Rental Property Investor · Fishers, IN · Member since 2016 · 45 posts · 30 votes
7y
Hi Daniel,
Yes Indianapolis is still a great place to invest in. I just started investing out there in June 2018 and have already bought 2 properties. The first property I bought in Lawrence for $77,000 with a 20% down payment and it cash flows almost $400 after all expenses are paid each month and the second property cash flows around $494 a month after all expenses are paid.
The second property I bought in speedway Indianapolis for $65,000 with a 20% down payment and put $28,000 into rehabbing it because I wanted to try the BRRRR method out myself. I didn't have the money for the rehab after I paid the 20% down payment and closing cost. So I opened up a line of credit and used that to find the entire rehab. The mortgage is $518 a month and it rents for $1,100 a month. I'm going to refinance the property in June because it's worth around 115K-120K now after the rehab because I turned it from a 3 bed/1.5 bath into a 4 bed/2 bath with and everything is new in the property at this point. I should be able to pull out about $38K-43K when I refinance the property. So to answer your other question about using the BRRRR stratagy. Yes it is possible to use it out there and I found both properties on the MLS and made offers lower then the asking price for both properties and they both excepted the offers without a problem. I live in California and rent a tiny studio because it's so expensive out here, but because of @David Greene podcast on investing out of state. I used the strategies from that podcast a book to invest with success of the state.
I've actually lived in Indy for about 12 years. I'm a realtor as well. Plenty of investment opportunities with room for growth. Sure some parts of Indy are challenging and risky. Both sometimes risk can yield wealth. Feel free to connect with me anytime. An that goes for anyone who is serious about investing in Indy.