I am taking trip to Indiana to look at my first rental property. I have contacted a few people in Indianapolis, and look forward to meeting with them. I am also interested in Kokomo. Does anyone know a good property management company or RE agent in Kokomo that works well with investors?
Thanks in advance for your help,
I am a British based investor who invests in Indiana. I just started last year. If you want any details please PM and I can pass these on.
I would also be very interested to hear how things go in Indiana.
I live in Indianapolis and invest in the Northern suburbs (Carmel, Noblesville, Westfield, Zionsville). Let me know if I can help at all.
@Ken Cooper - welcome to Indiana! I would suggest focusing on the Indianapolis Metro area solely. I think you will find it to be a stronger opportunity than Kokomo.
Like with any out of State endeavor, it's critical to have a good team on the ground to point you the right direction. Our market is very diverse and one can't just sort by zip codes - the neighborhoods vary greatly street by street.
Thanks for the advice everyone, I will keep you all informed of my progress. If i need any words of wisdom I will be sure to reach out.
Feel free to contact me if you have any legal questions as to Indiana laws. I am happy to assist.
Unfortunately I don't know any good property management or real estate agents in Kokomo. I am somewhat familiar with the market though. I agree with Shawn that Indianapolis is probably a stronger market right now.
Let me know if I can help.
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Lived for many years in Kokomo and have one rental there still but I'll say Indianapolis will give you quite a few more options for management companies and somewhat of a larger population to choose from in your rentals.
@Ken Cooper As a Kokomo native, I would say the market there is much more eradic than the Indy market. It's on a strong upswing right now...but is subject to more fluctuation due to being heavily dependent on Chrysler. Many small companies have sprung up there recently. Would have been a great bet about 3 years ago. Not sure about PMs there.
We are a PM in Indy. If I can answer and questions for you, help you identify properties or be a resource in any way, please don't hesitate to reach out to me.
Originally posted by Account Closed:
What kind of cap rates and returns are you getting in North Indy? Those are A+ neighborhoods! Home costs are easily $125k+?
I am getting 4-5%. I'm just starting out and investing in what I know (as well as turning a liability (my first house) into an asset). As I continue to grow I will expand and seek out higher cap deals.
@Account Closed I knew that Chrysler was a big employer in town, and that they just invested a lot of capitol in their transmission facility. Thanks for the insight.
@Derek Gendig thanks, I will reach out when I narrow down my focus.
I have been actively investing in Northwest Indiana since 2005 and have an expansive knowledge base for the local market, if you have any interest in this area feel free to contact me I would be happy to give you some insights.
I thought I would give this thread an update. My trip to Indy went well, and I decided to purchase a property! I should close by mid July, and I already have tenants signed up!
@Ken Cooper do you have any updates to your progress? I'm very close to taking on an investment in Indy, interested to hear about your experiences. This will be my first venture as well, so I'm trying to soak in stories of others.
I have owned the property for over a year now. There have been no real maintenance issues. Only two small things that total about $150.
The tenants have at times had difficulty paying on time. They will pay a portion, and then make up the difference later in the month.
The property management company has done a great job keeping us informed of any issues and handling them.
Best of luck. If you have any other questions let me know.
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Looking for Prop Mang in the Crawfordsville,IN area just south of Layfette Thxs,
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