Winter Garden, FL · Member since 2016 · 20 posts · 10 votes
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.
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.
I also just took a trip to Indy and recently got an accepted offer on a duplex over there. I’m also in the process of looking for a good property manager, and we got to meet two or three different property managers while we were there, however I want to look for others. While trying to look for recommendations, I came across this post and it’s filled with a lot of good information! Did you happen to decide on a property management company? Curious to see which way you went!
Thanks for the good info.
Congrats on the accepted offer! I ended up working with Just Liv Indy and Real Property management and I am currently in the process of analyzing deals and sending out offers. One thing I can add is I am also looking for lenders in the indy area. Curious to know who you are going with for that. So far have been suggested Bobbie King of Fairway, Sean Huss of Chemical Bank, and Matt Slater from Northpointe Bank.Through my initial interviews they seem all very capable, helpful, and knowledgeable. For anyone who lands on this post and is looking for an Indianapolis lender, check them out and tell them I say hello!
Whats going on Aaron? I think Indianapolis is a great place to invest in real estate. We have friendly land lord laws, we have affordable houses, and a growing population with a lot of diversity in industries within the city. One property management company you should check out is Ethosity Property Management Group. This is a heavily biased answer because this is who I am with, but they are a quality property management company. Check out their google reviews and give them a call.
Nice to meet you Christian, I'll check you guys out!
Thanks for the quick reply! I ended up using Shawn Huss from Chemical Bank, but I know people who used Bobbie King and heard she’s great! Good luck on your hunt!
New York, NY · Member since 2008 · 89 posts · 9 votes
2y
Folks - old Thread but typically what % do you expect annually for property management including some break/fix costs. Just making some calculations vs continuing to invest with large multi-family sponsors. Thanks