Property Manager in Indianapolis

30 Replies

I was looking to add to my portfolio with an out of state property and I settled on Indianapolis as my target market. If anyone knows of a well reviewed and experienced property manager/real estate agent that they can recommend to be interviewed, that would be much appreciated! My target property is a small multi-family property (2-4 units) with some value add available.

Cheers!

Hi Aaron, 

I just closed on my first property in Indy. I used T & H Realty Inc. as my PM, and so far they have been great. Very easy communication and they have vendors on call if work is needed on the house, like my did. They are a bit on the pricier side as far as charging one month's rent for their leasing fee. Message me if you need the person of contact at T & H. 

Goodluck! 

@Jason Martinez appreciate the reply and congrats on the first purchase! Through my PM research, I landed on T&H realty's website and it did look impressive so I am glad to hear first hand that they deliver what they portray. If you don't mind me asking, what type of property do you own in Indy (single-family, SMF, multi-family)? How long has the work on your property taken to be completed?

@Matt Everling I wanted some diversification outside of my Florida market and I looked at the up and coming areas in the midwest with good potential for stable cashflow and lower entry points. Landed on several different areas and through some research, I decided I wanted to focus in on Indy. How about yourself?

@Aaron Brown I am looking at Indy for the same valid reasons you stated. I have also been researching other areas like Cleveland (OH) Dayton (OH), Louisville (KY) and Lexington (KY). I've even heard good things about Madison (WI). I like buy and hold small MFR. Goal is to keep things small and scale up to large apartment buildings and/or use the "stack" method taught by Brandon Turner.

This post now has me more interested in Indy. Time to focus on finding quality A, B and C neighborhoods.

Welcome to the Indy market @Aaron Brown !

Ensure that you perform your due diligence on all of your vendors. I do not want to beat a dead horse here, but there is not a "one size fits all" when it comes to property management companies. As you will find Indianapolis has some great areas that can quickly turn into rougher area in a matter of a few blocks. You must ensure that you have a solid team in place to assist you in navigating the city. 

There are a number of solid vendors here in the market. That being said, for someone who specializes in section 8 such as @Harvey Levin may not do as well with A class properties. For someone like @Ross Denman who assists folks with BRRRR opportunities does not specialize in section 8. The point is... narrow down your criteria, shop the vendors, and find specialists!

Investing in this market is not a cake walk, so ensure that you talk to a number of folks and begin to formulate your plan of action moving forward. Far too often I will get calls, emails, & private messages from investors complaining about their PM company. My first question that I ask is how many companies did you vet. Typically, I get a response along the lines of... "well they had good google reviews, or they had so many good things to say." Don't be this guy/gal who finds themself in a hole 4 months post close due to a lack of effort in finding the right team. Hope this helps! Feel free to PM me if you have more questions. 

Cheers,

@Aaron Brown I have a SFR in Indy. The work took one week to paint the whole interior except living room and hall way, fix some concrete on the porch, landscape, and a ton of miscellaneous items inside the house. They were VERY fast and reasonable. The contractors did not request a penny over the quote.

I could have probably gotten it done for cheaper, but T&H had a list of contractors that they worked with and they were on top of it. 

@Zach Hoereth Thanks for the wise words Zach! I am in the infancy stages of my due diligence and I definitely plan to do more background research before I start throwing out offers. It's interesting you list @Harvey Levin and Ross Denman in your examples, as they were on my list of people I wanted to reach out to. I've noticed you've commented on many different Indy related posts and I would definitely love to PM you in the near future to pick your brain on your local market knowledge!


Cheers!

Originally posted by @Jason Martinez :

@Aaron Brown I have a SFR in Indy. The work took one week to paint the whole interior except living room and hall way, fix some concrete on the porch, landscape, and a ton of miscellaneous items inside the house. They were VERY fast and reasonable. The contractors did not request a penny over the quote.

I could have probably gotten it done for cheaper, but T&H had a list of contractors that they worked with and they were on top of it. 

Wow! Sounds like you have a great thing going with them so that is good to know. Thanks for the review!

