I am focusing on Irvington, Indianapolis for single family home as my start of my buy and hold investment. I have looked at a particular property selling for 62K, with a lot of rehabs pending in order to become habitable. I am a newbie and I would like comments to see what to look for upon the transcation.
Thank you for everyone's comments.
You don't know the rehab costs? Time frames for rent ready?
@Ken Yeung I would definetly look at what rental rates are for your home, make sure you compare apples to apples if it is a 3/1 or 3/2 etc. You can check rentjungle.com or rentometer.com for rental rates. Knowing your rehab budget is key, make sure you have a property manager you can trust and leverage his or her contacts. Maybe they know a contractor that can help you. Building your team is step one.
@Ken Yeung The Indianapolis market is very competitive and inventory very tight. Why restrict yourself to the Irvington area? There are a lot of good areas in Indy. You may have to consider casting your net wider.
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Out of curiosity why are you focusing on Irvington? I'm looking to begin investing in Indianapolis as well, and have seen a few good options in Irvington but I can't find much information on it, beyond the basic neighbourhood zone grade. If you have any links to info on Irvington it would be very helpful. Thanks!
Irvington is a nice area. We have over 400 doors in Indy, and maybe 2 in Irvington. It's gotten too pricey... Many other areas with better ratios.
@Ken Yeung I like Irvington and the rentals that we have out there are pretty decent. Irvington is established and predictable for the most part. Be sure to understand whether or not your home is under the Historic Society as they limit the types of materials you can use for rehabs.
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