$100k to $150k investing in Indianpolis?

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$100k to $150k investing in Indianpolis?

Ken Lou
Seattle, WA · Member since 2012 · 14 posts · 0 votes

Hi everyone, I'm considering to invest in a rental property in Indianpolis. My budget is about $100k-$150k and I hope to put 20%-25% down. I'm hoping to get at lease 1% of the purchase price as monthly income.

I have never been to Indianpolis, but I'm planning to take a week trip to Indianpolis, any area I should check out for investment purpose?

I currently live in LA and there is no way I can have a good cash inflow from real estate investment in here because housing are expensive.

Thank you for everyone help!

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Brant Richardson
Investor · Santa Barbara, CA · Member since 2013 · 658 posts · 315 votes
12y

Don't settle for 1%. 1.5% in Indianapolis should not be difficult. You will probably do better with two units in the 50-70k range rather than one for 100-150k.

There's no reason you should have to put down more than 20% either.

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  • Mark Ferguson
    Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    hi Ken! Welcome to the site!

    0Reply
  • Terry B.
    Real Estate Investor · Indianapolis, IN · Member since 2012 · 54 posts · 9 votes
    12y
    Ken Lou what type of property are you looking for?
    0Reply
  • Ken Lou
    OP
    Seattle, WA · Member since 2012 · 14 posts · 0 votes
    12y

    Thank you Mark.

    Hi Terry, I'm looking for Single family.

    0Reply
  • Terry B.
    Real Estate Investor · Indianapolis, IN · Member since 2012 · 54 posts · 9 votes
    12y
    Ken Lou sorry... I hit "post" before I was done! Single family or multi family?
    0Reply
  • Terry B.
    Real Estate Investor · Indianapolis, IN · Member since 2012 · 54 posts · 9 votes
    12y
    Ken Lou when are you planning your visit?
    0Reply
  • Ken Lou
    OP
    Seattle, WA · Member since 2012 · 14 posts · 0 votes
    12y

    I plan to visit within a month.

    0Reply
  • Terry B.
    Real Estate Investor · Indianapolis, IN · Member since 2012 · 54 posts · 9 votes
    12y
    Ken Lou I hope the weather warms up before your visit... It's been COLD here lately! If you are interested, I know a couple of local property managers and would be glad to introduce you.
    0Reply
  • Terry B.
    Real Estate Investor · Indianapolis, IN · Member since 2012 · 54 posts · 9 votes
    12y
    Property managers/real estate brokers. They don't sell their own inventory (turn key), but are very knowledgeable about rentals, the areas of the city and are great at what they do.
    0Reply
  • Ali Boone
    Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
    12y

    Ooh I'm in LA too! Which part are you in? Indy is a great market, very stable. I'd say though if you have $100k-150k, you could buy a newer property in a higher growth market. Either way you go though you'll be able to get something good.

    0Reply
  • Brant Richardson
    Investor · Santa Barbara, CA · Member since 2013 · 658 posts · 315 votes
    12y

    Don't settle for 1%. 1.5% in Indianapolis should not be difficult. You will probably do better with two units in the 50-70k range rather than one for 100-150k.

    There's no reason you should have to put down more than 20% either.

    1Reply
  • Ken Lou
    OP
    Seattle, WA · Member since 2012 · 14 posts · 0 votes
    12y
    Hi Ali I live in west LA.
    0Reply
  • Ken Lou
    OP
    Seattle, WA · Member since 2012 · 14 posts · 0 votes
    12y
    Hi Brant, thanks for the input. I will definitely consider 2 unit if I can get 2%. It's good to know that I don't need to pay more than 20% down.
    0Reply
  • Ade AdesuyiPro Member
    Rental Property Investor · Chicago, IL · Member since 2013 · 29 posts · 7 votes
    12y

    I'm actually coming out there to soon in like 2 weeks. Looking for SF and MF. What people or appt. should I have set up there before coming through so I maximize my time? Property management, inspector/contractor to walk through prospective properties, realtor obviously. Anything else I'm missing??

    0Reply
  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    12y

    @Ken Lou $100K-$150K is a lot to spend in Indianapolis. I agree with what others have said about a 1% price to rent ratio. One of the things I like about Indy so much is that you can get much higher ratios. 1.3% is pretty typical. Depending on what you're looking for, you can get a "C" class type property that will rent for $750-$800 for mid to high $50k range and a "B" class that rents for $900-$1100 for $75-$85K. Indianapolis is a strong cash flow market. I have a lot of experience and now Indy well. Feel free to contact me if you'd like to discuss further.

    Best wishes,

    Mike

    0Reply
  • Kerry Edwards
    Real Estate Investor · Carmel, IN · Member since 2013 · 44 posts · 8 votes
    12y

    Welcome to the market!

    0Reply
  • Jeff Greenberg
    Real Estate Consultant · Camarillo, CA · Member since 2010 · 2k+ posts · 1k+ votes
    12y

    Hi @Ken Lou are you going to make the meet up in Venice today.

    0Reply
  • Ken Lou
    OP
    Seattle, WA · Member since 2012 · 14 posts · 0 votes
    12y
    What time is the meetup?
    0Reply
  • Shawn Holsapple
    Residential Real Estate Broker · Indianapolis, IN · Member since 2010 · 1k+ posts · 557 votes
    12y

    Welcome @Ken Lou !

    I agree with @Brant Richardson , for that price you can easily pick up two nice SFH that will rent for $800+ in nicer areas.

    I know several Brokers & Property Managers that will sell turn-key props that are occupied, have had recent rehabs and cash flowing nicely.

    Let me know if I can help.

    0Reply
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