Ft. www.tourfactory.com/
1694 Rogers Court Indianapolis
$1,175
BLC#21322305
3 Bedrooms, 2 Baths, 1,534 Sq. Ft. www.tourfactory.com/
8124 E 37th Street Indianapolis
$910
BLC#21317779
4 Bedrooms, 1.5 Baths, 3,300 Sq. Ft. www.tourfactory.com/
7818 Inverness Court Indianapolis
$1,195
BLC#21326686
3 Bedrooms, 1.5 Baths, 1,098 Sq. Ft. www.tourfactory.com/
10732 Inspiration Drive Indianapolis
$1,325
BLC#21323541
3 Bedrooms, 2 Baths, 1,524 Sq. Ft. www.tourfactory.com/
8508 Palm Court Indianapolis
$1,115
BLC#21324520
4 Bedrooms, 2.5 Baths, 1,140 Sq. Ft. www.tourfactory.com/
8938 Carla Drive Indianapolis
$912
BLC#21328335
3 Bedrooms, 1.5 Baths, 1,533 Sq. Ft. www.tourfactory.com/
5705 Ensenada Avenue Indianapolis
$1,175
BLC#21327438
4 Bedrooms, 1.5 Baths, 1,506 Sq. Ft. www.tourfactory.com/
IndyInvestorMagazine.com
2408 Treasury Row Indianapolis
$1,000
BLC#21319958
3 Bedrooms, 2 Baths, 1,268 Sq. Ft. www.tourfactory.com/
3649 Tiara Court Indianapolis
$975
BLC#21322309
3 Bedrooms, 1.5 Baths, 1,169 Sq. Ft. www.tourfactory.com/
3013 Ashland Court Indianapolis
$820
BLC#21318755
3 Bedrooms, 2 Baths, 1,498 Sq. Ft. www.tourfactory.com/
3536 Valley Lake Drive Indianapolis
$1,150
BLC#21322092
3 Bedrooms, 1.5 Baths, 1,152 Sq. Ft. www.tourfactory.com/
9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256 8809 Country Lane Court Indianapolis
2604 Redland Lane Indianapolis
2835 Redland Lane Indianapolis
7855 Puckett Lane Indianapolis
Too New For Photo $1,300
BLC#21322092
3 Bedrooms, 1.5 Baths, 1,532 Sq. Ft. www.tourfactory.com/
5902 Pemberly Drive Indianapolis
$1,300
BLC#21326689
3 Bedrooms, 2.5 Baths, 2,068 Sq. Ft. www.tourfactory.com/
3305 Bluebell Lane Indianapolis
$975
BLC#21324499
3 Bedrooms, 2 Baths, 1,463 Sq. Ft. www.tourfactory.com/
507 Redfern Drive Beech Grove, IN
$1,130
BLC#21326688
3 Bedrooms, 1.5 Baths, 1,417 Sq. Ft. www.tourfactory.com/
$1,170
BLC#21327112
3 Bedrooms, 2.5 Baths, 1,368 Sq. Ft. www.tourfactory.com/
2323 Rolling Oak Drive Indianapolis
$1,300
BLC#21328685
3 Bedrooms, 2.5 Baths, 1,426 Sq. Ft. www.tourfactory.com/
3348 Beacon Court Indianapolis
$900
BLC#21326423
4 Bedrooms, 2.5 Baths, 1,325 Sq. Ft. www.tourfactory.com/
334 Brookstone Drive Greenfield, IN
$1,300
BLC#21327026
3 Bedrooms, 2.5 Baths, 1,776 Sq. Ft. www.tourfactory.com/
$1,160
BLC#21328588
3 Bedrooms, 2.5 Baths, 1,368 Sq. Ft. www.tourfactory.com/
6347 W 15th Street Indianapolis
$1,100
BLC#21326685
3 Bedrooms, 1.5 Baths, 2,264 Sq. Ft. www.tourfactory.com/
3810 Libra Lane Indianapolis
$1,070
BLC#21321677
3 Bedrooms, 2 Baths, 1,400 Sq. Ft. www.tourfactory.com/
1183 Odell Lane Greenwood, IN
$1,300
BLC#21326684
3 Bedrooms, 3 Baths, 1,299 Sq. Ft. www.tourfactory.com/
IndyInvestorMagazine.com www.AtlantisRealtyGroup.com
$1,305
BLC#21326686
3 Bedrooms, 2 Baths, 1,846 Sq. Ft. www.tourfactory.com/
3219 Thurston Drive Indianapolis
$1,035
BLC#21328595
4 Bedrooms, 1.5 Baths, 1,824 Sq. Ft. www.tourfactory.com/
318 N Keystone Avenue Indianapolis
$500
BLC#21326443
3 Bedrooms, 1 Baths, 1,289 Sq. Ft. www.tourfactory.com/
1735 Pele Place Indianapolis
$1,350
BLC#21327437
4 Bedrooms, 2.5 Baths, 1,768 Sq. Ft. www.tourfactory.com/
9
9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256 11044 Wismar Drive Indianapolis
$1,000
BLC#21329948
3 Bedrooms, 2 Baths, 1,314 Sq. Ft. www.tourfactory.com/
5609 Personality Court Indianapolis
$1,300
BLC#21329944
4 Bedrooms, 1.5 Baths, 1,836 Sq. Ft. www.tourfactory.com/
5349 Dollar Forge Lane Indianapolis
$1,100
BLC#21331781
3 Bedrooms, 2 Baths, 1,220 Sq. Ft. www.tourfactory.com/
4231 E Thompson Road Indianapolis
$1,200
BLC#21329531
4 Bedrooms, 1.5 Baths, 1,800 Sq. Ft. www.tourfactory.com/
10
10506 Moqui Court Indianapolis
$1,000
BLC#21330200
3 Bedrooms, 2 Baths, 1,277 Sq. Ft. www.tourfactory.com/
8521 Sansa Street Camby, IN
