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Battle Creek Real Estate Property Investors are a mix of people from all walks of life. With the loss of national confidence in Wall Street in recent years, investors have been pulling away from traditional 401k type investments, and placing them in Real Estate.
Battle Creek Real Estate Property Investors are siezing great opportunities.
Battle Creek Real Estate Property Investors
are able to invest in homes in the area that are between 2 or 3 bedrooms, and often can find foreclosure properties in many neighborhoods in the city for under $50,000 on average. Sometimes one can find a foreclosure that is well below that in price, but would require additional funds to make the property livable again.
Some Battle Creek Real Estate Property Investors seek to remodel a home completely, and then re-sell it for a profit once completed. Others seek to retain them as rentals.
In recent years, Battle Creek Real Estate Property Investors have run into difficulty with two city ordinances with that have made this type of investment challenging. The rental property ordinance numbered 1463, places additional restrictions on the landlord, which some have found too complicated to deal with, and thus choose to invest in similar homes outside the jurisdiction of this ordinance.
Therefore they go to invest in Harper Creek, Pennfield, Athens, Marshall, East Leroy and Bellevue. The other ordinance which can make a Battle Creek Real Estate Property Investors project challenging is the Vacant and Abandoned Structures Ordinance numbered 1456.
Investment opportunities have never been greater in Battle Creek.
If one is buying a foreclosure, and the foreclosure was vacant for more than 28 days, and among other points, conforms to the description in the ordinance of ‘Demonstrates lack of property maintenance’, ‘Has been boarded up or secured for at least 28 days’ or ‘Has utilities disconnected or not in use’ the property may have its occupancy status removed before one acquires it. Once the occupancy status is removed, it requires that the owner go through a city inspection, and the inspectors have been requiring that the older homes be brought up to current building codes, rather than the codes of the time the structure was built.
So for Battle Creek Real Estate Property Investors, these issues can be a deterrent, but at the same time, if you can take the time to navigate through these issues, it can make for less competition in buying homes. This can create some great opportunities and profitable acquisitions for Battle Creek Real Estate Property Investors.
If you are interested in getting started as a Battle Creek Real Estate Property Investor, give me a call at: 269-441-8182 or visit my website at: www.michaeldelaware.com.
The great deals in Battle Creek are a limited time opportunity. Many investors realize this; others are listening to the media and waiting for the other shoe to hit the floor, as they predict some impending doom. The truth of the matter of what is going on at this time in history is a major market correction that was decades in the making.
The Great Deals in Battle Creek Real Estate are a Limited Time Opportunity.
However, the prices will climb again, and realizing that in present time the great deals in Battle Creek are a limited time opportunity. For many years I used to avoid jumping into the investor market myself, and I always heard the stories of investors that bought something at such a great deal many years earlier when ‘times were different’ and they now were selling with a handsome profit. I admired that, and wished it were me.
After many years of experience in this area, I can tell you the time is now, not next year, or two years, or some other decade. If you have the capital, invest in sound rental homes while you can select from the best deals, and build your portfolio of investment property and rent them out and wait. Times do change, and this market will increase again.
This is the time you will tell your grand children about, and how you took advantage of the timing of the market, and built your fortune. Battle Creek has had an onslaught of foreclosures in recent years. However, our area has also done a good job of bleeding them out of the market place, as investors and first time home buyers have been seizing the opportunity.
I can tell you from a clear perspective of examining the Multiple Listing Service (MLS) on a daily basis that there are
This time will be spoken of for decades as the era for wise investors.
less bank owned homes in the high demand areas that there were last year at this time. The selection is growing ever tighter, and to me this is an indicator that prices will begin to climb. I already am seeing values going up in certain areas of town that in high demand, and more competition in bidding.
So if you have been sitting on the fence on whether you should invest, recognize that the great deals in Battle Creek are a limited time opportunity. Call me. Michael Delaware, Realtor at 269-441-8182 or visit my website and contact me through there: http://www.michaeldelaware.com/. The time it now. Don’t wait to make your move. The clock is ticking, and this is a time in our history of great investment deals.
Battle Creek area investment properties are being sought in greater frequency these days because of several developments in our State and National economy. One of the developments is that there has been a rising foreclosure rate across the country and especially in Michigan for the last 4 to 5 years. This has created an abundance of Real Estate Owned or ‘REO’ properties on the ledgers of major banks and lending institutions.
Factor in the increase of people who are no longer homeowners who can no longer qualify for a mortgage seeking
Battle Creek area investment properties are in high demand due to a rising foreclosure market.
places to live, and the influx of government subsidized housing funding programs like ‘Section 8’ and one has the perfect condition for a active investor market. Many new investors are seeking out Battle Creek area investment properties because they are inexpensive, and it is a safer place to put their money than in their declining 401K and other investment holdings.
Battle Creek area investment properties can be acquired on average in a price range of $25000 to $30000 each, and if in a good location and having three bedrooms, will rent for as much as $700 per month. So an investor holding Battle Creek area investment properties for five years can usually see a complete return on their initial investment and a more predictable retirement account.
Working with a knowledgeable Realtor that knows the area, and where to acquire the best properties in the high demand locations around town is key to your success. I have helped many investors new and seasoned acquire Battle Creek area investment properties and build their portfolios with great success. I can show you some of the best deals, and get you started in locations that are in higher demand, so that you minimize vacancy time on the rentals, which makes for higher profits in the long term.
