New Investor from CA looking at Indianapolis Turnkey

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New Investor from CA looking at Indianapolis Turnkey

Chris Gerenser
Investor · Napa, CA · Member since 2016 · 19 posts · 5 votes

Hello BP Community!

My name is Chris Gerenser and I live in Napa, CA with my wife and three girls. We currently have one rental property, as we held onto the home we outgrew. We have been interested in acquiring more rental properties, but the cost of real estate in California is very high.

The high cost locally drove us to look into buy and hold investing out of area and that led me to Turnkey operations. This seems to be the best fit for my family since at this point we do not have the time to dedicate to developing a market and team ourselves. The first market we are looking into is Indianapolis with Clayton Morris. We have set up an LLC and are looking to do our first deal.

We would like to put a roadmap together to acquire SFR and potentially MFR over the next 5-10 years to grow passive income from rentals that are cash flow positive from the start. I have many questions that I will address in other threads, but if you have any input regarding this market or any tips for a new investor, I'd appreciate the information. Thanks!

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Phil DuChamp
Investor · Indianapolis, IN · Member since 2014 · 61 posts · 28 votes
10y
Chris Gerenser I'm in the Indy market, just getting started and working with Norada Real Estate looking for my first property. While the COC isn't as favorable as Morris Invest, they have contacts with vetted rehabbers and property management firms. I'd recommend checking them out before committing to anything with Morris... I'm not trying to steer you one way or the other, just suggesting you keep your options open. I've been curious what area of town he's working in. At the price points he's mentioned on the podcast I'd think the area may be questionable...
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  • Nadine Lajoie
    Investor · Long Beach, CA · Member since 2015 · 201 posts · 29 votes
    10y

    I was an actuary from school and financial planner, I never liked one of those so I created my own :-)

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  • Account Closed
    NJ · Member since 2016 · 136 posts · 42 votes
    10y

    @Chris Gerenser

    Welcome to BP. You are at the best REI networking portal on the internet.

    Smart decision to look for Turnkey properties outside of CA. I am on the same boat as you as i live in a high price NJ market and looking for properties in PA.

    Few actions on this website to help you get most out of your subscription.

    1) Please setup the key work alerts

    https://www.biggerpockets.com/alerts

    2) Search and Subscribe to you local BP forum and any other forums that you are interested in based on the real estate strategy that you are looking for.

    https://www.biggerpockets.com/forums/categories

    3) Network with the fellow BP members from your area or area of interest.

    https://www.biggerpockets.com/meet

    4) Review Brandon Tuner list of 'The Top 20 Real estate books Every Investor should read' and the list .These books a very good way to keep yourself educated on things that was already documented by the experts. List can be downloaded from https://www.biggerpockets.com/books

    If you are absolute beginner in real estate investments like me check out the following as well.

    1) Take this awesome 4 Hours 17 minutes free course 'A Beginner's Introduction to Real Estate Investing'

    https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing

    YouTube playlist link for the same

    https://www.youtube.com/playlist?list=PLgSUZKLPRI9ugyNwyUODAxHxVOIlN_CWO

    2) Checkout the beginner guide for any other guides.

    https://www.biggerpockets.com/real-estate-investing

    Thanks,

    Vijay

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  • Sterling WhitePro Member
    Rental Property Investor · Indianapolis, IN · Member since 2014 · 554 posts · 153 votes
    10y

    Pleasure to virtually meet you @Chris Gerenser. 

    Other than the price points what attracted you to the Indianapolis market? With more context I can further assist. I was born & raised in Indianapolis.

    As others will chime in its crucial to have a reputable operator when investing from a distance. 

    Podcast Guest on Show #308
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  • Chris Gerenser
    OP
    Investor · Napa, CA · Member since 2016 · 19 posts · 5 votes
    10y

    @Nadine Lajoie thanks for trying to get back to me - phone was on the fritz.  I'll try to catch you tomorrow afternoon.  @Account Closed my initial TK provider I was exploring focuses on Indy so just started there.  I'm now also looking into some other markets thanks to fellow BP investor suggestions and TK operators reaching out.  The price points did initially attract me but I think those low end properties will not be where I focus.  I think B homes in good neighborhoods, very good rental markets, excellent TK provider(s), at 60-100K is what I'm initially looking for.  

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