This is the best [online] community I've ever been apart of. I've been reading a number of different books and trying to find information on areas around and within Indianapolis that will be best for a BRRRR strategy.
What methods are the best for finding information on certain zip codes (i.e crime rates, jobs produced over the past year, renting population and characteristics, etc.)
I'm a people person and I would much rather reach out to those who are doing this, have done it, or are even looking to do it. If you have connections or recommendations on others who can help then feel free to name drop below.
I'm currently a minor league baseball player - look up our average income and you'll be severely disappointed - and I am looking to begin purchasing homes between $30-$60k. The idea is to use cash initially and keep bouncing the profits into new properties. Has anyone pursued strategies like this in any other areas (in the Midwest or elsewhere)?
How do I find the right people to grow this idea into a reality and really get the momentum rolling?
Feel free to ask any questions.
@David Ledbetter Hey David, good to see another ballplayer in the network. I played low level D1 Ball and my dad played 6 seasons with the Cardinals (Erie, Gastonia, Springfield,) and I have a cousin whom you may have faced who got released from the Jays 2 years ago and was MVP of the Frontier League this past season.
I totally get the grind right now with those bus rides, meals, clubbie dues, etc.
With all of that being said, start looking up some REI networking groups in your area. This may be hard with you guys playing every day but there will be some out there that you could catch after a day game.
There are plenty of lists that you can purchase for a lot of information as well as searching county records for information they provide to the public for free.
I get those types of houses often and also know a good guy to manage them who is honest and competent.
PM me for details.
Trulia crime map is a great tool. In that price range I would honestly probably look at Lawrence or similar areas with moderate crime and solid purchase to rent ratios. Your other option would be to target Duplexes in area like Butler Takington. Just watch the crime map. I've seen some stuff on here that I wouldn't want to have to go check on at night...
@Michael Pittman - thank you for the response! Yes, it's a grind. However, we have it much better than many others. I always try to keep that in perspective! Give my regards to your brother - keep swinging'
As for the REI networking groups, I'll be in the Round Rock area for the season. So, I'll definitely see what Biggerpockets has for meetups as well as try and get together with others who can help!
@Andy Rumple - I'll PM you! Would love to hear some tips and tricks from a master! ;)
@Ryan Dossey - that is the exact kind of information I was looking for. Thanks for the insight!
@David Ledbetter When you say you are looking to purchase homes between $30K-$60K is that pre rehab or after repair value? I wouldn't recommend any areas that have an after repair market value of less than $60K in Indianapolis and that's on the low end.
It is a great community. I’ve been on the sidelines for way too long. Have lived in Indy for about two years now. I’m certain I’ve let about 5 solid deals to slip through my hands. I moved here from the DC Metro area. So to me, EVERYTHING is cheap here compared to where I moved from. My situation is that I have found a great job that I really enjoy. Now, I want to secure enough real estate to pay for my life (mortgage, core bills, etc) & keep my day job. I’m making it harder on myself than it should be by a bunch of speculating and no real action. Hoping to change that as we enter the second quarter of the year! Best of luck in your baseball career! I used to play in the NFL a long time ago... The rigors of pro sports can be tough and the money doesn’t last forever. Real estate investing is definitely the way to go!
Think Indy is cheap? Drive about 45 miles north and check out some prices here in Kokomo!!
@Mike D'Arrigo , that would be the pre-rehab price.
And yes @Travis Darden !! I have been showing some of my teammates properties in the area and they cannot believe the prices (Those from the East and West coasts). Thank you for the encouragement and I am sure you will find a deal as you continue your endeavors ;) Indy is a wonderful city.
@Joseph Parker , I have a friend who is in the Kokomo area and has quite a few properties. He also says that area is growing (and appreciating) quickly at the moment. What's your take?
@David Ledbetter It's hard for people in high cost markets like CA to their minds wrapped around the prices in Indianapolis but once they do, they quickly see the cash flow potential.
@David Ledbetter I would agree that the area is growing in terms of new construction of both homes and apartment buildings (high end, low end and senior living), but a lot of us are skeptical as to who exactly will move in to and fill the newer high end apartments being built. Kokomo is a blue collar town and some of these new apartments are planning to be rented at $1000-$1400/mo. Here, that rent could easily be a mortgage on a 3500 square foot brick home on one acre, no questions asked. Also, jobs aren’t being added at the rate that would justify this new housing. So the jury is still out on that.
Your friend with properties in Kokomo wouldn’t happen to be a fellow ball player, would he? If so, I know him pretty well.
@Joseph Parker I guess "cheap" isn't the right word to use... Nothing wrong with the houses. I think they are priced well. However, the area is literally 1/2 the price of the area I moved from which is Fairfax VA, a DC Metro Suburb. So to me, this is great! The house I was able to buy here would have cost me close to a million in DC! I hope to find some buy & hold opportunities soon and grow a portfolio in the near future. Take care.
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