Early Professional starting in Indianapolis

14 Replies

Hi Everyone!

I am a new investor looking to get into the real estate game. I am looking for single family homes in northern Indianapolis for under 250,000. I want to get experience managing properties and get as much experience from my first property.

Look Forward to hearing back and getting advice,

Ankit Maewall

Do you live in Indianapolis? If not I would advise against managing the property yourself from afar unless you have a team to handle issues already in place. It would be best to have a property management company manage it or buy a property in your area to manage.

Hi and welcome @Ankit Maewall to BP!  As Grant said, if you are investing from a far, you'll likely be better off having a property manager in place.  Also that is a pretty high price point for a SF rental in a city like Indianapolis. Are you looking for something that is rent ready (turnkey) or something that needs some work - fairly minor or major?

Hi @Larry Fried , I am going to be moving to Indianapolis soon but wanted to start searching now while I have time. I am looking for a turnkey rental that might need minor work in needed. What price point would you recommend I start my search? I was looking into the northern suburbs area.  

@Ankit Maewall I agree 100% with what others have said, managing yourself is NOT easy if you're out of town. Additionally @Larry Fried hit the nail on the head, $250k is at the higher end of the market. It's not too much but no one here wants to see you over pay like so many out-of-towners do. 

Good luck and if you have any questions I'm happy to help if I can. 

Originally posted by @Ankit Maewall :

Hi @Larry Fried , I am going to be moving to Indianapolis soon but wanted to start searching now while I have time. I am looking for a turnkey rental that might need minor work in needed. What price point would you recommend I start my search? I was looking into the northern suburbs area.  

 Do you mean the northern part of Indianapolis - ie: still in the city; or north of say the I465 in suburban cities like Carmel and Fishers?

@Ankit Maewall

i will suggest you to first move to Indianapolis and then source rental properties to invest in. You may think that property prices are appreciating and you are losing time but be patient to buy in.

Turnkey is not the only game in town, you can buy off market , wholesale deals etc. 

You can make connections in Indianapolis through real estate groups, do your own due dilligence , check out good property managers and take the plunge

my two cents!

Ok, that seems to be the best route for me. I would definitely say I like to take calculated risks and that would be my best bet to take a calculated risk. When the time approaches I look forward to getting everybody's advice on partnerships, potential deals, and exit strategies!

@Ankit Maewall why don't you start networking before you even move to Indy so you can have a base of people to interact with when you arrive. Just be careful of sales people saying anything to get a property sold. Rely on your PM and crossing major streets makes a HUGE difference in property values sometimes. 

@Jeb Brilliant That is a great idea! I am going to work on that now. From listening to the podcasts it seems essential to have a good real estate investing team. I will look for a real estate agent, mortgage broker, real estate attorney, accountant, handyman, and property manager. Do you guys have suggestions on getting connected with a handyman or property manager?

Originally posted by @Grant Anderson :

Do you live in Indianapolis? If not I would advise against managing the property yourself from afar unless you have a team to handle issues already in place. It would be best to have a property management company manage it or buy a property in your area to manage.

 Do you have any recommendations for high quality PM in Indy?

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