Updated almost 7 years ago on . Most recent reply
Retal and investment in Butler - Tarkington area, IN - 46208
Most Popular Reply
@Sam Singh One of the many problems is that for example street 4, 5 and 6 have houses that range from $150k-$350k but there is a house on 5th street that is run down and will sell for $75k. No biggie it will get torn down and rebuilt for and sell for $300k+ but on 8th street there's a house for sale for $25k and the agent is trying to unload it saying less then .25 miles away there are similar homes that sold for $75k and once redone it will go for $300k. Problem is when you cross 7th street you are in a bad area. You may not be able to see it bc Google Street View of the area is from back in 2013 before any of it got good. Comps look great, houses just 2 streets away are going for over $300k. Locals know what's up but even people that live in the suburbs of Indianapolis let alone 50+ miles away or out of state have NO idea.
Comps would never lie... wink wink... but they do.
You need a team of people, starting with a PM or 2 that are both giving you similar advice and both have many rentals in that area. You have to gauge the level of trust you have for someone who's selling you something. Being an out of towner you have to suspect the agent is telling you just what you want to know to buy the property, they want that commission.
I highly suggest going to AAA and getting a map of Indianapolis and going out there, meeting with different wholesalers, agents and PM's, asking each of them to mark up the map with good and bad areas and driving those streets, the good and bad ones. Then you will know better at least.
I have done really well with certain sellers. I like going through wholesalers but not everybody does.
If you want to run some names of PM's, agents or wholesalers by me feel free to DM me and we can talk on the phone.