Researching Realtors / Property Managers

Indianapolis, Indiana
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Researching Realtors / Property Managers

Matthew W.
Member since 2021 · 19 posts · 11 votes

Nothing against the contacts I've made here on Bigger Pockets so far, but I've been googling realtors and property managers in Indianapolis to do some research as I'm planning to start running numbers on a few investment properties. Looking for guidance on the right questions to ask and/or recommendations on property managers and realtors in Indianapolis you've worked with that you've had good experiences with. 

The goal - assuming the deals are there - is to buy my first investment property or two this year, then 2-4 next year, and then 4-8 the following year. Ultimately want to get to around 10 cash flowing properties over the next 3-4 years and then evaluate whether to continue building up in the same city or expanding into other areas.  I plan on holding long term but want anything I acquire to provide a reasonable cash-on-cash return from day one. Also need to keep things as turnkey as possible for at least the next few years.

My plan right now is to identify a few different realtors to connect with and start evaluating the deals they send me within my buying criteria, and then ask them for recommended property managers and lenders to start interviewing. I'm also considering connecting directly with property managers as the starting point and evaluating any properties they already manage that are for sale. 

Once I get started, want to get settled on working with a solid team over and over. Hoping to figure out how to identify good players from day one. Any help in figuring out how to do that - beyond what I've already read in the books - is appreciated.

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Frank PyleBusiness Member
Specialist · USA · Member since 2024 · 279 posts · 130 votes
8mo

I’m in Indy a lot with out of state investors doing long term rentals, and the fastest way to sort the good from the average is to start with what happens after closing. I’d ask property managers what their average days to fill, their current delinquency and eviction rate, how they handle maintenance approval limits, and to see a real owner statement plus their actual make ready scope and costs from a recent turn. For realtors I’d ask how many investor deals they closed in the last 12 months, what neighborhoods they personally like for stable cash flow right now, and if they will underwrite in writing with taxes insurance vacancy repairs and a realistic rent range instead of a best case number.

If turnkey is the goal, I’d interview PMs first and work backwards from their rent ready standards and what they will not manage, then make your buy box match that. Also make sure the realtor and PM agree on rent and condition because if those two are off by even a little, your cash on cash will get crushed. I can share a short list of Indy PMs and investor friendly agents I’ve seen perform, and I’m happy to sanity check any deal numbers you get back.

What kind of properties are you targeting and where, like price range bed bath and neighborhoods you're looking at, and are you planning to use conventional loans or DSCR for the first couple?

[email protected]317-501-3467
Frank Pyle at ExP Realty
WebsiteView Page
NEXA Lending- Investors Edge Concierge
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  • Matthew W.
    OP
    Member since 2021 · 19 posts · 11 votes
    8mo

    Anybody have any direct experience with:

    ES Property Management
    Wilmoth Group
    Red Door Property Management
    PMI Midwest
    T&H Realty

    0Reply
    • Becca F.
      Rental Property Investor · San Francisco Bay Area · Member since 2022 · 1k+ posts · 1k+ votes
      8mo
      Quote from @Matthew W.:

      Anybody have any direct experience with:

      ES Property Management
      Wilmoth Group
      Red Door Property Management
      PMI Midwest
      T&H Realty

       Hi Matthew. I'll DM you about my experience with Indy property managers. 

      Are you investing from out of state? 

      0Reply
    • Matthew W.
      OP
      Member since 2021 · 19 posts · 11 votes
      8mo
      Quote from @Becca F.:
      Quote from @Matthew W.:

      Anybody have any direct experience with:

      ES Property Management
      Wilmoth Group
      Red Door Property Management
      PMI Midwest
      T&H Realty

       Hi Matthew. I'll DM you about my experience with Indy property managers. 

      Are you investing from out of state? 


       Yes, but nearby, in Chicago.

      0Reply
  • Josh C.Pro Member
    Property Manager · Indianapolis, IN · Member since 2010 · 1k+ posts · 1k+ votes
    8mo

    @Matthew Wren

    That's an ambitious goal. Indy is a great city for a ton of reasons. Duplexes are very common here and usually cash flow better than SFH. Quads are not as common. We've been managing real estate here for a long time and I've been a member of BP for 12 years.

