Multifamily units (Duplex, triplex, 4plex) in Indianapolis
5 Replies
Jameel Jason
Rental Property Investor from Union City, CA
posted over 3 years ago
Hi everyone,
I love what I am seeing in Indianapolis so I wanted to reach out and see if anyone had any suggestions about who to work from an out of state investor perspective. Ideally, I am looking to purchase multifamily units (duplex, triplex, or 4plex) so any suggestions or connections (realtors, PM) would be much appreciated. I am also interested in learning more about your experiences in this market (good or bad)!
Michael Ehmann
Rental Property Investor from Atlanta, GA
replied over 3 years ago
Messaged you - I have some family in Indy.
Larry Fried
Investor/RE Broker from Eugene, OR
replied over 3 years ago
@Jameel Jason I advise extreme caution when buying 2-4 unit props in Indy. Much of what is out there is in very challenging neighborhoods. For an OOS investor these are very high risk.
Nic S.
from San Mateo, CA
replied over 3 years ago
@Larry Fried great advice. Would you mind expanding a bit on why it's so challenging for an OOS investor?
Rob Krin
Investor from Marlboro, New Jersey
replied over 3 years ago
@Jameel Jason - I just built a great team last year after going to Indy & interviewing a bunch of folks. Happy to share if you want to message me.
Larry Fried
Investor/RE Broker from Eugene, OR
replied over 3 years ago
Originally posted by @Nic S. :
@Larry Fried great advice. Would you mind expanding a bit on why it's so challenging for an OOS investor?
Nic, these properties may look good on paper but they have to be very tightly managed, and are likely to have high turnover, a lot of tenant issues - from rent collection to destruction of property to a lot of maintenance issues. It is really a business, and no one is going to watch out for your interest like you would if you were there. In the better and more staple areas, SFR are much more likely to be the desired rentals by the tenants you want to attract. Higher rents too.