Question for Indiana and Florida Rental property investment
I am planning to become first time investor with rental property. I am looking for something in Indianapolis or Florida.
I have 2 questions:
- In Indiana there are some areas like Marian-cold spring, southside, eastside etc.
I am not familiar with INDY. So, can someone suggest me the area where property can easily go for rent?
- For Florida, some properties are good and in my budget. But only question is, for beach properties, the insurance can be high. When I calculate my monthly outcome, I need correct figures for home insurance. So, can someone suggest me, how can I get accurate details for home insurance in Florida near Delray beach for 2 bed condo?
My husband and I are under contract on some fourplexes to be built in Florida. I like to call the people I will be dealing with out of state to get answers that I will need eventually anyway. For example, I called property managers in those areas and talked about the area and made sure they thought my projected rents were realistic. I would suggest calling insurance companies that could actually insure that property and talk with them. Then you have a very solid answer, and you have started building a relationship with someone you might eventually work with.
@Amit Kayastha Another suggestion for finding out the insurance is looking at similar properties in the area on realtor or zillow and in the calculation section, it would give you an idea of the cost for insurance.
I can also connect you with a few RE agents in Florida that I met here on Bigger pockets
What type of price range? There are tons of neighborhoods that you can easily rent a property in. The demand for rentals on the entire west side where I work primarily is very high. I think you'd be better off listing areas to avoid than areas to target. That being said the areas that I personally would avoid are simply because I think it would be a headache to deal with the tenant that I would expect to get in that area not necessarily that I couldn't find a tenant. Maybe some Indianapolis property managers could weigh in here.
Hi @Amit Kayastha!
I work with many in investors in the Indy market, and help them invest in rentals and properties to repair and flip. I can definitely help you navigate the Indy marketplace. We should connect sometime!
Cheers!
Ryan Rominger | Indianapolis, IN | Property Manager, RE Broker
For a Florida condo, the law requires the condominium maintain insurance for the structure and should be included in the dues. You typically need an H06 policy that covers contents only - think everything from the paint inward including kitchen cabinets and bathtubs.
There are very few condos in my area of palm beach county that I would recommend as a good investment when you look at the health of the Condo Association and its budget.
@Amit Kayastha the best thing to do is to call an insurance broker and get quotes. Florida has some of the highest insurance rates in the nation. Indianapolis will be much more favorable for insurance.