    Check us out at City Place Indy and happy to help.

    1Reply
    • Matthew W.
      OP
      Member since 2021 · 19 posts · 11 votes
      8mo
      Quote from @Josh C.:

      @Matthew Wren

      That's an ambitious goal. Indy is a great city for a ton of reasons. Duplexes are very common here and usually cash flow better than SFH. Quads are not as common. We've been managing real estate here for a long time and I've been a member of BP for 12 years.

      Check us out at City Place Indy and happy to help.


       Will check City Place out. I'll DM to coordinate a conversation.

      0Reply
    • Zachary Clevenger
      Investor · Bargersville, IN · Member since 2017 · 95 posts · 52 votes
      8mo

      Recommend Josh & CityPlace for sure!

      1Reply
  • Frank PyleBusiness Member
    Specialist · USA · Member since 2024 · 279 posts · 130 votes
    8mo

    I’m in Indy a lot with out of state investors doing long term rentals, and the fastest way to sort the good from the average is to start with what happens after closing. I’d ask property managers what their average days to fill, their current delinquency and eviction rate, how they handle maintenance approval limits, and to see a real owner statement plus their actual make ready scope and costs from a recent turn. For realtors I’d ask how many investor deals they closed in the last 12 months, what neighborhoods they personally like for stable cash flow right now, and if they will underwrite in writing with taxes insurance vacancy repairs and a realistic rent range instead of a best case number.

    If turnkey is the goal, I’d interview PMs first and work backwards from their rent ready standards and what they will not manage, then make your buy box match that. Also make sure the realtor and PM agree on rent and condition because if those two are off by even a little, your cash on cash will get crushed. I can share a short list of Indy PMs and investor friendly agents I’ve seen perform, and I’m happy to sanity check any deal numbers you get back.

    What kind of properties are you targeting and where, like price range bed bath and neighborhoods you're looking at, and are you planning to use conventional loans or DSCR for the first couple?

    [email protected]317-501-3467
    Frank Pyle at ExP Realty
    WebsiteView Page
    NEXA Lending- Investors Edge Concierge
    View Page
    4Reply
    • Matthew W.
      OP
      Member since 2021 · 19 posts · 11 votes
      8mo
      Quote from @Frank Pyle:

      I’m in Indy a lot with out of state investors doing long term rentals, and the fastest way to sort the good from the average is to start with what happens after closing. I’d ask property managers what their average days to fill, their current delinquency and eviction rate, how they handle maintenance approval limits, and to see a real owner statement plus their actual make ready scope and costs from a recent turn. For realtors I’d ask how many investor deals they closed in the last 12 months, what neighborhoods they personally like for stable cash flow right now, and if they will underwrite in writing with taxes insurance vacancy repairs and a realistic rent range instead of a best case number.

      If turnkey is the goal, I’d interview PMs first and work backwards from their rent ready standards and what they will not manage, then make your buy box match that. Also make sure the realtor and PM agree on rent and condition because if those two are off by even a little, your cash on cash will get crushed. I can share a short list of Indy PMs and investor friendly agents I’ve seen perform, and I’m happy to sanity check any deal numbers you get back.

      What kind of properties are you targeting and where, like price range bed bath and neighborhoods you're looking at, and are you planning to use conventional loans or DSCR for the first couple?

      Thanks for the details. I'll put those questions on my list.

      From a "getting on the same page" perspective, once I get through some initial screening, I was planning to have PMs review Realtor deals and Realtors review PM deals (and then run my own numbers as well) prior to making any offers. They'll know up front that anything they present to me is going to be reviewed by another local professional before I commit to anything. Pre-purchase, my evaluation of realtors and PMs will be based on whether the other pro agrees with their numbers. Post-purchase, my evaluation - and therefore my likelihood of continuing to work with them on future deals - will be based on how close they are to being correct.

      Still figuring out buy box between SFR and dup/trip/quad. Limiting myself to B neighborhoods for the first property or two - to hopefully limit headaches and get comfortable on a few singles/doubles before chasing home runs. 

