Real estate in Indianapolis

Hello :)

I have a total of 200,000$ to invest in real estate, and I'm looking for income at the moment. I live in Israel and there are a few agencies here that I can use to get the best deals (presumably).

One such agency deals with real estate in Indianapolis. These are the example contracts they sent me:

http://www.mediafire.com/?sharekey=d2d0143b447140a07432d3c9683f450ae04e75f6e8ebb871

12.2% a year sounds very nice to me, especially since home prices are surely nearing the bottom.

What do you think?

I'd be happy to provide any other information necessary.

Thanks!

Edited: 06/26/2010 at 08:39AM by Sharon Rolel

Nick J.

SFR Investor · Scottsdale, Arizona

2806 posts
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Icon_minipost Jun 19 '09, 11:41 AM

if I were going to buy property in Indianapolis I think I would hook up with the Gladiator

Edited: 06/26/2010 at 08:39AM

Sharon Rolel

11 posts
67 Influence

Icon_minipost Jun 19 '09, 11:59 AM

Yes, I've seen the blog, but didn't really know what to make of it...

Edited: 06/26/2010 at 08:40AM

Account Closed

12 posts
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Icon_minipost Jun 19 '09, 09:06 PM

Originally posted by Sharon Rolel

Yes, I've seen the blog, but didn't really know what to make of it...

I agree with you

Edited: 06/26/2010 at 08:40AM

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

10630 posts
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Icon_minipost Jun 26 '09, 01:30 AM

Look up Harrison Painter and he'll be glad to chat with you, I'm sure.

Why Indianapolis? There are plenty of great places in the US to invest. I'm just curious why you've chosen that market.

Edited: 06/26/2010 at 08:45AM

Joshua Dorkin, BiggerPockets, Inc.
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Eddie Ziv

Real Estate Investor · Studio City, California

1803 posts
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Icon_minipost Jun 26 '09, 01:47 AM

HI Sharon, Ma nishma?
The only thing I could tell you is that if out of state investment (Meaning, living in one state and investing in another) is hard, doing so while living in another country is even harder and potentially very risky.
There are a lot of companies, wholesalers etc. That would sell you a rehabbed properties at a premium price and maybe even get you a tenant, but you wouldn't have any control over the ongoing day-by day aspect of the business and it can be a great risk.
I don't sell, wholesale anything. I buy either for long term investment or cash flow income so I don't have any stake in offering my help,
I have lots of previous post regarding first time investors and I don't want to take the time and the space in this post to fill you in.
Just drop me a line (My e-mail address is bellow, by my signature ) and we can exchange thoughts.

Eddie

Edited: 06/26/2010 at 08:45AM

Sharon Rolel

11 posts
67 Influence

Icon_minipost Jun 27 '09, 02:53 AM

Originally posted by Joshua Dorkin

Look up Harrison Painter and he'll be glad to chat with you, I'm sure.

Why Indianapolis? There are plenty of great places in the US to invest. I'm just curious why you've chosen that market.

Thanks, I'll try contacting him.

Well, I chose Indianapolis out of a very small range of options, mainly because I get 1-1.2% (depending on the amount of money invested) each month without any hassle for the next 10 years (presumably - I am not gullible and will check the deal thoroughly), after taxes and maintenance, no matter what happens in it or whether it is rented or not. Also, I think it would be best to have some sort of "contact" here in Israel.

My other option is to go there (a state of my choosing) and do everything myself, which will be very hard as I haven't been to the states for many years (and when I was I was 8 years old), plus I'm very young and inexperienced, which could also be a downside regarding people trying to take advantage of me, with me rendered defenseless by inexperience.

Edited: 06/26/2010 at 08:45AM

Jim Doine

Real Estate Investor · Myrtle creek , Oregon

343 posts
387 Influence
2 Awards

Icon_minipost Jun 27 '09, 06:44 PM

Sharon, I have some investment idea's I'd like to share with you.I sent you a colleague request a while back. My email address is in my signature. :D Jim

Edited: 06/26/2010 at 08:46AM

Harrison Painter

· Indianapolis, Indiana

762 posts
1316 Influence
9 Awards

Icon_minipost Jul 06 '09, 11:53 PM

I see that my BP blog is confusing people! LOL That is good, because you will probably never meet another real estate investor/Broker like me!

It is awesome to hear that feedback, and I can make my blog here on BP become much more real estate based if that is what the BP nation wants to see!

That said, real estate is not all about just "The Deals". It is also about mindset, education, passion, ethics, and caring about the success of others. These are all principals that I have been working hard to share in my blog through authenticity.

With me, what you see is what you get! If you want to make money in the Indianapolis, IN market, I have the power team to make it happen.

My contact info is in my signature & profile. For those ready to work with someone who busts hump to make your portfolios happen, then feel free to contact me anytime!

My phone is on from 9:00am until Midnight (est)

~Harrison Painter

Edited: 06/26/2010 at 08:52AM

Tony Tomasek

Real Estate Investor · Henderson, Nevada

161 posts
893 Influence
4 Awards

Icon_minipost Jul 07 '09, 02:52 PM

Sharon,

I read your post and it rang a bell with me. It was about one year ago that I was entering the Indianapolis market and was not thrilled about the prospect of investing from out of area (about 3 hour drive away). Since then, life has taken several twists and turns and I now spend much time out in Nevada. One thing that I can tell you is that I now own 3 properties there, and am actively searching for more. My current returns approach and sometimes exceed a 20% rate on my OVERALL investment. Please be careful and do your due diligence on all deals (see the forums on beginning real estate investing for details). I have seen numerous people that have been taken advantage of. I have seen questionable comps, fraudulent leases that are above market, unrealistic appraisals and bad property managers ruin people's investments. It is entirely possible to invest well remotely, but you have to be very careful when building your team. Please feel to contact me if you need anything, even if its just advice.

Tony

Edited: 06/26/2010 at 08:53AM

Dory Peters

Real Estate Investor · dc, Washington D.C.

393 posts
1985 Influence
3 Awards

Icon_minipost Jul 09 '09, 01:24 AM

Sharon,

You might consider investing part of that $200K in residential and the other part in commercial. Also, learn as much as you can about Indy, before you buy anything. Indy has a nice Jazz scene, some good universities, diversity, and other benefits. This way when you do decide to pull the trigger, then you'll buy the right deal for you.

In my case, the right deal will be close enough to one of the universities--but far enough away to not be "another dorm" (if you know what I mean). It will be accessible via several forms of public transportation, and it will be close enough to one or more of the major arteries in the city--hoping to avoid byways and highways that tend to jamb easily. I could go on, . . . but I think you get my point.

BTW, Eddie, ani madaber ha 'ivrit (just a little bit though). :D

Edited: 06/26/2010 at 08:54AM by Dory Peters

Elia S.

Wholesaler · indiana, Indiana

37 posts
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Icon_minipost Oct 20 '09, 10:12 AM

i notice you said your from out of state i would suggest doing your due diligence since wholesaler are just looking to sell you a property if need be i have contractors,property mgt an i help go above

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Edited: 06/26/2010 at 10:09AM by Moderator : email in signature, please