Who's Investing in Indiana?

Question

I just saw this on Hubzu. Seems like a steal of a deal, but then I am not from Indiana.

Taking Bids starting at $18k

Edward Rhoads · Answer

@Ty Monroe

My advice would be to not focus on certain zip codes to buy.  Maybe zip codes to NOT buy.  You don't want to limit yourself and pass up a good deal because you were too focused elsewhere.

I would look at counties maybe and not zipcodes but exclude areas you don't want (I know I usually skip over anything from 46218 for example)

Jameson Drew · Answer

I own about 30 properties in Indiana.  None in New Castle but several nearby.  Yes, this is about what I would pay for a house that size.  I would worry about its status as far as electrical goes with a house of that age.  Namely knob and tube wiring, which is common in the area.

Also, the state of Indiana requires an electrical upgrade from 100amp breakers to 200amp if the property has been vacant and the electricity shut off for an extended period of time.

Not a whole hell of a lot going on in New Castle these days.  Theres a prison out there I know.  Like most rural Indiana towns, meth and heroin use are higher than normal.  It will be harder to get tenants, albeit not impossible.  The tenant you do have will not stay around as long as you'd like.

Adrien C. · Answer

what seems like a steal of a deal is deceiving because it has a reserve- aka minimum bid to win. What is likely the case most times is that the reserve exceeds the amount a typical investor would pay.

Jameson Drew · Answer

Yeah, sorry, the meter.  I dont have the law off the top of my head but Indiana Electric and Power discovered that the old meters tended to explode once reconnected after awhile.  I thought that was BS, but I called the higher ups in the company and they confirmed.

Ty Monroe · Answer

@Isaiah Foster I don't exactly have any questions per say. I am pretty sure that i would like to get into rentals. So i am trying to learn everything i can about that and the area here, i really havnt even narrowed down to a certain zipcode either.

Sharon Thompson · Answer

Ty, I have several cash buyers that would be interested in MF, retail and shopping center projects.  Call or email me.

Sharon Thompson · Answer

Jameson, I hadn't heard the requirement for the Indianapolis electric upgrade  but most of the properties have  have the electric service vandalized.

Indy Rezone went into effect in April in Marion County.  For some properties vacant more than five years, there may be opportunities for rezoning and uses.  I have a couple properties we are exploring this but since it's new there's not an established timeframe and process.

Isaiah Foster · Answer

@Ty Monroe what specifically would you like to know about the Lafayette area? I work at a local bank in Lafayette as a credit analyst. I analyze several Real estate deals daily as all of those run through the commercial side. I may be able to help you with your questions.

Who's Investing in Indiana?

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