Hi you all,
We are a group of friends from abroad who willing to buy single family/ condos for investment and we have few questions:
1. If we have 40-70K (each)- what are the best neighborhoods in Indianapolis we can search for. we know it won't be a great neighborhoods but we try to have at least the best from the worsts ;)
2. Are there any places we need be careful From? what are the worst neighborhoods in Indianapolis?
3. We checked data for 3 zip codes and we don't really understand what neighborhoods stand under- 46208 , 46219, 46203. Is there anyone who can help us with this?
4. Do you have any recommended management companies- we invest from far away so we looking for Large and stable companies with up to 1000 managed properties.
5. We also look for a great agent who will be our eyes at the area, easy to work with- do you know anyone can match?
appreciate your time!
thank you and best regards,
You are looking for SFR and or Condos?
both. preferred SFR.
@Lior Arama are you looking to leverage your money with conventional financing or is that not an option?
@Lior Arama Unless you're using leverage, anything in the $40K-$50K is going to be in rough areas. Zip codes are nor very meaningful. Indianapolis can vary neighborhood to neighborhood and even street to street so zip codes are too broad. Rents for the area will tell you a lot about the area. We've been active in Indianapolis since 2010 and personally, I wouldn't recommend any area with rents of under $750 on a 3Br SFR.
A zip code is a group of five or nine numbers that are added to a postal address to assist the sorting of mail.
If you use http://maps.huge.info/zip.htm and enter zip code 46208, it shows the postal service area for that zip code. You can google demographics for 46208 and get this and other information:
http://www.neighborhoodlink.com/zip/46208 This lists the neighborhoods and much more
@M Read Thank you!!
@Mike D'Arrigo thanks, do you have any idea about the best from the worst neighborhoods for 40-70K investments?
Condos are probably NOT a good investment for rentals. The price may look good, but the real cost is in the details: condo fees, all the ccr's, (Covenants, codes, restrictions--including renting of every kind) either now or in the future. There is an HOA (home owners associaation) section here at BP. Read it. My opinion, run! fast!