$1,315
BLC#21329949
3 Bedrooms, 2.5 Baths, 2,043 Sq. Ft. www.tourfactory.com/
5413 Meckes Drive Indianapolis
$1,228
BLC#21331778
3 Bedrooms, 1.5 Baths, 2,453 Sq. Ft. www.tourfactory.com/
109 Arrowhead Street Sheridan, IN
$1,450
BLC#21332191
3 Bedrooms, 2.5 Baths, 2,073 Sq. Ft. www.tourfactory.com/
3618 Decamp Drive Indianapolis
$900
BLC#21329395
3 Bedrooms, 1.5 Baths, 1,565 Sq. Ft. www.tourfactory.com/
6101 Old Mill Drive Indianapolis
$1,175
BLC#21328729
4 Bedrooms, 1.5 Baths, 1,806 Sq. Ft. www.tourfactory.com/
8211 Travellian ay Indianapolis
$1,340
BLC#21329387
4 Bedrooms, 2.5 Baths, 2,720 Sq. Ft. www.tourfactory.com/
4505 E 21st Street Indianapolis
$34,900
BLC#21332168
2 Bedrooms, 1 Baths, 1,440 Sq. Ft. www.tourfactory.com/
IndyInvestorMagazine.com
3729 Richelieu Road Indianapolis
$775
BLC#21329393
3 Bedrooms, 1.5 Baths, 2,362 Sq. Ft. www.tourfactory.com/
5619 Sarton Lane Indianapolis
$1,100
BLC#21329526
3 Bedrooms, 2 Baths, 1,152 Sq. Ft. www.tourfactory.com/
67 Gazebo Drive Indianapolis
$1,300
BLC#21329390
4 Bedrooms, 2.5 Baths, 2,058 Sq. Ft. www.tourfactory.com/
1218 Harlan Street Indianapolis
$1,130
BLC#21332115
3 Bedrooms, 1 Baths, 1,104 Sq. Ft. www.tourfactory.com/
9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256 10923 Snowdrop Way Indianapolis
$1,250
BLC#21331785
3 Bedrooms, 2.5 Baths, 1,710 Sq. Ft. www.tourfactory.com/
11117 Waterfield Place Indianapolis
$1,100
BLC#21329831
3 Bedrooms, 2.5 Baths, 1,372 Sq. Ft. www.tourfactory.com/
4049 Steelewater Way Indianapolis
$1,195
BLC#21329950
3 Bedrooms, 2.5 Baths, 1,683 Sq. Ft. www.tourfactory.com/
2611 Lullwater Lane Indianapolis
$1,135
BLC#21329385
3 Bedrooms, 2 Baths, 1,674 Sq. Ft. www.tourfactory.com/
5252 Traditions Drive Indianapolis
3930 Narrowleaf Court Indianapolis
$1,175
BLC#21332192
3 Bedrooms, 2.5 Baths, 1,440 Sq. Ft. www.tourfactory.com/
9441 Gemini Drive Indianapolis
$1,117
$1,150
BLC#21331783
3 Bedrooms, 2.5 Baths, 1,464 Sq. Ft. www.tourfactory.com/
BLC#21331784
3 Bedrooms, 1.5 Baths, 2,100 Sq. Ft. www.tourfactory.com/
11336 Carly Way Indianapolis
$1,050
BLC#21329834
4 Bedrooms, 2 Baths, 1,314 Sq. Ft. www.tourfactory.com/
LED-lit ceilings can mimic the changing hues of natural light Researchers are looking at how dialing up & down the brightness, color & richness of household lighting can help regulate our circadian rhythms. They are the mental and behavioral changes that occur in response to light cues over each 24-hour period. In the living room: Where people gather to watch TV or play games, a whiter light is best. Turning off electronic devices & switching to a a softer, warmer color of yellow or orange two hours before bed will help the body get ready for sleep. The kitchen: The quality of light for cooking is a major consideration. Lights with high-color rendering help colors pop and bring out details of meat, vegetables and other ingredients. It helps the food look good. Bathroom: Rich color rendering with over 90 CRI is desirable for applying makeup or shaving. We need more light to see as we age, so a dimmable light allows people to adjust the lighting. Adult bedrooms: Dimmable lights with a warmer glow are ideal to minimize the disruption of melatonin, the hormone that makes us sleepy. It is produced when the lighting dims. Hallways: Ultralow and warm lighting helps people navigate halls and stairs without affecting their night vision.
IndyInvestorMagazine.com
11
To lease a property, please fill out this 2-page application. You can either fax your completed application to 1-866-469-4882 or email to leasing@atlantisrealtygrp.com.
Application for Residency Application for Residency
Atlantis Property Management and Leasing Atlantis Realty Group, Inc. and Leasing Atlantis CMS Property Management Atlantis CMS Realty Group, Inc.
