Rental Property Investor · Salt Lake City, UT · Member since 2018 · 8 posts · 2 votes
Hey All! I'm an investor living in Salt Lake City looking to BRRR some property in Indianapolis. Wanting to build a long term relationship in the city as I'm hoping to get a few this year if the neighborhoods match the numbers I've been running.
Indianapolis · Member since 2019 · 288 posts · 179 votes
6y
Welcome to the Indianapolis market!
We primarily work with out-of-state investors in the central Indianapolis market - this area definitely allows for dollars to be stretched further and your investment to go a bit farther. Considering you're doing the BRRRR method - have you got your lender and financing in place? With how the market is now, I would be particularly careful when considering BRRRR as the *refinance part has been difficult for some as lenders have updated to stricter requirements, in the current pandemic climate.
But it can be done! Networking is always the best way to start - connect with folks on other social medias: Indianapolis has several Facebook groups for out-of-state and local investors that may help you get further insight on what areas are doing well in Indy and names of local REI professionals.
Investor · Indianapolis, IN · Member since 2019 · 53 posts · 62 votes
6y
Hey Matthew,
One tip I have for you is to not go with the first broker/agent that is presented to you. I strongly encourage you to vet them to ensure they will be able to provide the most value to you. There are a few simple questions that can help you qualify an "investor friendly agent"
How many investment properties have you sold in the past year? (not cookie cutter homes in the suburbs)
How many investment properties to you personally own?
How do you source deals?
These questions will allow you to check their track record and ensure they will be bringing value to the table. All realtors have the same base value (access to the MLS, access to show properties, etc). Ensure your realtor brings more value than just that. Making sure they have experience in investing and a strong track record will set you up for success in the future. Hope this helps!
Indianapolis · Member since 2019 · 288 posts · 179 votes
6y
Welcome to the Indianapolis market!
We primarily work with out-of-state investors in the central Indianapolis market - this area definitely allows for dollars to be stretched further and your investment to go a bit farther. Considering you're doing the BRRRR method - have you got your lender and financing in place? With how the market is now, I would be particularly careful when considering BRRRR as the *refinance part has been difficult for some as lenders have updated to stricter requirements, in the current pandemic climate.
But it can be done! Networking is always the best way to start - connect with folks on other social medias: Indianapolis has several Facebook groups for out-of-state and local investors that may help you get further insight on what areas are doing well in Indy and names of local REI professionals.
Rental Property Investor · Salt Lake City, UT · Member since 2018 · 8 posts · 2 votes
6y
@Ivan Guillen These are really really helpful. Thank you so much for this! I’ve asked a couple of these questions but all of them together definitely give me more information. I’m going to give this all a shot in my next conversations in several markets thank you!