I am from California and looking to invest in cash flow properties, particularly in Indianapolis.
Is there any real estate investors here in that area who can share some ideas and give me some advice?
Also, I am doing some research about this turnkey company called Alpine Capital Solution. Have anyone done business with them and how was your experience?
Thanks a bunch!
Mid-west investment groups love to work with Californians! Most of those companies make money on every step of the transaction. They buy foreclosures for pennies on the dollar, renovate them with their own contractors, sell it to you at market rate, and then manage it for you. They mark up maintenance. They charge leasing fees even after the tenant they placed trashes the home and abandons it. It's an incestuous transaction.
If you plan to go this route, I would recommend safer investments in Class A or B communities. I would buy the property from someone other than the person that will be managing it.
I recommend you start by reading Long-Distance Real Estate Investing by @David Greene before jumping in.
Hey Dorothy, I'm in San Francisco and am pretty active in Indy.
Flying back out next week.
Let me know if I can help in any way. I've been in Indy since April and have learned a tremendous amount.
@Ernesto Hernandez That's great to know! Thank you and will reach out if I come across any questions.
@Dorothy Pang Plane tickets are cheap. Evictions and damages are not.
Morale of the story: spend the few hundred dollars to go see Indy in person. Spend a few days out there and talk to multiple of these TK providers! You're willing to spend thousands, what's a few hundred more for due diligence and quality assurance.
Thanks @Kenny Dahill
Great advice Kenny.
You can get a nice Airbnb room for $70 a night in Indy. Something simple and clean is like $40. Car rental about $30 a day if booked in advance. A flight on Southwest is like $350 if you don't wait last minute, sometimes lower.
Or sign up for the Southwest Card and get minimum 2 trips for free basically (let me refer you! My next flight was also free).
That and an inspection. At minimum an inspection.
Buying sight unseen is something I would strongly advise against given my own experience.
I’ve started investing in Indianapolis few months ago, I also live in California. I close on my first SF property this Friday and have a second SF in escrow and closes in few weeks. I have learned a tremendous amount of info here in forums. PM me, I just got my PM in line and working with few contractors for bids for minor work to be done. I also plan on visiting at the end of this month.
@Daniel Palma , Hi, great job on your closing your first deal! If you need a contact in the Indy metro area feel free to connect with me. I'm actively seeking partners/private lenders to provide cash to the deals I provide. Let's connect. :)
As a TK provider, I would encourage the same thing... COME VISIT. We are very transparent in our processes, but even so... it's amazing to me how few investors actually hop on a plane.