Investing in Indianapolis, IN
Hello all! I've been looking into the Indianapolis market recently as somewhere I might want to invest in the future. I'd love to learn about what it has to offer, and maybe connect with some of you who currently invest there yourself or work with other investors who do. Thank you to all who comment! (P.S. I like multi-family properties)
Hi Thomas, the Indianapolis market is a great place to invest! We are (last time I checked) the second most affordable large metro in the nation, and yet the fastest growing city in the Midwest! I currently own a quadplex on the near Eastside, a dynamic neighborhood I like to target when investing. I do work with clients as well as part of my agency business! Would love to chat more.
Definitely open to connecting
Hi Thomas! I'm from California but I have started my real estate journey here in Indianapolis. Now, I have more than a hundred doors. I would love to help/share my experiences and chat with you more if you're interested.
Quote from @Thomas O'Donnell:
Hello all! I've been looking into the Indianapolis market recently as somewhere I might want to invest in the future. I'd love to learn about what it has to offer, and maybe connect with some of you who currently invest there yourself or work with other investors who do. Thank you to all who comment! (P.S. I like multi-family properties)
Hey Thomas,
We are head quartered in Indy and invest in the midwest with 700m AUM and about 6k units. Would love to chat sometime!
Hey Thomas,
I reside in CA but invest in Indy (my hometown). I work with a lot of borrowers in the state. I'd be happy to run numbers with you and chat if you want to send me a PM.
Side note - Hi @Tyler Lingle ! I've worked with Tyler (being the agent) and myself being the lender on a few deals. He'd be great to talk to if you are seeking an agent to help you find your first purchases.
Best of luck! -Kristen
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I am an out of state investor in Indy and recently got my offer accepted but the lender is now offering an extremely high rate 6.375% with a 3.5% discount rate for $3,172. I’m still shopping around but I gotta close in 30 days. If you have any recommended lenders, it’d be greatly appreciated! Thank you!
I’m new in real estate but I grew up in Indianapolis and it’s been treating me well if you decide to come down I’d love to connect and work with you!
@Thomas O'Donnell Glad to hear that you're considering the Indianapolis market. We've been active in Indy for over 10 years. What makes Indy a good market to invest is that it has strong economic and demographic fundamentals, modern diverse economy and is very landlord friendly. We're active in Kansas City also which is very similar to Indy. I would caution you about multi families in Indy however. Most are located in older rough neighborhoods so you have to be very careful. Although I like both markets for SFR, I strongly prefer Kansas City for MF. Feel free to connect and I'll be happy to share more thoughts and insights.
I was drawn to Indy for its growth potential, affordable housing, and relatively high rents (and high demand). I have 3 doors (long-term SFR). Happy to chat more.
-Aaron
Quote from @Tyler Lingle:
Hi Thomas, the Indianapolis market is a great place to invest! We are (last time I checked) the second most affordable large metro in the nation, and yet the fastest growing city in the Midwest! I currently own a quadplex on the near Eastside, a dynamic neighborhood I like to target when investing. I do work with clients as well as part of my agency business! Would love to chat more.
I'm interested in investing in the Indianapolis area! I'd love to connect!
I'm in the San Francisco Bay Area and have a SFH rental in the Indianapolis area (suburban Class A neighborhood but I bought it almost 10 years ago when prices and interest rates were lower) - that was the best purchase I've ever made. I'm primarily looking at SFH that are move-in ready, mostly Class C, $110,000 to $160,000 and making an offer soon. The prices for a rehab are a great value (under $100,000) but I don't have time or mental energy to do a BRRRR (did a renovation in California and doing a rehab out of state doesn't sound appealing to me). If I was willing to do a major rehab, I did find a duplex, triplex and quadplex for in the $110,000 to $120,000 - I saw three of them so far fewer than SFH. I think that Indianapolis offers great rent ratios. I also have an agent who is investor friendly. I can DM you her information if you'd like.
A lot of good folks already have commented on here and are very knowledgeable. We've started looking at higher cash flow markets right outside of Indianapolis. Happy to share more information on that as we've started to cast a wider net!
Quote from @Jake Knight:
A lot of good folks already have commented on here and are very knowledgeable. We've started looking at higher cash flow markets right outside of Indianapolis. Happy to share more information on that as we've started to cast a wider net!
Completely agree that a wider net is necessary. I know I'm finding cash flowing deals in the Lawrence and Franklin area in addition to the Indy area as well. Not sure what other's perspectives are, but I think right now is a terrific opportunity for buy and hold investors. If you find a property in a good location and can at least break even on a deal I think it would be a buy. You will be playing the appreciation game for the next few years, however once rates drop again, you can refinance and be cash flowing too. 5 years down the road, the ones focusing on location will be the big winners.