Property Applying For
Requested Move-in Date__________
Property Applying For
Requested Move-in Date__________ / /
Name of Applicant (Last, First, MI)
Date of Birth
/_______
SSN #
/
Driver’s Lic. # and State
/
/_______
Name ofPhone Applicant (Last, First, MI) Date of BirthAddress_________________________________________ SSN # Driver’s Lic. # and State Contact Number____________________________________ Email Contact PhoneofNumber____________________________________ Email Address_________________________________________ Five (5) years residency history is required: Five (5) years of residency history is required: Applicant’s Present Address
City
Applicant’s Present Address Name of Present Landlord
City Do You:
Telephone #
Landlord Telephone # Name of Date Present Move-in _____/_____/_____ Move-out Date _____/_____/_____ Move-in Date _____/_____/_____ Move-out Date _____/_____/_____
State
Rent (Check One) Do You: Rent Monthly Rent $ (Check One)
Own Home
Parent’s Home
Monthly Rent $ Zip
Applicant’s Previous Address
City
State
Zip
Rent
Own Home
Student Housing
Parent’s Home
(Check One) Did You:
Rent
Own Home
Student Housing
Parent’s Home
Monthly Rent $ _______
Move-in Date _____/_____/_____ Move-out Date _____/_____/_____
Monthly Rent $ _______
B
D
A
(Check One)
Applicant’s Previous Address
City
State
Zip
Applicant’s Previous Address
City
State
Zip
Name of Date Previous Landlord Telephone # Move-out Date _____/_____/_____ Move-in _____/_____/_____
Did You: Rent (Check One) Did You: Rent Monthly (Check One)Rent $
Move-in Date _____/_____/_____ Move-out Date _____/_____/_____
Monthly Rent $
_
Own Home
Student Housing
Parent’s Home
Own Home
Student Housing
Parent’s Home
P
It s
o b m li
List all other persons to occupy the apartment List all other persons to occupy the apartment Vehicular Information: Make Vehicular Information: Make
B
H
Did You:
Name of Date Previous Landlord Telephone # Move-out Date _____/_____/_____ Move-in _____/_____/_____
Telephone #
O
W State
Name of Previous Landlord
Student Housing
N O T
______ Parent’s Home
City Telephone #
______
State Student Housing Zip Own Home
Applicant’s Previous Address Name of Previous Landlord
Zip
N O T
Model
Year
Tag #
Model
Year
Tag #
In Case of Emergency, Notify (Name)
Address
Telephone #
In Emergency, Notify (Name) At Case leastof 3 years of employment is required:
Address
Telephone #
I a o fu in o h
At least 3 years of employment is required: Name of Applicant’s Employer Occupation Name of Applicant’s Employer Telephone # Occupation Telephone #
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PLEASE READ ALL TERMS BELOW AND SIGN:
It is understood that the premises are to be used as a residence to be occupied by not more than__ persons and that occupancy is subject to possession being delivered by present occupant. A non-refundable application fee in the sum of $ received on / / has been deposited with Landlord, with the clear understanding that this application, including each prospective occupant, is subject to approval and acceptance by Landlord at its sole discretion. The amount equal to one month’s rent of $___________ has been received on ____/_____/ ______. Upon approval of this application this money will be deposited. If the application is rejected then the money will be returned in full. However after approval if the applicant decides not to rent the residence the total amount may be forfeited as liquidated damages. I ________________________________________hereby authorize Landlord to obtain information it deems desirable in the processing of my application, including; credit reports, civil or criminal actions, rental history, employment/salary details, police and vehicle records, and any other relevant information; and releases landlord, its employees and agents from all liability for any damage whatsoever incurred in furnishing or obtaining such information. The application fee shall be retained by the Landlord as the agreed compensation for credit investigation, processing and verification of the application. The applicant hereby waives any claim for damages by reason of non-acceptance of this application which the Landlord or it’s agent may reject without stating reasons for so doing. It is further agreed that if any information herein is false, the lease made on the strength of this application may, at the option of the Landlord, be terminated at any time. Atlantis requires that you certify your application by submitting an electronic signature. To certify your application, read the text above and provide an electronic signature (type your name). I certify that all the information in my application is accurate and true.
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IndyInvestorMagazine.com Page 2 of 2
13
Lunch & Learn - HUD Sales Training: “Successfully Selling HUD Homes in Indiana”
February 18th
& 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
14
Happier clients – More Closings More Referrals
www.gvcmortgage-carmel.com
Yvette Wright 317-339-9339
IndyInvestorMagazine.com
Successfully Selling HUD Homes in Indiana By Lisamarie Schmidt, Atlantis Realty Group, Inc. From 11am-1pm
Lisamarie Schmidt
Buyer Outreach Training February 6, 2014 • 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
Michael Kerkhof
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
Please RSVP. Seats are limited. We look forward to seeing you!
AmAndA Kilby | 765-592-0215
Call TODAY for a quote!
$
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Fast Turnaround! High Quality Designs! Customer Satisfaction is GUARANTEED! IndyInvestorMagazine.com
15
6320 Rucker Road • Indianapolis, IN 46220 P: 317-446-0152 • F: 317-466-9752 • www.jsruizrealty.com
5619 W 56th Street Indianapolis
640 Indigo Court Greenfield
3BR 2BA home. Interior has spacious LR, formal dining room, and open kitchen. Master bedroom has a private bath. The rear yard is spacious and fully fenced. The home is on a cul de sac. Needs a great owner to restore it to its former charm. BLC# 21329849 $103,000
445 N Valley Lane Greenwood
5301 Radnor Road Indianapolis
Don’t miss out on being the owner of this beautiful 3BR, 1.5BA ranch located in Washington Township! This would be great for a first time home buyer or to add to your investment portfolio. This home has a lot to offer and is a must see! BLC# 21330399 $89,000
Large 2 story, 4 bedroom home available in Lawrence Township. Property has a living room with fireplace and vaulted ceiling, loft, and formal dining room. Rear yard is spacious with wood deck perfect for summer gatherings. BLC# 21328970 $104,900
1531 S Kitley Avenue Indianapolis
628 N Linwood Avenue Indianapolis
342 N Elder Avenue Indianapolis
Stone ranch with full basement in Lawrence Township. Established neighborhood. Large lot. Property has hardwood flooring, wood burning fireplace, and tiled baths. Interior has been gutted. This will be a big, but rewarding project.
Country folks feel with city slicker convenience. Over 1.5 ac of land, trees and creek. Drive thru garage offers easy access to the rear yard for family or hobby needs. Lots of storage space in floored attic areas and mini barn for your outside stuff.
