Setting up a team in Indianapolis

[Zeriet Woldeab]

Hello Bigger Pockets community!

I'm interested in getting into the real estate market in Indianapolis and I'm hoping to get some recommendations for real estate agents who specialize in working with investors, as well as property managers who have a proven track record of success.

If any of you have had positive experiences with such professionals in the Indianapolis area, I would greatly appreciate your recommendations. 

Thank you in advance for any guidance you can provide!

[John Clevenger]

@Zeriet Woldeab

Great to see you doing due diligence to put in place a great team that works for you.

I am biased when it comes to property management, but personally trust @kennyhall to manage any and all of my investments. Leads with integrity and trust and expects the same with anyone he is working with.

If you’d like we can hop on a call and discuss the area and other PM options to make sure it’s a good fit.

Regardless, excited to see a new face interested in our city!

[Joshua Matthews]

Property managers, lenders, contractors, and whomever else you need -- I can send that to you. I'll reach out now and make sure you have everything you need. 

[Kerry Noble Jr]

Would love to connect and see if i can bring you value

[Cullen W Jones]

Hi @Zeriet Woldeab! I'm Cullen, I am a licensed Realtor in Indianapolis, IN. I have experience with assisting out of state investors in buying and selling homes in the Indianapolis Metropolitan area. If you're looking to build a portfolio, Indianapolis is a fast growing and relatively affordable cash-flow market. We should connect on here and have a conversation about what your goals are as an investor, and see if it makes sense for us to work together.

[Jake Knight]

I'm also available to help here unless you've already found a team!

[Drew Sygit]

@Zeriet Woldeab Over 95% of agents have no clue how to work with investors. So, you're better off finding the best PMC you can and they will connect you with everyeon else. A PMC has to deal with your property and tenant EVERY DAY, no one else does.

Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.

We also can’t believe how many owners hire the first PMC they speak with!

Then they complain their expectations aren’t being met!

In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

It's often a case of not doing enough research, as they don't know what they don't know!

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – and they often select the first PMC they call!

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.

EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!

This also leads owners to ASSUME simpler is better when it comes to management contracts.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊

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[Robert Ruschak]

Interview at least 2 to 3 PM companies!

I work with several local and out of state investors!

Good luck creating a great team out of state! 

[Mark Jones]

Happy to answer any questions for you about investing in Indianapolis! I am investor here myself and also manage other investors' property, so we bring an investment mentality to each owner we work with.