Investing in Kokomo Real Estate
By
Finding a Bargain in Kokomo
Dear Betty,
Are homes selling very well in Kokomo right now? If so what neighborhoods in Kokomo would be the best to invest in? I am looking for some investments but I’m not sure about which locations would be best.
Potential Investor
Dear Potential Investor,
Homes are selling in Kokomo. Are they selling well? Well, that depends! It depends on the price range!
With 10-15% of the Kokomo homes for sale being foreclosure homes, most buyers are looking for bargains. And they are finding them! Approximately 40% of all houses that sell are bank owned properties (aka foreclosures or REOs). These houses are selling well because they are offered at deeply discounted prices.
If you are considering “flipping” properties, I would urge caution! Many “flippers” are finding the competitive nature of the market is eating away at their investment. Keep in mind – This is a great time to buy. There are many bargains to be had. BUT once you buy a property and put it back on the market for resale, you are now a seller and you are competing with all the bargains out there.
Now to your second question about the best area of Kokomo for investing…
There are numerous “bargains” in all parts of Kokomo; but not knowing your goals or your price range, I can’t suggest a neighborhood or an area.
- Are you looking for long term gains? (rentals)
- Do you want to get in and out quickly and make a bundle of money? (see caution above)
- How much rehab work are you willing to do? (Bargains come at a price!)
As I said there are bargains for sale all over Kokomo!
- A $10,000 house near downtown may be a bargain.
- A $50,000 house in Cedar Crest may be a bargain.
- A $100,000 house in Westbrook may be a bargain.
- A $200,000 house in Walton Lake may be a bargain.
Whether a property is a bargain or not depends on your goals, your price range and how much rehabbing you are willing to do!
I get many inquiries from investors wanting to buy a Kokomo house for less than $20,000. Most often they want to do little or nothing to the house. Many want to either rent it out or turn around and resell it for a profit.
That is rarely the case! In fact, most houses priced below $20,000 are uninhabitable – and are cash only properties!
Keep in mind, deeply discounted houses in the Kokomo area are priced the way they are for a reason!
- It might be condition.
- It might be location.
- It could be both condition and location.
If you would like more specific answers to your questions, I would be glad to schedule a consultation with you to discuss your goals and what you are looking for in an investment property. Once I know those two things and your price range, I can guide you in making sound investment decisions.
I am just a phone call away – 765-513-0354
Sincerely,
Betty
NOTE: Are you considering investing in Kokomo real estate? Call me at 765-513-0354 or send me an email to schedule a consultation.
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