Interested in Indianapolis, Fort Wayne, or any other Midwest city

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Interested in Indianapolis, Fort Wayne, or any other Midwest city

Teho Kim
Okinawa, Japan · Member since 2017 · 40 posts · 15 votes

My research has led me to deciding on long distance investing in either Indianapolis or Fort Wayne (am open to any other decently populated Indiana/midwest cities).

I am leaning towards Indianapolis b/c the price to rent ratios seem better. Alongside, since it's a bigger city I figure that the quality of property managers, RE agents, etc will be better. I am worried however, that because of the much bigger population deals will go quickly and I will have to compete with other investors.

What are your thoughts? Suggestions? Any insights are greatly appreciated!

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Ritch Bonisa
Specialist · Indianapolis, IN · Member since 2016 · 841 posts · 480 votes
7y

@Teho Kim I suggest you visit Indianapolis.  Get an idea of areas and understand the condition of some of the properties.  Get on some wholesaler lists, browse listed properties.  Create a Google map and start plugging in info.  This will help you get an idea of what is available and where - price points, distress levels, etc.  Look for patterns and clusters.  Find someone knowledgeable in Indy to discuss some of those clusters with. Reevaluate what you want and what you are looking for.  These things will enable you to be more decisive and help you lower your risk.  

I live and invest in Indy and I still am constantly mapping things and looking at price points. 

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  • Michinori Kaneko
    Rental Property Investor · NY · Member since 2018 · 571 posts · 332 votes
    7y

    @Teho Kim, I invest in fort wayne. you will experience the same thing at Fort Wayne, you will see some properties go off listing in 2 days. This is probably true for any active markets where you will be facing lots of other investors (as well as home buyers).  You just need to be super active and competitive about it.  If you have any questions about Ft Wayne area feel free to PM me. 

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  • Ritch Bonisa
    Specialist · Indianapolis, IN · Member since 2016 · 841 posts · 480 votes
    7y

    @Teho Kim I suggest you visit Indianapolis.  Get an idea of areas and understand the condition of some of the properties.  Get on some wholesaler lists, browse listed properties.  Create a Google map and start plugging in info.  This will help you get an idea of what is available and where - price points, distress levels, etc.  Look for patterns and clusters.  Find someone knowledgeable in Indy to discuss some of those clusters with. Reevaluate what you want and what you are looking for.  These things will enable you to be more decisive and help you lower your risk.  

    I live and invest in Indy and I still am constantly mapping things and looking at price points. 

    1Reply
  • Nate Murdoch
    Indianapolis · Member since 2019 · 3 posts · 3 votes
    7y

    @Teho Kim I'm glad to hear that Indy made your short list. You're right, Indianapolis is hyper competitive in the current market. LIV's out of state investor clients have seen success because we've been able to act as the boots on the ground and source quality deals. My recommendation is to build a team in Indy who can help you win in a competitive landscape.

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  • Ryan RomingerBusiness Member
    Real Estate Broker · Indianapolis, IN · Member since 2018 · 340 posts · 144 votes
    7y

    @Teho Kim

    I'm a property manager and RE broker here in Indy and I've helped several investors find properties where the BRRRR method would work.

    It is true that some of the best investment deals go pretty quick in Indianapolis. I just helped an investor go under contract on a duplex yesterday that was on the market for less than a day. I have to say though- where there is competition there is value (and visa-versa) and where there is NOT competition there is usually* NOT value (unless you happen to be a lucky 1st-mover). That’s why it’s important to have a knowledgeable, efficient team on the ground that can help you be faster and smarter than the competition.

    Hope this helps! Let me know if you ever what to chat Indy real estate!

    [email protected]317-935-0075
    Intrigue Real Estate & Property Management4.6285 Reviews
    WebsiteView Page
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  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    7y

    @Teho Kim I don't know the Fort Wayne market but I've been involved in the Indianapolis market for almost 10 years. What I like in addition to the rent ratios and affordability is that it has a growing population, growing jobs and a diverse, modern economy which is important to the long term value of your investment. Inventory however is very tight but you're going to find that in a lot of markets. You might want to add Kansas City to your radar, it's very similar to Indy in terms of economic and demographic trends and cash flows very well.

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  • Stephen FryerPro Member
    Investor · Ottawa ON / South Bend, IN · Member since 2013 · 186 posts · 93 votes
    7y

    Hey @Teho Kim.

    I'm a long distance investor myself. I invest in South Bend, Indiana from Ottawa, Canada. The Midwest is a great place to find value. Feel free to connect with me directly. I would be happy to share what I've learned. 

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