      From a funding perspective, I have flexibility, which could work into the deal making opportunity. Not working with any specific lenders yet. Could offer cash to get a discount (and then refinance post purchase). I'm planning to evaluate all opportunities based on them needing to cash flow as if DSCR was in place. 
      0Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    8mo

    @Matthew W.

    hello!  i'm just going to be brief and direct here.  i'm on BP trying to add value if i can, and to protect the capital of new investors.  see what you think.

    -there's no cash flow anywhere right now in the short term; prices and rates are too high, and there will be MAJOR acquisition and lease-out costs associated with any purchase that will take years to pay back. years!  new investors tend to underestimate these costs... they can be thousands or tens of thousands of dollars.  if you know this, great!  but i always get nervous when folks say they want "cash flowing" long term rentals.  in the short-term... there is no such thing.

    -i don't think your expectations for agents and PMs are realistic.  in particular... PMs aren't really going to "evaluate deals" - what they will do if they're good is answer the single question: "what will X rent for?"  same with agents.  unless they're a unicorn that you build a relationship with, they're mostly not going to "evaluate" a deal.  that's basically all on you.  if they send you something that they recommend that totally doesn't work and you buy it... that's on you.

    -the best thing you can do is to go to IN in person and meet people, in particular other local real live human investors at real live in-person meetups.  find out what they do and who they use and copy that.  do you need a team to invest?  yes you do.  but there seems to be an erroneous assumption on BP that there's a someone who is going to QB your team... when the QB is actually you.  the team members just provide a set of services that they charge for.  you're paying them for the service, not the outcome.

    i hope this helps.  happy to dialogue further

    1Reply
    • Matthew W.
      OP
      Member since 2021 · 19 posts · 11 votes
      8mo
      Quote from @Nicholas L.:

      @Matthew W.

      hello!  i'm just going to be brief and direct here.  i'm on BP trying to add value if i can, and to protect the capital of new investors.  see what you think.

      -there's no cash flow anywhere right now in the short term; prices and rates are too high, and there will be MAJOR acquisition and lease-out costs associated with any purchase that will take years to pay back. years!  new investors tend to underestimate these costs... they can be thousands or tens of thousands of dollars.  if you know this, great!  but i always get nervous when folks say they want "cash flowing" long term rentals.  in the short-term... there is no such thing.

      -i don't think your expectations for agents and PMs are realistic.  in particular... PMs aren't really going to "evaluate deals" - what they will do if they're good is answer the single question: "what will X rent for?"  same with agents.  unless they're a unicorn that you build a relationship with, they're mostly not going to "evaluate" a deal.  that's basically all on you.  if they send you something that they recommend that totally doesn't work and you buy it... that's on you.

      -the best thing you can do is to go to IN in person and meet people, in particular other local real live human investors at real live in-person meetups.  find out what they do and who they use and copy that.  do you need a team to invest?  yes you do.  but there seems to be an erroneous assumption on BP that there's a someone who is going to QB your team... when the QB is actually you.  the team members just provide a set of services that they charge for.  you're paying them for the service, not the outcome.

      i hope this helps.  happy to dialogue further

      I appreciate the advice, and appreciate you've been around a lot longer than I have. That said, I disagree with you on a few points.

      Regarding cash flow - it all comes down to finding good properties in the right markets and making solid offers. If the seller doesn't take it, I'll move on. It's an investment, either the numbers work or they don't. There's a reason I'm not investing in Chicago. I love my city, but the A&B neighborhood cost here limits near term cash flow, and property tax uncertainty adds too much long term risk.

      Regarding finding the right PM and realtor, in my experience it takes some time to find responsive, professional partners that will work with you as you need, but they do exist. I get what you're saying. The things I'd be asking a PM about any specific property will fall within their normal filters (would you manage this property, for how much, what would it rent for, what issues do you see with current condition that should be addressed). Similar for realtors, but those would mostly be based on pricing and offer details. Much like the properties, either I'll find good people to work with or I'll move on. Once I find good people, they'll get all my business going forward for as long as they remain good. 

      I'd love to be able to get there and meet people in person, but that's not going to be possible, so either I need to do this remote or I don't invest for another few years. I have enough risk capital to give it a try. 

