Welcome Ryan! I'm just down south in Indianapolis. I'm planning to upgrade my primary residence and turn my current one into a rental in 2021. Are you a full time real estate professional?
This week marks my life-change pivot to becoming a rental property investor. I'll be able to start making offers next month and am spending the time leading up to that point learning everything I can. I'm currently refinancing our primary residence and talked to my loan officer about our plans and that I was looking to the Midwest. He mentioned a client of his who has ten properties in Lafayette which led me to start researching on the BP website (a friend who has quickly become my mentor recommended that I start listening to the podcasts here and exploring the site. I'm a sponge!). I joined yesterday's webinar and became a member, immediately.
Having read through this thread, it seems that prices have been going up quite a bit so am wondering if I'll be able to find something between a duplex and 4-plex with $80k down (and saving $20k for a cash reserve for repairs, capex, vacancy, etc). I'll research and use the calculators but any insight would be appreciated. Other areas that someone else on BP recommended were Crown Point, Merrillville, Hobart, Highland and Griffith. Thoughts on those?
I'm also researching in order to put a team together (i.e. real estate agent, title company, property manager, and contractors) and have started saving people's recommendations in a doc file. Not living in Indiana, I'm learning how important it is to find worthwhile service providers who are established and have a solid reputation.
Any recommendations and thoughts from all here are really welcome. Thanks so much and I'll keep exploring. Looking to make my first investment this year and learning and then scaling up to more units. Thanks, again!