Hello to all and a Happy New Year!!! (BELATED)
Does anyone here know about this area of the country? I have seen some REO's listed with a local realtor that seem reasonable. However I do not know enough about the area to say for sure. Anyone invested in real estate in Indiana? Any prohibitive landlord code/laws that would make it unattractive? What about industry? Is there a reason why there are so many REO's available? Any input would be greatly appreciated.
Indiana is usually right there at the top for foreclosures.
Loss of industrial base jobs.
Plenty of land for new homes.
When people buy these new homes, they don’t understand that the builder bought down their interest rate and the property taxes are just on the land. Now 3-5 years later. The mortgage rates go way up and their home has been reassessed and besides having to pay a higher property tax. They have to pay all the difference in the prop tax since the house was built.
The first line might still be the biggie.
Thanks for the heads up. Doesn’t sound like it is an area that lends to appreciation. Also, with a loss of industrial based jobs does not sound like their will be enough of a population base to support rentals either. (I would assume that people would be moving out of, instead of into the area) Again, thanks for the information.
Check out some of the towns south of there.
Nobelsville , Fishers , Carmel
They are closer to Indianapolis and going through a nice boom.
This area of the country is one of the worst… My cousin owns over 150 SFH in Anderson and he is now selling them off and going into the commercial end around Indianapolis. Avoid this area at all costs. He has bought homes for $175 at tax sales and put $20K into them and still can’t get his $$ back out of them…
Thanks for the info…I kind of figured it was not worth the effort since I would be investing long distance to boot!!!