Hello everyone! My name is Peter. I'm an IT professional from Lombard, IL, and I'm looking to get my feet wet in buy-and-hold real estate investing.
My eyes were opened to the profit potential in real estate after graduating from Ball State University (Muncie, IN). My college friend from Indianapolis purchased a$60K home in the Speedway area, and within a few short years, he was able to pay off his mortgage, generate cash flow via renting rooms, and his home appreciated in value.
As a young college grad I was eager to replicate and expand on my friends results. Since I had very little money, the only thing I could afford in West Chicagoland were condos and townhomes. I was on the verge of buying a $90K condo, but I pulled myself off the ledge at the last minute. Not only was it overvalued, but I quickly realized the potential headache condos could present as an investment.
Upon reevaluation, I figured why not invest in Indy - it has more of what I'm looking for, plus friendlier prices, friendlier taxes, and having been there many times, I believe it has strong long term upside as a city. My new strategy is to acquire a buy-and-hold SFH to rent out in Indy with these purchase filters:
- $50 -150K range
- Young professional neighborhood
- Turnkey or only requires minor/cosmetic repairs
- Meets the 100:1 rule
- Built after ~1980 (to minimize repair costs and appreciate into the future)
I have $50K to available for this endeavor. My basic strategy is to start with one SFH and purchase more as I accumulate cash and experience. My goal is to generate enough monthly cash flow so if I were to lose my day job, I would have enough to cover COL expenses.
I am here to connect with people, share my experiences, and get feedback from the community. Thanks for reading my intro, I look forward to chatting!
Hey @Peter Williams ,
We're doing a lot of what you described here in Indy. Happy to answer any questions.
Welcome to Bigger Pockets.
Hello! @Peter Williams
Welcome to BP, and congratulations on making the decision to invest in your future via real estate.
I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.
First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:
The second is a post that will help get you focused with your real estate investing goals:
The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.
I love answering questions if you have any! Good Luck :)
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