Looking for Real Estate Market Knowledge in Indiana

11 Replies

Hi, I'm new to real estate investing and looking to gain some market knowledge on a few different areas in Indiana. I'm looking to target multi-family and apartment properties in areas such as South Bend, Fort Wayne, and Indianapolis. Would love to get some feedback from anyone who currently lives in these area or has investment properties there.

I'd like to start by acquiring any insight into current supply trends in these areas, as well as the demand based on occupancy for these types of properties. Are these currently good markets to begin looking into for a first time investor? Side note, I do have a lot of friends and family in these areas so I am knowledgeable of the areas and do have boots on the ground to help out where needed. But obviously looking to gain knowledge from an investment perspective.

Thanks in advance for all the help and insight!

- Josh

@Josh Levan I'm a RE Broker in South Bend for the last 8 years. I've lived here my who life. Multifamily are always profitable. We have a decent amount of duplex/triplex, but definitely have a shortage of the larger 8+ units. My investors usually run about 10-12% ROI. I think this is pretty good compared to many other areas. I have a duplex listing in Mishawaka, IN right now, a little overpriced but they are getting $1000+ per month. Have seen some great deals over the years on Multifamily and have some investors who only want them. Great developing area. Although, I'm a little biased :) Best of luck!

@Josh Levan Hello Josh, I am a licensed real estate agent and property manager in Indiana. I currently own one rental in Fort Wayne and decided to pivot into West Lafayette and Lafayette area because it is much more stable and has a diverse workforce which prevented the area from being heavily affected in 2008 (I am also a student at Purdue University but have been in real estate for 3 years). I would love to talk to you about partnering on some deals in this area if you are willing to take a look at investing in this location versus the bigger markets (which I find to be over saturated and heavily effected by downturns).

I am apart of the Cheryl Butcher Team at Keller Williams if you would like to look into my teams experience.

https://www.cherylbutcher.com/

@Josh Levan First off welcome to RE investing and BP.  I can't speak to all of Indiana but do have nearly 20 years of experience in multifamily properties in and around Indianapolis.  We are currently selling a couple assets in that market and acquiring a couple others.  We have always stuck to the space of "workforce housing" C and B class assets in B or better neighborhoods.  In our entire experience (even though 2008-09) we have never had lower than 90% occupancy in this market and have almost without exception seen rent growth YOY. Like any city, RE is specific to the sub-market or the neighborhood.  There are some great areas and some to stay away from.  By and large, the West side of Indy Speedway, Pike township, Wayne Township and west into Henricks County is good.  As well as north is good from Nora to Carmel, Noblesville, Westfield, and Fishers are good as well.  South from Homecroft to Beech Grove as well as Southport and Greenwood and even down into Johnson County.   The market is very diverse in terms of jobs and types of employers which makes it relatively safe form big downturns in the economy.  I realize this is very general but hopefully its helpful to some degree.  If you would like to further discuss PM me and we could even talk by phone if you like.

Happy Investing,

Mike

@Jen Arizmendi thanks a lot for the feedback. I also grew up in the South Bend area which is one of the reasons I am looking into it. Would love to hear more about what kind of properties your investors are getting into in the area and more specific locations. Also, what you might have available or in the pipeline. I'm surprised Mishawaka units are renting at $1000+ per month but that sounds like it has potential to create good cash flow for the area. And I have to agree, the Mishawaka and Granger areas is really starting to develop. Please DM if you are able to discuss further. Thanks!

@Aaron Van Curen Aaron, thanks for the response. I'd be interested to hear about your experience in the Fort Wayne market and what kind of demand you might have been seeing. As for West Lafayette, I am also very interested in discussing this further. I however went to IU (Go Hoosiers!) so it almost pains me to say that but in the interest of learning about solid investment opportunities I'm willing to move past it haha.. That being said, real estate on and around college campuses really interests me because I know how high the demand is and what they are able to charge for rent.

@Mike Montana thanks a lot for the response and insight. At a high level this is some useful information to start with. Look for a PM from me later to discuss further if you have some availability. Thanks!

I own 25 rentals around South Bend  (and surrounding cities).  The rental market here is very strong.  We add a few more each year and intend to continue doing so.  I will message you in case you want to talk off line.