BLC# 21330629
BLC# 21330812
BLC# 21315135
$65,000
7458 N Carroll Road Indianapolis
4BR w/ 2BA and full size basement & Bonus room in this beautiful ranch located in Pike Township! There’s a huge detached garage/ workshop, too, in addition to a onecar attached garage! This would be great for a first time home buyer or to add to your investment portfolio. BLC# 21315141 $138,500
Cute 2 bedroom 1.5 bath bungalow with stone exterior. The property has a 1 car attached garage. Interior has a woodburning fireplace in the living room with hardwood floor. A diamond in the rough. $64,900
6064 Bettcher Avenue Indianapolis
$112,500
Classic 2 bedroom 2 bath home with covered porch. Some hardwood floors and arched doorways. Detached garage and washer/dryer hookups. BLC# 21323322
$13,600
Don’t miss out on being the owner of this 4 bedroom, 1 bath home located close to downtown Indy. This would be great for a first time home buyer or to add to your investment portfolio. BLC# 21285940 $41,100
430 N Post Road Indianapolis
980 Canary Creek Drive Franklin
6419 W SR 135 Trafalgar
6635 Grattan Lane Indianapolis
6435 Horizon Court Indianapolis
3 bedroom 2 bath ranch home with great split bedroom floorplan, 6-panel doors near Johnson County fairgrounds. Partially fenced backyard w/ deck. Home has appealing arch doorway and passthrough, good cabintry in kitchen. Location is great with anything you need just minutes away! BLC# 21310815 $86,000
3 bedroom 2 bath manufactured home that sits on a whopping 5 acres. Home has some laminate flooring.Living room has stone fireplace & kitchen has nice cabinetry. Master suite has garden tub with two sinks & separate shower. There is a rear patio, covered front porch, & fenced in backyard. Great investment home. BLC# 21331474 $89,900
Well built all brick home in Mayflower Meadows. Property sits on a large lot with a 2 car attached garage. The interior has a nice sized living room that is open to the dining area. Family room has built-ins. All three bedrooms have hardwood flooring. A great find with lots of potential.
Come take a look at this Bi-Level home in Washington Twp. Property is on a cul de sac with a nice sized rear yard. 3 bedrooms on the main level, 2 with hardwood floors. Lower level has family room with built-in bar and half bath. Lots of potential.
BLC# 21330545
BLC# 21330582
11311 E Stoeppelwerth Drive Indianapolis
1853 N Coolidge Indianapolis
3703 Bonn Boulevard Indianapolis
3 Bedroom, 2 Baths BLC# 21309205 $81,900
16
2 Bedroom, 2 Baths BLC# 21310227 $79,900
$139,100
2 Bedroom, 2.5 Baths BLC# 21327416 $80,000
$90,000
541 S Drexel Avenue Indianapolis
2 Bedroom, 1 Baths BLC# 21331117 $36,750
Jenni Ruiz || jenni@ruizrealty.net
3 Bedroom, 1.5 Baths BLC# 21330614 $24,900
3554 Oliver Avenue Indianapolis
4 Bedroom, 2 Baths BLC# 21319361 $65,000
3944 Hoyt Avenue Indianapolis
2 Bedroom, 1 Baths BLC# 21329315 $25,000
6320 Rucker Road • Indianapolis, IN 46220 P: 317-446-0152 • F: 317-466-9752 • www.jsruizrealty.com
3914 Guilford Avenue Indianapolis
6390 Columbia Circle Fishers
4BR 3BA home on pond lot. Breathtaking view from the screened porch. MBR w/vaulted ceiling. Open FR/KT area w/light wood cabinetry & center island. Over sized fireplace flanked w/bookcases & cabinets. BLC# 21324545 $180,000
2444 Impala Drive Anderson
Come see this 3 bed 2.5 bath home. The living room has a wood burning fire place. There is an enclosed back porch. The backyard is a nice size. This house is a must see. BLC# 21282453 $51,800
1153 N Tremont Street Indianapolis
7963 Benjamin Drive Lawrence
5166 Old Smith Valley Road Greenwood
Come see this beautiful 4 bedroom, 2 bath home, close to downtown Broad Ripple! Close to entertainment, shopping and dining. This would be great for a first time home buyer or to add to your investment portfolio. This home has a lot of character. BLC# 21320085 $155,000
2 bedroom ranch home with covered porch on Smith Valley Rd in Greenwood. Property sits on a nice sized lot. Needs extra care. Has potential.
3953 N Butler Avenue Indianapolis
10234 Heather Hills Road Indianapolis
BLC# 21328301
$90,000
A 3bd 2ba condo w/ private wooded and secluded setting. Very peaceful area in Lawrence township.
Get ready to roll up your sleeves and apply your HGTV knowledge to this 3bd 1ba house! Great backyard w/ mature landscaping. Great for your investment portfolio, or do it yourselfer.
Come take a look at this large two story home on Indy’s eastside. Plenty of living space. Large back yard with wood deck. Close to everything.