I can be contacted through my website at: http://www.michaeldelaware.com/ or you can call me directly at: 269-441-8182. I look forward to helping you get started with Battle Creek area investment properties.
Most home buyers do not consider flood insurance when buying a home, until a red flag comes up from their lender that it is required. Whenever a mortgage is placed on a home, the underwriter usually requires a ‘Flood
Investigating flood insurance is vital with lake and riverfront property.
Certification’ letter verifying the home is not in a flood zone, or if it is, that flood insurance has been acquired and included into the payments on the homes.
How is flood insurance on homes determined? It is defined by Federal Emergency Management Agency (FEMA) maps. Flood zones are ranked by risk levels for every populated area of the U.S. Zones in a ‘High Risk’ are given the classification of zone ‘A’ and the ‘Moderate Risk’ to ‘Low Risk’ areas are classified as zone ‘B’ and ‘C’. Zone A-C designation will require flood insurance, just different levels of coverage because of the variance of risk involved with each.
The various zones are depicted on an area’s Flood Insurance Rate Map (FIRM) or Flood Hazard Boundary Map. Every zone reflects the severity or type of flooding that can be expected in the area. Areas with possible flood hazards, but are undetermined by maps are classified as Zone ‘D’. Essentially no flood hazard analysis has been conducted in the area, so no data exists.
The top map is the FEMA Flood map, and the lower is the aerial image of the same subdivision. Pony Avenue is classified as both zone 'A' and 'C'.
Flood insurance rates in these areas provide an uncertainty of the flood risk, and insurance providers will sometimes lean towards the side of caution with a higher premium if it is suspected of risk. The ‘A’ zone classification is defined by FEMA as “Areas with a 1% annual chance of flooding and a 26% chance of flooding over the life of a 30-year mortgage. Because detailed analyses are not performed for such areas; no depths or base flood elevations are shown within these zones.” A zone ‘A’ property would command the higher premium on flood insurance, as opposed to a lower risk zone of ‘B’ or ‘C’.
Let’s examine a subdivision in the community of Pennfield, just North of Battle Creek. The first image details Pony Avenue in a zone A flood zone (The ‘4’ designates a location in this area), and also in a zone ‘c’ flood zone. The second image shows an aerial view of the homes on this street, and as you can see, some would require zone ‘A’ coverage and others zone ‘C’. If these homes have mortgages, the lenders will be requiring them to have flood insurance with coverage for their respective zone.
The last map at the end of this article defines an area of Battle Creek detailing sections of South Union Street and Elm Street as being in various degrees of zone ‘A’ and ‘B’, which would require different levels of flood insurance.
The higher the risk level of a flood zone classification, the higher the required insurance premium typically. This can often be the determining factor as to whether someone can afford a house. The buyer’s lender will calculate not only Principle, Interest, Taxes and Homeowners Insurance into the payment, but also the flood insurance premium as well. Working with a Realtor that knows the region can save you a lot of time and unfortunate set-backs in the buying process.
Sellers with no mortgage on their home may or may not know if they are in a high risk flood zone. The same issue comes into play with regards foreclosures, the seller (The bank or mortgage company) may not have complete information on this. That is where your Realtor and lender come into the equation to research it before writing an offer if there is any question. Needless to say, that with all the national experiences such as Katrina and the flooding in Nashville, one would never want to acquire a home in a flood zone without flood insurance coverage.
A FEMA flood map of Battle Creek on the North Side.
When one talks about rental house buying in Battle Creek, we are talking about being or becoming an investor.
Being a rental property owner can be a great business, but the key to success if working with an experience Realtor.
When you are a serious investor, you learn a few tricks about rental house buying in Battle Creek.
Most investors learn that location is very important for demand. Demand means that vacancy rates will be low per house, and when you are talking about owning and managing several, this is key to success.
When I started rental house buying in Battle Creek, I asked other landlords about what were the areas of town they saw the most demand. In other words, what part of town did they never have trouble renting, and what sized home? Most of the feedback I received at the time indicated two areas of town, so I concentrated on those.
I also found out that three bedrooms were easier to rent than two bedrooms, so if you wanted little vacancy time, concentrate on three bedrooms. The other option is to buy a foreclosure that can be converted into a three bedroom. However, it is much easier to buy an existing three bedroom than to do extensive remodeling.
Buying a rental house in a high demand area will reduce vacancy ratios.
Rental house buying in Battle Creek requires doing some research and it is recommended that you talk to other landlords. There is a local organization called the ‘Rental Property Owners Association’ (RPOA) and they can be a great resource for information for the starting landlord. So I would recommend that any investor start there, and even join, because they can be a wealth of local information.
Rental house buying in Battle Creek is a great business, but it is recommended that you work with an experienced Realtor so that you choose rental homes that are not only in the high demand areas, but also ones that do not require a lot of upfront investment to get them into use.
If you would like to get started in rental house buying in Battle Creek, visit my website at: http://www.michaeldelaware.com/ or give me a call at: 269-441-8182.
Smart Investors in Battle Creek use an experienced Realtor to scout out the best deals in the area.
Michael Delaware
