Any recommendations for Property Management for a duplex in Indianapolis?
Hi All,
I'm looking to buy my first property in Indianapolis, it's a duplex. Being in California I need to find a property management company. Please send me any recommendations you have.
Thanks for your input, I really appreciate it.
Originally posted by @Jeb Brilliant:
Thanks @Justin Owens. I'm hell bent on trying to find a good place MF or SF sub $50k ish that will bring in at least $1k/ month gross.
Any suggestions? Anyone?
Does not exist, maybe if you were local and could manage it like a hawk. Or you Rehabbed a shell that you got for peanuts.
If you try to but this long distance I'll almost guarantee you'll lose money. Indy is a great market and there are plenty of us here that can point you to money making property.
It's telling that even those of us that live here, at least most of us, would avoid any sub 50k duplex. If we can't make it work locally, don't try to force it from the other side of the country.
Regarding the comments on gentrification in Indy....yes it has and continues to occur....but understand that it is a process thats measured in decades, not years. Fountain Square was a popular neighborhood in investing circles back in 2003/4 when I first started...the folks who were buying back then have now done well, but they had to slog through a lot of years. The Cultural Trail has been a major bump for the area, commercially. Fall creek place, for example, was a major public/private partnership that took two decades to play out.
The area being discussed here by Douglas is not where I'd go if I wanted to do high risk investing. I'd look at midtownindy.org , NEARIndy.org, and other such groups, and see where funding and govt backing is being focused.
Finally, rent ratios...you can get close to 1.5% in decent and stable neighborhoods if you are really hunting. Much more typical is about 1.3%, which is not too hard to find.
@Jeb Brilliant - the duplexes in the Castleton neighborhood are going for about 150-160k now but when I purchased them it was in the down of the market for much less. We have experienced great appreciation as well as great income. The duplexes are sold within days of hitting the market. They are desirable for RE investor starters with living in one side and renting the other. Most of the properties are sold off-market between investors.
I may have been persuaded by a few people on here to go SF.