BLC# 21322269
BLC# 21322683
BLC# 21322503
$47,700
6006 Grandvie Drive Indianapolis
$24,000
1548 S. 8th Street Noblesville
$105,000
2206 Groff Avenue Indianapolis
4205 Devon Drive Indianapolis
2BA ranch w/ full basement. home features formal living rm and dining rm, hardwood floors, full basement with bonus rm and lots of storage. home also includes, fireplace, 2 car attached garage, large fenced yard w/pool. BLC# 21322681 $111,000
1027 N Irvington Avenue Indianapolis
Take a look at this solid 3 bedroom home on Indy’s east side. Established neighborhood. Property sits on a corner lot. Stone exterior with 1 car attached garage. Living room has wood burning fireplace. Full basement. BLC# 21327720 $80,000
1033 Saint Peter Street Indianapolis
2 Bedroom, 1 Baths BLC# 21315481 $23,500
3 Bedroom, 1.5 Baths BLC# 21314961 $72,000
3 Bedroom, 2 Baths BLC# 21306065 $50,000
2 Bedroom, 1 Baths BLC# 21306255 $30,500
4 Bedroom, 1 Baths BLC# 21308105 $10,000
5710 N Illinois Street Indianapolis
7331 Twin Beech Drive Indianapolis
122 Tri Sab Lane Indianapolis
337 N Elder Indianapolis
6111 Maren Drive Indianapolis
2 Bedroom, 1 Baths BLC# 21326870 $145,000
3 Bedroom, 1 Baths BLC# 21288144 $92,000
3 Bedroom, 1.5 Baths BLC# 21323805 $110,000
3 Bedroom, 2 Baths BLC# 21304530 $42,000
4 Bedroom, 2 Baths BLC# 21319885 $119,000
1411 E Dudley Avenue Indianapolis
2936 N College Avenue Indianapolis
7105 Mikesell Drive Indianapolis
6303 E Spring Lake Road Mooresville
1055 Meredian Street Shelbyville
2 Bedroom, 1 Baths BLC# 21325924 $45,000
3 Bedroom, 2.5 Baths BLC# 21325199 $39,900
4 Bedroom, 2 Baths BLC# 21304168 $79,500
2 Bedroom, 1.5 Baths BLC# 21324687 $53,000
Jenni Ruiz || jenni@ruizrealty.net
2 Bedroom, 1 Baths BLC# 21326007 $40,500
17
?
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: n o i t s e Qu
Answer:
Gas is cheaper. Maybe mortgages are too? I would like to check on financing. What will I find?
Ask the Editor
You’ll find some good news on the mortgage front, too. New mortgage-lending guidelines were scheduled to take effect December 1 with the largest mortgage lenders set to ease their standards in 2015. Lisamarie Laurie Goodman, director of the Housing Finance Policy Center at Schmidt the Urban Institute says, “The moves are going to be big, but it will take time to see the full impact of the changes.” The Urban Institute estimated that new lending standards could make it possible for as many as 1.2 million additional home loans to be made annually if mortgage availability returns to “normal” levels. Lenders say borrowers should begin to see changes soon, including faster processing times for mortgage applications. Currently, it can take two months or longer between when the application is made and when the loan is made. New types of borrowers that lenders will accept include those with somewhat lower credit scores. Lenders will give greater leeway if a credit history suffered because of one-time events, such as a job loss or big medical bill. Economists have maintained that tight credit could be holding back the housing recovery and dampening economic growth. It’s likely that more mortgages will be granted under the new guidelines to those with credit scores of 640 to 699 and even with scores of 620 to 639. The new guidelines are going to be permanent, not temporary. Experts say you will see banks expand their criteria, but some lenders are still too hesitant due to the constantly shifting regulatory environment to ease credit very soon.
18
IndyInvestorMagazine.com
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.
IndyInvestorMagazine.com
19
317-842-3400 FEATURE 9342 Tanhurst Drive Indianapolis This spacious home has over 2500 sqft including 2BR. The “master” of these has a spa tub and dual sinks! The main floor hosts a cozy kitchen with upgraded cabinets, granite counters and newer appliances! A roomy living room and half bath complete this floor, and the entire home $180,000 has been brightened
326 S 28th Street Lafayette
2BR 1BA home with almost 1,300 sqft. PLUS a great fenced in back yard, basement and 1 car attached garage. Nice cabinet space in the KT. $53,000
4333 Norwaldo Ave. Indianapolis
This was a renovation that has been started already so the basics are in place. This home sits on a nice shaded lot in a quiet neighborhood. $24,900
20
306 S Main Street North Salem
Home has 3BR and 2BA. Great room has a gas fireplace. KT has a good size pantry and ceramic tile floor. MBR has his/hers walk in closets. $150,000
7405 E 56th Street Lawrence
This 1751 square foot single family home has 3 bedrooms and 2.0 bathrooms. $94,900
5902 E County Rd 800 N Logansport
Home was built in 1996 on an acre of land in the country. This is a 3BR 1BA with a 2 car detached garage and over 1,700 sqft. $56,000
125 E Meridian Street Atlanta
This 2412 square foot single family home has 5 bedrooms and 3.0 bathrooms. $83,900
2721 S Washington St. Marion
This home offers 2 bedrooms, 2 baths with a large 1 car detached garage. With over 1600 sq ft you will have plenty of room to spread out. $17,600
5849 Mill Oak Drive Noblesville
2386 sf home has 4BR and 3.BA. It is located at 5849 Mill Oak Dr Noblesville, Indiana. This home is in the Noblesvill School District. $169,900
2912 S Hoyt Avenue Muncie
Beautiful hardwood floors need to be refinished and this home has over 3500 sq ft of space. Great architecture! $63,000
22320 Craig Avenue Noblesville
This 960 square foot single family home has 3 bedrooms and 1.0 bathrooms. $69,900
9591 N CR 800 E Albany
Almost 3,000 sqft. 3BR, 3BA and lots of storage. The home has a great KT that is open to the family room that has a fireplace. $144,900
2405 S Walnut Street Yorktown
This 2 story, 3BR, 2BA home with over 1500 sq ft has the charm but has been updated. With a little paint this one will be ready to move in! $42,000
12101 Sugar Creek Rd. Noblesville
This attached ranch with loft home has 3 bedroom 2 bath with a car attached garage. This home has views of the golf course and a patio $149,900
5200 W Connie Drive Muncie
4BR 1.5BA brick built in 1957. Home is solid with good bones and will be a good project for someone who wants to update to call their own. $74,900
9800 WESTPOINT DRIVE, SUITE 220 • INDIANAPOLIS • 317-842-3400
317-842-3400
3710 Melody Lane Kokomo
3 bedroom 2 bath 1658 sq ft everything in this home will need to be updated so you can make it your own. Don’t wait on this one it will not last! $93,000
9103 Anchor Bay Drive Indianapolis
Beautiful 5BR 3.5BA home. New carpet and a fresh coat of paint throughout the home will make for an easy move in. 3 car att. garage plenty of room for storage. $379,900 Huge deck out back.
