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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