      Would love to connect for a call.
      1Reply
  • Jeremy TallmanBusiness Member
    Property Manager · Indianapolis, IN · Member since 2016 · 142 posts · 75 votes
    8mo

    We can help you acquire, rehab, rent, and manage properties in Central Indiana.

    Shoot me a message, and we can discuss your goals. 

    T&H Realty Services, Inc.4.51272 Reviews
    WebsiteView Page
    0Reply
  • Nick GiulioniPro Member
    Rental Property Investor · Carmel, IN · Member since 2016 · 1k+ posts · 615 votes
    8mo

    Matthew — solid plan, and you’re asking the right questions early.

    A few thoughts from someone who’s invested and operated in Indy for a while:

    1. Start with PMs, not agents (for turnkey goals).
    If you truly want “turnkey” and low-drama early on, I’d interview property managers first and work backward. Ask them:

    • What they consider rent-ready (not just cosmetically, but systems-wise)
    • What they won’t manage
    • Average days to fill, delinquency rate, and typical make-ready costs
      Then make your buy box match their standards. It eliminates a lot of friction later.

    2. Don’t over-index on deal evaluation from others.
    Good PMs and agents will really only do two things well pre-purchase:

    • Give you a realistic rent range
    • Tell you whether the property condition fits their operating model
      Everything else (returns, risk, structure) still needs to be yours. Anyone who confidently “approves” a deal is usually oversimplifying.

    3. Use disagreement as a filter.
    If a realtor says rent is $1,600 and a PM says $1,350, that’s not a deal breaker — it’s information. The why behind that gap is often more useful than the number itself and tells you who’s being aggressive vs conservative.

    4. Early scaling = boring consistency.
    B neighborhoods, simple SFRs or small multis, and repeatable systems are a good call for the first few. Indy has plenty of upside, but operational mistakes get amplified fast if you chase yield too early.

    5. Get on the ground.
    Meetups and in-person conversations will shortcut years of trial and error. Ask other local investors who they’ve fired — that list is often more valuable than who they recommend.

    If you want, happy to share the exact questions I use when vetting PMs and agents, or sanity-check how you’re thinking about the buy box.

    1Reply
  • Pam Brown
    Real Estate Agent · Indianapolis IN · Member since 2022 · 144 posts · 65 votes
    8mo

    Hi Matthew. What caught my eye was this: "My plan right now is to identify a few different realtors to connect with and start evaluating the deals they send me within my buying criteria".  I am one of the said Realtor/Brokers in Indianapolis. I can honestly tell you that it is not a good idea to ask a RE Broker search good deals and give you their attention if they are one of a many that you are working with.  You should seek out a good realtor that has a lot of connections and stick with them only! Every good investment broker will have all of the connections that you need. Sure, then move on to another if you aren't happy with your choice.  I can tell you from my many years of experience that I can't/won't give a client my attention if I know that I'm being used in a lineup of others. No one wants to get used or work for clients for free. Our time is money. This not only goes for you, but will ring true to many other investors reading this! So please don''t take it personally! Indy is a great market with a lot of potential.  Good luck in your search!

    0Reply
    • Matthew W.
      OP
      Member since 2021 · 19 posts · 11 votes
      8mo
      Quote from @Pam Brown:

      Hi Matthew. What caught my eye was this: "My plan right now is to identify a few different realtors to connect with and start evaluating the deals they send me within my buying criteria".  I am one of the said Realtor/Brokers in Indianapolis. I can honestly tell you that it is not a good idea to ask a RE Broker search good deals and give you their attention if they are one of a many that you are working with.  You should seek out a good realtor that has a lot of connections and stick with them only! Every good investment broker will have all of the connections that you need. Sure, then move on to another if you aren't happy with your choice.  I can tell you from my many years of experience that I can't/won't give a client my attention if I know that I'm being used in a lineup of others. No one wants to get used or work for clients for free. Our time is money. This not only goes for you, but will ring true to many other investors reading this! So please don''t take it personally! Indy is a great market with a lot of potential.  Good luck in your search!