1423 E Gimber Street Indianapolis
Nice 3BR, 2BA home. Fresh paint inside and out. Some newer windows, new laminate flooring in 2BR. Nice hardwood floors in MBR, dining room and LR. $39,500
8816 E Frontenac Rd. Indianapolis
Home has 4 bedrooms and 1.5 baths with over 2,000 sq ft of living space. The interior includes both a living room with a fireplace and a family room. See today! $64,900
200 S 16th Street Richmond
With over 2700 sq ft of living space 4 bedrooms 2.5 bath home beautiful hardwood floors throughout and 3 fireplaces. Two story foyer with a spiral staircase to the second floor. $58,100
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
200 S 16th Street Richmond
With over 2700 sq ft 4BR 2.5BA home beautiful hardwood floors throughout and 3 fireplaces. Two story foyer with a spiral staircase to the second floor. Don’t let this one get away $58,100
3927 Malibu Drive Indianapolis
2 story 4 bedroom and 1.5 bath just under 2000 sq ft. This home sits on a tree lined street with sidewalks and close to shopping, schools and restaurants. $24,900
203 Pennsylvania Street Shirley
This could be a beautiful home with 3BR 1.5BA. Large open kitchen with center island - plenty of space to update and have the kitchen of your dreams! $30,000
734 Sherwood Drive Indianapolis
This home has 3BR 1.5BA with a 1 car detach garage. The living room has a large set of original pane windows that overlook the large front yard with mature trees. $209,900
24180 Hinesley Road Sheridan
Brick ranch with over 1000 sq ft of living space and 3 bedrooms 1.5 baths and a attached 1 car garage. Back yard is very spacious with plenty of room to expand. $59,000
8058 Cardinal Cove E Indianapolis
This 3 bedroom 2.5 bath is a great location close to everything. Nice neighborhood and most homes overlook the pond. Newly painted must see today! $124,900
4526 Mesa Drive Indianapolis
Cute 2 bedroom 1.5 bath this home has a garage conversion that gives you extra storage and an extra bedroom. Nice large fenced backyard with a storage shed. $40,800
8451 Meadowlark Dr. Indianapolis
Cute 3BR, 1BA home with att garage in Lawrence Township! This home has newer paint and new carpet in most of the living area, and has a fridge and range-ready for move in! $34,900
2115 Ruth Drive Indianapolis
3 bedroom 1 bath Ranch home built in 1954. This home would be great for an investor or someone that wants to make it their own. Don’t wait! This one will not last long! $44,900
9507 Timber View Dr. Indianapolis
3BR 1.5BA townhome! Basement space adds to the appeal of this home! Wood accent beams, lots of kitchen cabinet space for storage and counter space for entertaining! $63,900
7019 Eastwick Lane Indianapolis
Adorable 5BR 2.5BA with over 3500 sq ft. This is the perfect family neighborhood. Quite community with tree lined streets. Convenient to everything. $194,400
24 N Ewing Street Indianapolis
Charming 3BR 2BA home in a Historic Neighborhood of Indianapolis. Built in 1910 lots of character and charm leaded windows, shade trees line the sidewalks and street. $39,950
8855 W Adell Street Fortville
Here it is an almost 3000 sqft, 4BR home in wonderful Fortville...just far enough out of the hustle and bustle. Fresh paint & carpet throughout. This home is ready and waiting $152,900
726 N Routlers Ave. Indianapolis
Cute little bungalow just waiting for someone to move in on this 1 bedroom 1 bath with a den and a small deck off the back to grill in the warmer months. $27,490
WWW.WILMOTHGROUP.COM
1257 N Schleicher Indianapolis
Original wood ceilings and an open floor plan makes this home seem bigger than the 1600 sq feet. Plenty of room in the 2 car detached garage for a workshop or storage. $70,000
3608 W Mill Creek Drive Kingman
Lake Holiday Hide-A-Way! A rare chance to own this 3BR 2BA home close to the lake. This home has a 2 car att garage. Put your special touches on this one, at $19,000 this price you can’t beat it.
9201 W Tulip Tree Dr. Muncie
3BR 2BA home needing a little TLC. Sitting on just over .5 of an acre there is plenty of room to spread out and enjoy life. $79,900
12312 Cobblefield Court Fishers
This spacious 4BR, 2.5BA with plenty of space. Home has plenty to boast about with custom built in book shelves, stainless appliances, a sunroom with a deck off the back. $244,000
2817 E 17th Street Indianapolis
Cute bungalow in NEIndianapolis. This 3BR 1BA with just under 1000 sq ft has great potential. With some work it will be a gem. Don’t wait on this one it will not last! $19,900
21
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)
FHA 203k (Streamline)
Fannie Mae Homepath®
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 benefit 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 certified 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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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
Please RSVP
by replying to this email or Contact person: 800-276-8940 ext 2 Email: HUD@atlantisrealtygrp.com Instructor
Lisamarie Schmidt
to learn. The successfully 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 “Priority bidding” works
• How to write a HUD sales contract
• And much More....