 

I’ve gotten a lot of feedback from other investors interested in the Indianapolis market, so I figured I’d share my search experience thus far with everyone. Although I haven't officially hired anyone and I'm still doing my due diligence, I’ve interviewed 2 potential property management companies thus far: Harvey Property Management Group and LIV Indy.

I’ll start with @Harvey Levin  . Harvey spoke to me personally after reaching out on BP when he saw my blog post. He spent over 2 hours on a call sharing his vast amount knowledge based on his experiences, being a property manager and investor himself in the Indianapolis market for over 30 years. He was very forth coming with his information about exactly what to expect from his services and gave a lot of personal anecdotes about his experiences. As stated by @Zach Hoereth earlier, his niche is section 8 tenants in C-class neighbourhoods in single family and duplex properties, although he does work with other properties such as B-class areas as well. I was able to ask my long list of Bigger Pockets crafted interview questions and he answered them all to satisfaction without hesitation or objection. I got a really good vibe about his professionalism and although he did note that he is more on the expensive side, I think the services he provides and his reputation of being one of the best in the market warrant the premium.

LIV Indy was also a great interview, although largely different than Harvey Property Management Group. Whereas Harvey has upwards of 350 units under management, LIV Indy fancy’s themselves as more of a smaller, 1-1 boutique management company that is based on an intimate relationship between landlord and property manager. I spoke with the Owner and Managing Director, Matt and Sam; they touted their own investor knowledge in the area having grown up in Indianapolis and they spoke highly of their strong network that is available for all your needs. They tend to work in more established neighbourhoods that are safer with a good, reliable tenant pool and they are a newer management group that is younger and well connected to the area today, using a lot of the latest technology to assess opportunities. They too answered my laundry list of questions to great satisfaction and I got a great vibe from them and left feeling like they had a strong sense of the Indianapolis market, having been long time investors there as well.

I have not hired either as of yet, as I am still in the research phase; so far either company seems like a great bet to meet your needs depending on what you’re looking for. I will continue conducting my research but I hope this helps in the mean time!

@Aaron Brown should probably note that arm has been operating for around 18 months now and arent in our infancy any more. We have almost 70 properties now, from retail and bars, to 4 unit MFR, to SFR. We have worked with investors from Jersey to Houston to Oregon. Although it's fun to talk about how far away some clients are, it's noteworthy that about half our portfolio are local people that can physically walk into the office, and i think that says something!

@Aaron Brown Thanks for the post on your PM interviews.  Very helpful.  I'm also looking for a PM in Indianapolis.  I'm an out of state investor from NYC and already own a couple of properties there and I'm looking to change PMs.  Just curious, have you decided on a PM yet?  Did you get a chance to interview T&H Realty?  I've seen them get recommended on a couple of other posts.

Originally posted by @Andres M. :

@Aaron Brown Thanks for the post on your PM interviews.  Very helpful.  I'm also looking for a PM in Indianapolis.  I'm an out of state investor from NYC and already own a couple of properties there and I'm looking to change PMs.  Just curious, have you decided on a PM yet?  Did you get a chance to interview T&H Realty?  I've seen them get recommended on a couple of other posts.

Hey @Andres M. I haven't had a chance to interview T&H realty but I did interview Real Property management and they also seem promising. I am heading to Indianapolis on Thursday to meet with some PM's in person and to look at some properties. I have seen some posts about T&H and they have good reviews, so I'd say you should give them a look on top of the ones I've already mentioned.  

@Aaron Brown Indy is a great area and ripe for investing, but the advice here has been fantastic. Location is key even block by block in many areas. I’m an experienced property manager in the area and would be happy to help in anyway I can. Feel free to reach out to me if you have any questions.

Be careful in Indy brother! Super hyper-local for good duplex deals. 4 plexes are few and far between.  If you can't fly out here and literally drive the blocks I wouldn't take the risk!

Happy Hunting!

@Megan Ann Nagel  @Ivan Barratt

Thanks guys! I took a trip out to Indianapolis just recently to get a better sense of the neighborhood and you are definitely right about it being block to block. 

Originally posted by @Ivan Barratt:

Be careful in Indy brother! Super hyper-local for good duplex deals. 4 plexes are few and far between.  If you can't fly out here and literally drive the blocks I wouldn't take the risk!

Happy Hunting!