Looking to do a house flip in Indiana

Member since 2024 · 1 post · 1 vote

I am a college student set to graduate within the next year, and I’m eager to dive into the world of real estate investment. I have no debt and have managed to save a significant amount of money. Over the past year, I fully renovated a house owned by a family member, which has given me some hands-on experience.

Currently, I am exploring properties that I could potentially fix up and have been practicing underwriting for these prospective investments. However, I recognize that I still have a lot to learn and would greatly appreciate any guidance from experienced investors, especially those familiar with the Indianapolis market.

If you have experience in real estate investing and are willing to share your insights, I would love to connect and learn from you.

Thank you!

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Jonathan GreeneBusiness Member

Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes

That fact that you have a little experience is good, but not a reason to go find one of your own to flip at this age. When you say fully renovated, do you mean you did the work with all required permits and are a contractor? If not, that work will likely come due later if it wasn't done in compliance or off of YouTube.

Flipping right now is very hard, and much harder as a first-timer trying to DIY it with low inventory. You would be better served upgrading from your last one and becoming a small partner in a flip where you could bring your sweat equity and some cash and learn on the job more when it's not a family member.

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Josh Klein
Banker · New York, NY · Member since 2017 · 61 posts · 6 votes
1y
Quote from @Andrew Gheen:

I am a college student set to graduate within the next year, and I’m eager to dive into the world of real estate investment. I have no debt and have managed to save a significant amount of money. Over the past year, I fully renovated a house owned by a family member, which has given me some hands-on experience.

Currently, I am exploring properties that I could potentially fix up and have been practicing underwriting for these prospective investments. However, I recognize that I still have a lot to learn and would greatly appreciate any guidance from experienced investors, especially those familiar with the Indianapolis market.

If you have experience in real estate investing and are willing to share your insights, I would love to connect and learn from you.

Thank you!

Hi @Andrew Gheen,
I've flipped about five homes in Indy and am now lending to beginner and experienced flippers in the area. I have a great general contractor and agent that tours the homes, does the work, and finishes up punch list items. The market is tight now, but if you purchase right you should be able to achieve a levered IRR of 15%. Happy to chat if you need some guidance into areas and property types.

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Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
1y
That fact that you have a little experience is good, but not a reason to go find one of your own to flip at this age. When you say fully renovated, do you mean you did the work with all required permits and are a contractor? If not, that work will likely come due later if it wasn't done in compliance or off of YouTube.
Flipping right now is very hard, and much harder as a first-timer trying to DIY it with low inventory. You would be better served upgrading from your last one and becoming a small partner in a flip where you could bring your sweat equity and some cash and learn on the job more when it's not a family member.
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Zen and the Art of Real Estate Investing59 Reviews
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Kerry Noble JrPro Member
Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
1y
Quote from @Andrew Gheen:

I am a college student set to graduate within the next year, and I’m eager to dive into the world of real estate investment. I have no debt and have managed to save a significant amount of money. Over the past year, I fully renovated a house owned by a family member, which has given me some hands-on experience.

Currently, I am exploring properties that I could potentially fix up and have been practicing underwriting for these prospective investments. However, I recognize that I still have a lot to learn and would greatly appreciate any guidance from experienced investors, especially those familiar with the Indianapolis market.

If you have experience in real estate investing and are willing to share your insights, I would love to connect and learn from you.

Thank you!

im open to dropping a gem or two
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Scott AllenBusiness Member
Real Estate Agent · Columbus, OH · Member since 2020 · 449 posts · 471 votes
1y
@Andrew Gheen Sounds like you have more experience than the average guy at repairing/renovating a property. Personally, if I were you - I'd start out with a house hack on a duplex or even fourplex. It's likely that the property will still need some updating that you'll be able to jump into as a tenant moves out or the unit you'll move into could be redone as well. Try to account for that type of work when going into contract/while you're in contract during the inspection period. Account for it and ask for either some type of seller credit or price reduction to make more sense of the deal (Before or while you're in your inspection period).
Obviously you'll need to make sure you get a job/W2 income for at least 2 weeks to a month to get a loan to buy but luckily that's way easier than if you're having to work with 1099's starting out because most lenders require at least 2 years of tax returns at that point to get a loan. With buying a house hack - you quickly learn what ownership is, how to manage current tenants and pre-vet new tenants, how while you're owning the property - you're investing in yourself and not someone else's own property by just paying the landlord rent.
What's fun about this game is it really does not matter how old you are when you're getting started. Sounds like you're about to graduate from college - are 21 or 22, have been diligent in your savings, and looking to do more than the average schmuck your age. I'm sure it's much harder for someone in their 50's or 60's to think how far behind they are because they waited to long or were just scared of all the unknowns. You have time on your side - having savings just helps.
Once you get a job and get more acquainted in the real world, find an agent that you like, they can help you find a lender, start making some offers and close something up that can make sense to live in/rent out for both your budget but also as rental. First one is going to be the hardest one but you can snowball from there.
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Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
1y
@Andrew Gheen
To invest in real estate in Indianapolis, focus on moderately priced properties, network with local contractors, and understand market conditions. Research hot areas like Fountain Square and consider the stable rental market. Master key metrics like cash-on-cash return, cap rates, and IRR. Evaluate rehab costs conservatively and explore financing options. Network with investors, avoid common pitfalls, and refine your numbers.
Good luck!
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