Updated over 5 years ago on . Most recent reply
Active investors in the Indiana/Lafayette real estate market?
With all of the extra time due to COVID19, I have been reading, listening, and watching everything I can about being a newbie real estate investor. So far I have determined that I want to target multiplexes/family homes in Lafayette, Indiana that need some work (not complete rehabs and not turn-key properties) under $200k with an ROI of about 10%. After searching for podcasts and posts, I don't see a lot of activity in the great Lafayette area. Looking to make some connections!
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James,
I’m retired military, originally from Lafayette, now living in California. I own several units in Lafayette and will only invest there. It’s a sold market. You don’t need to invest huge amounts for good returns nor over leverage yourself.
Biggest thing is figuring out what class/level property you are comfortable purchasing and then find an agent and property manger you trust. Trust but verify.
My last purchase (Jan/Feb 2020) at 80k has a 24% ROI and was on the MLS. This home was completely refreshed (ready to rent) and I required a complete home rewire into the purchase.
My cap on investments is $120k. Goal, three to four units a year and NEVER sale.
Just don’t get in a hurry, numbers don’t lie. If your still active, put that BAH to work.
Good luck, thank you for your service.