@Jake Knight I’m an investor in Indy, what other neighborhoods outside of Indy do you recommend?
@Athena Cave We've been hitting Anderson, IN pretty hard this year. I think we've had 30 or so doors over past couple of years. Cash flow is really good and demand (vacancy) has been strong. It's considered part of the greater Indianapolis area and is commutable. I haven't found as many in Shelbyville but I do like the long term projections of the city!
Quote from @John Clevenger:
Quote from @Jake Knight:
A lot of good folks already have commented on here and are very knowledgeable. We've started looking at higher cash flow markets right outside of Indianapolis. Happy to share more information on that as we've started to cast a wider net!
Completely agree that a wider net is necessary. I know I'm finding cash flowing deals in the Lawrence and Franklin area in addition to the Indy area as well. Not sure what other's perspectives are, but I think right now is a terrific opportunity for buy and hold investors. If you find a property in a good location and can at least break even on a deal I think it would be a buy. You will be playing the appreciation game for the next few years, however once rates drop again, you can refinance and be cash flowing too. 5 years down the road, the ones focusing on location will be the big winners.
Boom! Agree with every word here.
@Jake Knight thank you!
I'm just getting started in MF in the greater Indy area and would love to connect with those in the Indy area or MF. I'm starting to build out my team, so any connections/recommendations for PMs, agents, etc. would be awesome.
P.S. this thread has been super helpful so thanks to all!
Quote from @Jake Knight:
@Athena Cave We've been hitting Anderson, IN pretty hard this year. I think we've had 30 or so doors over past couple of years. Cash flow is really good and demand (vacancy) has been strong. It's considered part of the greater Indianapolis area and is commutable. I haven't found as many in Shelbyville but I do like the long term projections of the city!
Do you buy turn-key houses or buy, reno, and hold? I building out a reno team in the area and have a great house in Lawrence that should appraise for $160k and rent for $1,300/mont. It's a 3 bed / 1 bath, but I'd prefer to sell it to an investor for $150k. Annualized return should be in the 7-10% range excluding appreciation and ability to refi in a few years.
@Josh Klein Hey Josh, sorry for the late response, I'm just now seeing this message. Our specific model is buy, rehab, rent for at least one year. DM me if you want our brokerage information as I'm sure we would have an interested investor in the property.
Quote from @Jake Knight:
@Josh Klein Hey Josh, sorry for the late response, I'm just now seeing this message. Our specific model is buy, rehab, rent for at least one year. DM me if you want our brokerage information as I'm sure we would have an interested investor in the property.
Sent. Thanks
Quote from @Becca F.:
I'm in the San Francisco Bay Area and have a SFH rental in the Indianapolis area (suburban Class A neighborhood but I bought it almost 10 years ago when prices and interest rates were lower) - that was the best purchase I've ever made. I'm primarily looking at SFH that are move-in ready, mostly Class C, $110,000 to $160,000 and making an offer soon. The prices for a rehab are a great value (under $100,000) but I don't have time or mental energy to do a BRRRR (did a renovation in California and doing a rehab out of state doesn't sound appealing to me). If I was willing to do a major rehab, I did find a duplex, triplex and quadplex for in the $110,000 to $120,000 - I saw three of them so far fewer than SFH. I think that Indianapolis offers great rent ratios. I also have an agent who is investor friendly. I can DM you her information if you'd like.
Hi Becca, how’s your investment so far? I live in South Bay and I am interested in investing in Indy as well. Is there any investment meet up that you recommend?
Quote from @Palita Strach:
Quote from @Becca F.:
I'm in the San Francisco Bay Area and have a SFH rental in the Indianapolis area (suburban Class A neighborhood but I bought it almost 10 years ago when prices and interest rates were lower) - that was the best purchase I've ever made. I'm primarily looking at SFH that are move-in ready, mostly Class C, $110,000 to $160,000 and making an offer soon. The prices for a rehab are a great value (under $100,000) but I don't have time or mental energy to do a BRRRR (did a renovation in California and doing a rehab out of state doesn't sound appealing to me). If I was willing to do a major rehab, I did find a duplex, triplex and quadplex for in the $110,000 to $120,000 - I saw three of them so far fewer than SFH. I think that Indianapolis offers great rent ratios. I also have an agent who is investor friendly. I can DM you her information if you'd like.
Hi Becca, how’s your investment so far? I live in South Bay and I am interested in investing in Indy as well. Is there any investment meet up that you recommend?
This post is over a year old so a lot has changed since then. I'd recommend searching on Facebook for Bay Area Real Estate Investor meet ups. I'll message you.