The Location And Features That Your Next House, Townhouse Or Condo Needs To Include
By Taking a few minutes to complete this survey about the “next home features,” you want and need in your new place, Mitch can use this information to build custom searches for you, that will send instant, daily, or weekly, emails to alert of places that might interest you, so that you explore these listings using your own private portal.
Note: The portal will also allow you to leave property by property questions for Mitch, to leave comments about what you love or hate in each property and to indicate favorites, possibilities as well to eliminate places that do not meet your needs. The portal makes it much easier for you to start identifying the places that you would like to see in person.
The 1st portion of the survey will collect your Contact Info, Your Timeline, The Types Properties You Are Interested In, and will Help Mitch Identify The Parts of the Greater Indy Area that you are considering and That interest you most.
In real estate, a "flip" is the process of purchasing a property, renovating it to add value, and then reselling it for a profit. This is a short-term, hands-on investment strategy that typically involves buying a property below market value, making improvements, and selling it quickly.
The goal is to profit from the increase in value after the renovation, based on the "buy low, improve smartly, and sell high" business model. Mitch often refers to these properties as "Lipstick On A Pig!" Mitch uses this phase because most times, the flippers are focused only on the visual and esthetic elements, without addressing the more important structural and mechanical elements! So, while the places may photograph well, the inspections are often nightmares!
MITCH WILL USE THIS INFO TO CREATE CUSTOM SEARCHES FOR YOU
Note: There Are 2 - 3 Parts, (Depending On If You Are Considering BOTH Condos/Townhouses & Single Family Homes)
* Indicates Fields Where You Must Select a Response
THE GREATER INDIANAPOLIS AREA MAP
SOUTH
SHOULD YOU BE CONSIDERING FLIPS AS PART OF YOUR SEARCH?
The problem with most flips is there are not professionals involved. While there is no legal requirement for architects or engineers, legally there should at least be licensed electricians and plumbers and hvac contractors.. yet most times that’s not the case!
So most times, beyond electrical or plumbing issues, the revised floorplan layouts are awkward and don’t flow well. Walls, or portions of walls, are removed that are load bearing, and again this is done without professional direction! So, you almost always have to add an extra inspection component that includes a structural engineer which will add an extra $600-$1000 only to find things that were done, that should not have been, and the sellers typically won’t want to fix these items, meaning the deal dies but not till after you are out $1,500 to $2,500 in inspection and appraisal fees… with nothing to show for those lost dollars!
Since these flips are many times completed on older properties, Mitch does not typically advise a buyer to purchase their first “old house” as an investment property where you are not around on a daily basis to notice when something is wrong.
Lastly, if you are looking at one of these properties as a short term or mid term rental, then while Lead Base Paint (LBP) disclosure laws don’t apply to rentals for less than 100 days, these would be yet another layer of forms and requirements for many medium and long term rentals. So to avoid that, Mitch would not advise purchasing any investment property built before 1978... which is the cutoff for worrying about LBP.
All of that said, Mitch works for you and he will show you whatever you want to see! Part of his role though is to educate and inform… And your role is to make the decisions. One of Mitch's goals as your agent, is to help ensure that you as a client know what you need to know in order to make fully informed decisions!
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