      Hi Pam,
      I understand what you're saying. At this point I'm already talking to a few realtors. Not asking them to spend any "time" on me other than an initial conversation to connect and introduce. Haven't asked anybody to send me listings yet, but a few do without me asking. I run the numbers on whatever they send me (mostly to get practice running the numbers).

      Once I have my buy box finalized (almost there), I'll let the realtors I've been talking with know what I'm looking for. I'll primarily be working with one - though which one is still to be determined. Judging by the last few weeks, I expect the others will continue to message me with listings. Again, I haven't asked for their time or attention other than an intro. 

      At this point I'm looking to pick up my first property. Once that is running smooth for a few months, I'll likely let the realtor I'm working with know I'm looking for another. Then it's hopefully rinse and repeat.
      0Reply
  • Jarret Jarvis
    Real Estate Agent · Chicago · Member since 2021 · 168 posts · 62 votes
    7mo

    Only agent you should be interviewing is Ryan Rominger https://www.intriguepm.com/meet-the-team 

    No joke sends off market deals everyweek! Does 100+ deals a year and owns a property management company! I've never seen anything like the emails he provides for investors. It's extremely impressive. To put it into context, I own 21 properties and manage a team that generates $88,000,000 in annual sales in Chicago, so I come across a large number of real estate agents nationwide. 

    0Reply
  • Jewel B.Pro Member
    New to Real Estate · Lehigh Valley, PA · Member since 2021 · 352 posts · 120 votes
    7mo

    Considering you've already done research, educated yourself, and networked with some options on here, I think you really just need to take the leap and start reaching out by introducing yourself to whichever potential options you've identified so far.

    Also, attend your local real estate investors meetings. Ask them how many investment deals they've closed the past year and month, if they own any investment properties themselves, how they would analyze a deal, how many properties they manage and the mix (do they mostly manage 1-4 units? mid-sized complexes? Massive complexes)?

    Don't overthink the initial contact. You can always come back and ask more questions about something you were asked or something they said. You don't need to know all 100 things to ask to send an initial email :)

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    7mo
    Quote from @Matthew W.:

    Nothing against the contacts I've made here on Bigger Pockets so far, but I've been googling realtors and property managers in Indianapolis to do some research as I'm planning to start running numbers on a few investment properties. Looking for guidance on the right questions to ask and/or recommendations on property managers and realtors in Indianapolis you've worked with that you've had good experiences with. 

    The goal - assuming the deals are there - is to buy my first investment property or two this year, then 2-4 next year, and then 4-8 the following year. Ultimately want to get to around 10 cash flowing properties over the next 3-4 years and then evaluate whether to continue building up in the same city or expanding into other areas.  I plan on holding long term but want anything I acquire to provide a reasonable cash-on-cash return from day one. Also need to keep things as turnkey as possible for at least the next few years.

    My plan right now is to identify a few different realtors to connect with and start evaluating the deals they send me within my buying criteria, and then ask them for recommended property managers and lenders to start interviewing. I'm also considering connecting directly with property managers as the starting point and evaluating any properties they already manage that are for sale. 

    Once I get started, want to get settled on working with a solid team over and over. Hoping to figure out how to identify good players from day one. Any help in figuring out how to do that - beyond what I've already read in the books - is appreciated.

    Be careful asking for investor-friendly agents!

    +95% of agents only have experience dealing with owner-occupied transactions - which are mostly EMOTIONAL decision based.

    These agents will NOT find you "deals", just pretty houses on the MLS☹

    They are really just, “commission-friendly”, looking for a payday.

    An investor wants an agent that sticks to logical numbers like ROI, Cash-on-Cash, etc.

    You can differentiate between these different types of agents easily by asking them:

    1) If they are RE investors themselves.
    --Many will say yes, so ask them for proof! They should be able to send you an address of a rental they own.

    2) If they plan on sharing a BP Calculator sheet for each and every property they send you.
    --Many will state that's your job, but then what value are they truly offering as an "investor-friendly" agent?

    The more questions and request for proof you ask, the better!

    [email protected]248-209-6824
    Logical Property Management4.9458 Reviews
    WebsiteView Page
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