Hi folks, I currently have a multifamily in upstate New York. I've found the city and utility companies to be really outdated in their notification and payment systems. For example I got a fine for unmowed grass and by the time I received it by mail weeks later, I already had another one!
I'm looking to invest in Indianapolis, Kansas City, Detroit, or Cleveland (still doing research so if you have suggestions/tips please feel free to share.
Which cities are the most efficient and cheapest to work with for out of state investors from a government and utilities standpoint?
Real Estate Broker · Indianapolis, IN · Member since 2016 · 32 posts · 12 votes
6y
@Shirley Giraldo I can only speak for Indianapolis. Most of Indy is covered by two utility providers, Indianapolis Power & Light(electric) and Citizens Energy Group(Gas, Water, and Sewer). I used to really dislike calling into either because I found hold times extremely long but I feel they've really improved that in the last 5 years. I'm hardly ever on hold any more. Both companies have online pay, auto pay, etc. They will make you put down a deposit for your first property but eventually, they drop that. Whatever property management company you choose should be able to handle that on your behalf if you didn't want to. I have found some City offices difficult to work with, permitting especially...but, I bet if I was a contractor that pulled permits frequently, it wouldn't be as large of a hassle.
Real Estate Broker · Indianapolis, IN · Member since 2016 · 32 posts · 12 votes
6y
@Shirley Giraldo I can only speak for Indianapolis. Most of Indy is covered by two utility providers, Indianapolis Power & Light(electric) and Citizens Energy Group(Gas, Water, and Sewer). I used to really dislike calling into either because I found hold times extremely long but I feel they've really improved that in the last 5 years. I'm hardly ever on hold any more. Both companies have online pay, auto pay, etc. They will make you put down a deposit for your first property but eventually, they drop that. Whatever property management company you choose should be able to handle that on your behalf if you didn't want to. I have found some City offices difficult to work with, permitting especially...but, I bet if I was a contractor that pulled permits frequently, it wouldn't be as large of a hassle.
Real Estate Agent · Cleveland, OH · Member since 2020 · 280 posts · 365 votes
6y
Hi Shirley, I can't claim to have any special knowledge about KC or Indy, but looks like those are covered by other respondents. My husband and I invest in Cleveland and my family is from Detroit. Cleveland has no POS inspections in the city proper, while the water bills can run high, it is pretty standard for the tenants to pay. It's very easy to invest here if you understand where to do it. I have a lot of contacts in Detroit and would be happy to connect you.
Rental Property Investor · Prairie Village, KS · Member since 2015 · 2k+ posts · 2k+ votes
6y
@Shirley Giraldo I invest out of state in Kansas City and I've been happy with the market. Folks are nice, price to rent ratios are good, both cash flow and apprecation from my properties.
Hi Shirley, I can't claim to have any special knowledge about KC or Indy, but looks like those are covered by other respondents. My husband and I invest in Cleveland and my family is from Detroit. Cleveland has no POS inspections in the city proper, while the water bills can run high, it is pretty standard for the tenants to pay. It's very easy to invest here if you understand where to do it. I have a lot of contacts in Detroit and would be happy to connect you.
That's good to know about the water bill. One less expense! Where should one invest in Cleveland?
@Shirley Giraldo I invest out of state in Kansas City and I've been happy with the market. Folks are nice, price to rent ratios are good, both cash flow and apprecation from my properties.
Great! How many properties do you own, for how long, and what property manager do you use (if any)?
Real Estate Agent · Cleveland, OH · Member since 2020 · 280 posts · 365 votes
6y
@Shirley Giraldo Where to invest depends on several factors. What is your budget? Are you doing flips or buy and holds. I'd be happy to talk offline if you want to get into some greater detail. Let me know.