www.HUDHomestore.com Atlantis Realty Group Inc 6750 N Andrews Ave, Suite 2046 Fort Lauderdale, FL 33309 Phone: 800-276-8940x2 Fax: 866-469-4882 E-mail: HUD@atlantisrealtygrp.com www.AtlantisRealtyGroup.com
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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
11.7% had inadequate
30.45% had inadequate
48.88% had inadequate
15.4% of surveyed homes
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
roof repairs
required electrical system repairs
insulation
required Central Heating System repairs
repair to the Central Cooling System
signs of water seepage or drainage concerns
major structural concerns
needed roof repairs
required electrical system repairs
insulation
required Central Heating System repairs
repair to the Central Cooling System
water heater repairs
the plumbing system
mixed piping
AGE OF HOME:
major structural concerns
needed roof repairs
required electrical system repairs
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 drainage concerns
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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Chris Schlosser
317.523.3037
chris@cmsrealestate.net www.cmsrealestate.net
141 West Street • Whiteland
5034 Allisonville Rd. Unit C • Indianapolis 3 Bedrooms, 2 Baths BLC# 21330642 $57,000
2 Bedrooms, 1 Baths BLC# 21323430 $65,000
7215 Dean Road • Indianapolis
804 Moss Oak Court • Indianapolis
2763 Kay Ellen Drive • Indianapolis
3 Bedrooms, 1 Baths BLC# 21319698 $59,900
6852 E 47th Street • Lawrence
4 Bedrooms, 2.5 Baths BLC# 21317255 $179,900
5 Bedrooms, 3.5 Baths BLC# 21319707 $124,200
3 Bedrooms, 2 Baths BLC# 21327607 $69,900
1413 N Emerson Ave. • Indianapolis
9245 Dry Creek Drive • Indianapolis
209 High Street • Crawfordsville
2 Bedrooms, 1 Baths BLC# 21331803 $80,000
3 Bedrooms, 2.5 Baths BLC# 21326131 $125,000
3 Bedrooms, 2 Baths BLC# 21316694 $78,900
2611 Kay Ellen Drive • Indianapolis
966 N Mitchner Avenue • Indianapolis
5454 Floating Leaf Dr. • Indianapolis
4 Bedrooms, 2 Baths BLC# 21329919 $74,900
3 Bedrooms, 1.5 Baths BLC# 21330727 $69,000
3 Bedrooms, 2.5 Baths BLC# 21330826 $122,000
456 N Berwick • Indianapolis
1810 S Talbott Street • Indianapolis
903 Beaumont Ct. • Indianapolis
6 Bedrooms, 2 Baths BLC# 21299006 $13,500
3 Bedrooms, 2 Baths BLC# 21317382 $51,900
4 Bedrooms, 2Baths BLC# 21285865 $124,900
6801 Lake Plaza Drive, Suite 112A • Indianapolis, IN 46220 • P: 317.578.3827 • F: 317.577.4484 25
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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Atlantis itle Services Inc. with
Stay Connected!
Atlantis Title Services, Inc
and
ClosingTracker.com™
Leverage the power of the Internet to stay connected to your closing transactions. With anytime, anywhere access, you can place new orders online, view up-to-the-minute status and view and download closing and title documents. With Atlantis Title Services, Inc. and ClosingTracker, you can eliminate the routine phone calls and have more time to attract new business.
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Stay Connected and Attract New Business More time to sell Attract today's Internet-savvy buyers or sellers Information when you want it
Call today to learn how you can get connected with Atlantis Title Services and ClosingTracker!
David L. Heller President
E. 96th Blvd. StreetSuite 118 97758645 Crosspoint Indianapolis, ININ46256 Indianapolis, 46256 Cell (317) 402-0779 Cell - (317) 402-0779 Email – davidh@atlantistitleservices.com Email - davidh@atlantistitleservices.com
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051006
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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.
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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
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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...
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H
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
Short Sale Certified Get a FREE Consultation No Obligation 1-800-276-8940x2
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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 fifteen (15) 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, bid shall be opened and reviewed on each day after the tenth (10th) day up to the fifteenth (15th) day, or until a winning bid is received. If no winning bid is received in that fifteen (15) day period, the listing shall be extended to all buyers on day 16. 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 listed on the contract correctly. 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 For DEMCO & OFORI: HOMETELOS: Just exchange 45 to 30 & 30 to 45 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: If it is PEMCO or HOMETELOS it will be the name of title company, If OFORI in the name of the listing broker. 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 your purchaser will fill in the blank with the closing agency they will use. 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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39
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 PEMCO or HOMETELOS - Title Company, OFORI - Listing Agent 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 Title Company 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
40
ref. Handbook 4310.5
IndyInvestorMagazine.com
form HUD-9548 (1/99)
9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256 5341 W Cotton Bay Drive Indianapolis
$65,000
BLC#21330077
2 Bedrooms, 2.5 Baths, 1,646 Sq. Ft. www.tourfactory.com/1271214
6462 Blakeview Drive Indianapolis
5802 Winding Way Lane Indianapolis
$273,800
BLC#21329058
4 Bedrooms, 3 Baths, 2,559 Sq. Ft. www.tourfactory.com/1271529
5159 E Pleasant Run Pkwy S Dr. Indianapolis
2051 E 46th Street Indianapolis
$38,000
BLC#21328780
3 Bedrooms, 1 Baths, 2,510 Sq. Ft. www.tourfactory.com/1266281
10710 Lostpine Lane Indianapolis
For Photo Too New
Anderson, INwww.tourfactory.com/ 28 W 9th Street4,050 Square Feet $99,900 BLC#21204643
$102,000
BLC#21331523
4 Bedrooms, 2.5 Baths, 1,932 Sq. Ft. www.tourfactory.com/1275725
6607 W Loretta Drive Indianapolis
$78,750
BLC#21331582
4 Bedrooms, 2 Baths, 1,800 Sq. Ft. www.tourfactory.com/1275670
$185,000
BLC#21328838
2 Bedrooms, 1 Baths, 2,682 Sq. Ft. www.tourfactory.com/1275246
11710 Forest Park Lane Carmel, IN
$225,000
BLC#21330068
4 Bedrooms, 2.5 Baths, 2,740 Sq. Ft. www.tourfactory.com/1270547
