Investor · IN · Member since 2018 · 31 posts · 16 votes
Attention Evansville Indiana investors!
I am closing on my first deal next month on the West side of town, which I will be house hacking with 3 other roommates. I wanted to reach out and see if any flippers/landlords in Evansville are here on BP. I am ready to purchase my next deal and am looking to do a small flip on a single family unit and rent it, I am not too sure what part of town to look into. I know there are a lot of investors in Jim town, but I would prefer to stay out of there for my first few deals. Any help would be greatly appreciated!
@Paul Schu Evansville has some good opportunity. @Mike Helm hit the nail on the head. It's all about what area, and street the house is on. It's crazy when you are looking at ARV for houses. One block you might have an ARV on a 3/2 at 165k. Where as that same house one block over would only go for 135k.
I like to stick around U of E area. This is very much the case. Just like investing anywhere, have to do your homework. Look at the assessors site for good info of recently sold properties.
This situation has caused many excited conversations with appraisers when doing Refi. For instance I just did a Refi on a house a block east of the university. Which is north of Washington Ave.(another dividing line) in the area. It was a 2/1 we turned into a 5/2. He pulled comps from two recent sells on 3/2 south of Washington Ave. at around 125k. Where as 3/2 on my specific block were going for 167k. Let alone a 5/2 that was totally remodeled. After a lot of emailing with my lender we got it straightened out.
Downtown is doing great also, the area is flourishing with new life thanks to the city and a lot of private investors. We’ve recently purchased a duplex down there and converted it into a triplex. Still have to watch the dividing lines down there.
Glad to connect with the local investors! I have 10 rental units in Evansville (all owned free and clear), and physically reside in Texas. The cashflow is good. I was wondering if you know a local bank in Indiana offering a HELOC on rental properties. I knew that Wells Fargo did that nationwide, but not anymore. Any information would help!
Independence bank in Owensboro and Henderson offer great HELOCS. Not too familiar with smaller community banks in Evansville. We invest in Owensboro which is about 30 minutes south from there. I would give them a try.