Calling everyone from Indianapolis

I currently have 2 rentals in Indy in an area that I really believe is a great area. It's just outside of the city and seems to be desireable for renters and buyers alike. Unfortunately, there aren't always opportunities around there...or at least ones that meet my standards.

Where else in the vicinity would you suggest to be a good neighborhood? It's so hit or miss, and without living there, it's hard to determine.

I'd appreciate your suggestions!

Edited: 06/26/2010 at 05:21AM

Kevin Schick

· California

58 posts
35 Influence
1 Award

Icon_minipost Jun 18 '08, 01:27 AM

Anderson to the northeast can be good if you buy smart, and have a strong property manager.

Terre Haute to the South even more so with the same strategy ...

BMR

Edited: 06/26/2010 at 05:21AM

Patrick Barmann

· Indianapolis, Indiana

7 posts
1 Influence
1 Award

Icon_minipost Jun 18 '08, 05:49 AM

What type of neighborhood are you specifically looking for? Different investors have different ideas as to what makes a " good" neighborhood. Fill me in a little bit on your investing philosophy and I should be able to help you out.

Edited: 06/26/2010 at 05:21AM

Alexis Dedrickson

Real Estate Investor · Issaquah, Washington

34 posts
22 Influence
1 Award

Icon_minipost Jun 18 '08, 07:12 AM

single family homes or duplexes
must have basements
will most likely keep as a rental (prefer at least $700/mo)
must be at least 3beds

I prefer to find REOs because of the price, but don't want the street to be flooded with vacant homes. The two I have are north of the city and north of 38th St. I want to keep my all in price to under $60k.

Does this help? I know there are areas east of the city that are a no go...I want average people to rent to...not drug lords and prostitutes! I also don't want a pretty house on an ugly block. I want average. I want to get by with minimal work to create a nice rental.

Edited: 06/26/2010 at 05:21AM

Patrick Barmann

· Indianapolis, Indiana

7 posts
1 Influence
1 Award

Icon_minipost Jun 20 '08, 08:43 AM

The following links may be of some help for you:

Metropolitan Indianapolis Board of Realtors
http://www.mibor.com/resources/search.asp

most likely select Marion County; from there, Washington & Pike townships might provide you with some prospects

Indy REO
http://indyreo.com/index.htm

from left menu, select listings ---> bank owned listings
most of these are in less desirable areas, but they do have some nicer stuff as well

Google Maps
http://maps.google.com/maps?hl=en&tab=wl

If you see a home that interests you, type the address in here and pull it up on the map; you may be able to view the home in Street View and " walk" around the neighborhood to check things out

If you have any questions about a specific home / area, feel free to shoot me a message. Hope this helps. [/url]

Edited: 06/26/2010 at 05:22AM

Daniel Gutowski

Real Estate Investor · San Diego, CA

46 posts
14 Influence
1 Award

Icon_minipost Jun 21 '08, 12:34 PM

I invest a lot in Indianapolis for cash flowing properties. One strategy that I do since I'm an out of town investor is to call the local police department to pull the police reports for the last 6 months. Neighborhoods can change within a couple blocks. Some crime is ok but areas with aggrivated assult crimes and breakins I try to stay away from them. The Indianapolis police department use to maintain a web site with all the crime statistics but they stopped updating it 6 months ago. Here is a good resource: http://www.focusindy.com. This web site lists all the redevelopment areas of the CDC. Investing in the redevelopment areas can give you a nice return as long as the area is also being revitilized with private funds. If you are looking for multiunits I can suggest one apartment on 38th street along the corridor where the City invested 28 million and a lot of rehabbing is currently taking place.

Edited: 06/26/2010 at 05:22AM

Michael Jones

39 posts
1 Award

Icon_minipost Jun 22 '08, 07:19 AM

This is good to know. i live close to Indy and am planning on eventually buying properties in that area.

Edited: 06/26/2010 at 05:23AM

Kevin McIntosh

Real Estate Investor · Murfreesboro, TN

7 posts

Icon_minipost Jul 01 '08, 02:19 AM

I lived in Indy for 6 yrs. Awesome city.

I have a property under contract there which I'm wholesaling for the owner -it's off E. Mass near downtown (you can see it on my profile). The house is dirt cheap with an extra lot included-looks to be a pretty lot-ie. tree /bushes bordering it, but I can't seem to able to generate a lot of interest from investors (made a bunch of calls / emails as we just started marketing it last week).

I'm wondering if investors have just gone cold there.

But perhaps from your posts I'll figure out what's missing. Will check out police reports.

Or anyone have thoughts?

Edited: 06/26/2010 at 05:26AM

Bernie Germani

Foreclosure Specialist · Lakewood, California

16 posts
4 Influence
1 Award

Icon_minipost Dec 10 '08, 12:58 PM

I just closed on a very nice property in Marion County very close to Butler University. I was going to sell it as I had some financial set backs. I think if I can find a hard money lender for the rehab I will keep it, but if I can't I will be in your shoes Kevin. Call Daniel(above posting) I spoke to him a few days ago, he is very helpful.

Edited: 06/26/2010 at 06:37AM

Tim W.

Real Estate Investor · Indiana, Indiana

4333 posts
23859 Influence
13 Awards

Icon_minipost Dec 10 '08, 02:54 PM

Since this thread was started, I've created an Indiana group. Feel free to follow up there. My thoughts are all of Indiana is cashflowing now and has great buys. I'd watch the taxes around Indy. You can't buy focusing on purchase price alone. Harrison should chime in on this. He has more Indy experience.

Edited: 06/26/2010 at 06:37AM by Tim W.