IndyInvestorMagazine.com
$92,900
BLC#21331057
3 Bedrooms, 1.5 Baths, 1,320 Sq. Ft. www.tourfactory.com/1279782
8645 E 96th Street Indianapolis
$599,900
BLC#21032972
3 Bedrooms, 2 Baths, 1,236 Sq. Ft. www.tourfactory.com/
41
9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256 6323 Brush Run Indianapolis
$12,900
BLC#21276711
1 Bedrooms, 1 Baths, 1,254 Sq. Ft. www.tourfactory.com/1122176
409 S Butler Avenue Indianapolis
$73,500
BLC#21317467
3 Bedrooms, 1 Baths, 2,600 Sq. Ft. www.tourfactory.com/1237688
9115 W Tulip Tree Drive Muncie, IN
$92,000
BLC#21304198
3 Bedrooms, 2 Baths, 2,606 Sq. Ft. www.tourfactory.com/
42
1110 Iowa Street Columbus, IN
$60,000
BLC#21311032
3 Bedrooms, 1 Baths, 1,368 Sq. Ft. www.tourfactory.com/1211386
28 W 9th Street Anderson, IN
$69,900
BLC#21310732
4,050 Sq. Ft. www.tourfactory.com/1112344
2020 Fletcher Street Anderson, IN
$45,000
BLC#21313887
Duplex: 3BR/1.5BA; 2BR/1BA 1,764 Sq. Ft. www.tourfactory.com/
IndyInvestorMagazine.com
5612 Victoria Drive Indianapolis
$60,000
BLC#21312198
3 Bedrooms, 1 Baths, 2,148 Sq. Ft. www.tourfactory.com/
5736 E 16th Street Indianapolis
$33,000
BLC#21324117
2 Bedrooms, 1 Baths, 952 Sq. Ft. www.tourfactory.com/1253193
1267 Evelyn Street Taylorsville, IN
$82,600
BLC#21309219
4 Bedrooms, 2 Baths, 1,728 Sq. Ft. www.tourfactory.com/1209196
9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256 5987 Forest Hill Blvd. West Palm Beach, FL
$62,000
4084 Aster Court Lake Worth, FL
$90,000
ML#A1913704
2 Bedrooms, 2 Baths, 1,026 Sq. Ft. www.tourfactory.com/1131633
$190,000
ML#A1878092
3 Bedrooms, 2 Baths, 1,628 Sq. Ft. www.tourfactory.com/1093535
1420 Windorah Way West Palm Beach, FL
$70,000
14383 N 85th Road Loxahatchee, FL
ML#A1911050
2 Bedrooms, 2 Baths, 866 Sq. Ft. www.tourfactory.com/1114002
Looking for a 2nd home in Florida??
ML#A1918237
3 Bedrooms, 2 Baths, 1,599 Sq. Ft. www.tourfactory.com/1126721
1702 NE 6th Street Boynton Beach, FL
$107,350
ML#A1900393
3 Bedrooms, 2 Baths, 1,561 Sq. Ft. www.tourfactory.com/1108790
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
IndyInvestorMagazine.com
43
9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256 3508 Belmar Avenue Indianapolis
$30,000
BLC#21325915
3 Bedrooms, 1 Baths, 1,896 Sq. Ft. www.tourfactory.com/
834 N Oxford Street Indianapolis
$25,000
BLC#21323424
3 Bedrooms, 1 Baths, 1,064 Sq. Ft. www.tourfactory.com/1255766
3524 Biscayne Road Indianapolis
$24,900
BLC#21324948
3 Bedrooms, 1 Baths, 999 Sq. Ft. www.tourfactory.com/1260571
Don’t overpay when you are looking to buy in a top school district Great school districts can pad home prices and some home buyers actively choose the school district as much as they shop the home. For these buyers, an expensive, but smaller home or condo is worth it if their kids get in the top public schools. One tool for these homeowners is the jumbo loan, which today is easier to get. The amount of a loan that is considered jumbo, varies. In some locations, a jumbo loan might start at $417,000. In others, it could start at more than $600,000. It all depends on home values in the area. As it happens, jumbo loan qualifications are easing and more buyers can now qualify. According to CNN Money, rates on jumbo loans have dropped, sometimes even below rates for conventional mortgages. Down payments requirements have been reduced and even the high credit scores for the jumbos have been loosened from 700 to 650. Buyers in areas where home values are stable or rising might especially find this to be true. Meanwhile, more parents willing to stretch their budgets to get their kids the best education, may qualify for a jumbo. But they might have a problem buying a house. Many jumbo borrowers still have trouble competing in markets where multiple bids and cash-only deals are commonplace, according to The Wall Street Journal. Families may also pay too much for a home, thinking they will save money on private-school tuition. Here’s what experts say about buying a home with good public schools. • Your real estate agent could be your best choice for information • Private schools. A less-expensive home in a neighborhood or on public school districts and home pricing. county that allows you to pay for a competitive private school • Define your needs. School ranking alone shouldn’t drive your nearby might be a better choice than tying up all your money. decision. Schools in less sought-after districts may have better • Look at up-and-coming communities. Find one built around a college admission rates. You’ll get the house you need with the new school. When you do that, property taxes go up, tax receipts school you want. go up, and it’s likely to flow back to the school district.
44
IndyInvestorMagazine.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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45
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
46
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.
IndyInvestorMagazine.com
e?
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
48
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.
IndyInvestorMagazine.com
49
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
50
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.
IndyInvestorMagazine.com
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
51
9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256
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11002 Broadway Avenue Indianapolis
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52
338 E 206th Street Sheridan, IN
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6540 Caressa Way Indianapolis
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IndyInvestorMagazine.com
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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.
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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.
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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
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IndyInvestorMagazine.com
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9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256
Feature
1126 Congress Avenue Indianapolis
1227 E 5th Street Grenfield, IN
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$6,000
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IndyInvestorMagazine.com
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