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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!

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Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online

To Buy or Not to Buy: That Is the Developer’s Question

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Historic Fletcher Place Home

Walking through this house in Historic Fletcher Place makes you wonder what the walls would say if they could talk.  It was built just after the civil war by a man who owned a stone cutting business who did stone work for monument circle and many other notable buildings, churches, and colleges around the city and state.   From the exposed brick, the curved staircase, to the original hardwoods in the interior and the wonderful limestone and brick and ornate trim-work on the exterior, this home is just amazing.  We are beyond excited to start work on this house!  It is a huge project that will take the best guys we have to bring it to it’s full glory.  The location is to die for.  Nestled just a block off of the cultural trail, just minutes from Fountain Square, Mass Ave and all that Indy down town has to offer.  You don’t want to miss this one.   It will require a pretty extensive rehab, but I can’t wait to see how it goes.

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East Side 4 bedroom

We just started rehab on this 2 bedroom house near 10th and Mitthoeffer on the east side.  It had major foundation issues that helped us get it at a steep discount.  We had to completely remove one wall of the basement foundation and replace it.  When replacing it, we were able to egress windows which allowed us to add two more additional bedrooms and a nice rec room in the basement in addition to adding a complete bathroom.  The house went from being a 2/1 with an unfinished basement to being a 4/2 with a fully finished basement.  The work has just begun so stay tuned for updates.  Here is what it started as…

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Old Town Greenwood Double

We bought this double in Old Town Greenwood and are torn with what to do on it.  Our initial thought is to turn it in to a large single family house and sell it out right, but part of us wants to keep it as a double and hold it for cash flow.  Time will tell.  We have some immediate repairs on the exterior of the home to take care of and then we will make a decision on what to do on the interior.  Either way, it’s a good investment.

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[youtube]http://youtu.be/YG_kwmVlg4U[/youtube]

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New Rehab in Old Town Greenwood

Here is a new project we just closed on this afternoon in Old Town Greenwood.  It is a 3 bed / 2 bath house in need of some TLC to bring it back to its former glory.  I don’t know that our contractors will say the same thing, but I am beginning to like these older rehabs.  Work will begin soon on this one so check it out and stay tuned for updates.

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[youtube]http://youtu.be/Pdg-fSnU6Ho[/youtube]

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Broad Ripple English Tudor

We just bought this beautiful English Tudor home in the heart of Broad Ripple.  This house just oozes with charm and character that we plan to bring that out and emphasize it in our rehab.  It is in remarkably great shape for a 90 year old home that has sit vacant for several months.  Currently it is a 3 bedroom 1 bath home with an unfinished basement.  We discovered an extremely large attack that we intend to finish and create a new Master Suite with a loft and master bath.  Additionally, we will completely finish the basement to create another living area.  This one is going to be fun!  Check out the before photos and check in later to see the updates.

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[youtube]http://youtu.be/9h7fM2871Xk[/youtube]

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Perry Township Full Basement Home

This home in Perry Township that we just took possession of is filled with space.  Upstairs is a 3 bedroom 1 bath home and the full basement downstairs mirrors the upstairs with a small kitchen, full bath, living space and 3 other rooms that could be used as bedrooms.  With original hardwood floors and limestone exterior, this will be a great house for whomever is fortunate enough to get it.  The back yard is secluded with plenty of space to roam.  We are just starting to work on this one so take a look at the before pics and video and stay tuned for updates.

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[youtube]http://youtu.be/VJaSbcntkJk[/youtube]

 

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Great Home in Franklin

Just bought this nice home in a great community on the east side of Franklin three weeks ago and just completed the rehab on it.   It didn’t need much work at all.  We painted most of it, put new flooring throughout, and staged it.  If you are looking for a 4 bedroom house in a great community in Franklin, this is it!  Check out the before and after pictures and get with Matthew Kresse at Red Oak Real Estate Group for showings (317) 318-3420.

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[youtube]http://youtu.be/PgPqOkia4iM[/youtube]

 

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Cheap Center Grove House

Here is a house in Center Grove Schools that, when finished, will make a nice starter home, or an inexpensive home for a family.  It needs a new kitchen, new bathrooms, and a complete face lift inside and out.  There has been a raccoon living in the house so who knows what we’ll find in there.  Use your imagination!

 

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[youtube]http://youtu.be/5NEFddtp4P8[/youtube]