German, looking to invest in Indiana

German, looking to invest in Indiana

Member since 2018 · 18 posts · 6 votes

Hi guys,

after following the forums and the YouTube channel for quite some time, I finally signed up. Still a bit overwhelmed about all the info here but so happy to be here.

I'm from Germany and have strong ties to Indiana. Hence my decision to invest in the Indianapolis, Fort Wayne, South Bend areas. I am still a total newbie and really want to get educated before approaching my first transaction. I'm generally interested in either small homes or apartments/condos - buy and hold to get started and generate income. 

I am super interested to learn about the local markets, how to manage properties over distance and generally how to get started.

Once again, thanks for having me, super excited to start this journey. If you have any pointers about where to get started, what books to read first, that would be awesome.

Best,

Philipp

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Jaron WallingPro Member
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
8y

https://www.biggerpockets.com/renewsblog/20-books-...

Here you go man. I've read 3 of these books and it opened my mind to real estate.

I'll say my first book (if you want to call it that) was "Rich Dad Poor Dad". It was a game changer for me because my parents were not great with money and only recently started understanding my plans for house hacking, renting, etc. 

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  • Member since 2018 · 18 posts · 6 votes
    8y

    Hi @Medi Sarwary ... thanks for the tip with the credit unions ... That could be a possibility but I am pretty set on paying cash for my first purchase. But then, if the first rental will work, I would try replicating it and for that I would need some sort of outside money. So it's great to have that opportunity now. I will look into when I am back in Indiana.

    Sparkasse is sort of the go-to bank here but really not the best in terms of flexibility and modern-day services. I would suppose that an online bank would have served you better, but it sounds you managed anyway. 

    Thanks for your input Medi, really appreciate it!

  • Rental Property Investor · Member since 2018 · 69 posts · 19 votes
    8y

    actually its quite easy to get an us bank account as a forigner i am from germany too and opened an bank account without any problems

  • Member since 2018 · 18 posts · 6 votes
    8y

    Hi @Mickey Russo .. thanks so much for reaching out. Are you focusing on the Indianapolis area. I will hopefully over again next year ... maybe we can have a coffee and chat about investments in Indiana :) 

  • Member since 2018 · 18 posts · 6 votes
    8y

    Hi @Tobias Stoll - I guess it depends which bank you go with and also where in the US you are trying. In the end it worked fine for me and I went with TD down in Florida. Which bank did you open an account with? Are you currently invested in RE in the states? 

    Viele Grüße,
    Philipp

  • Rental Property Investor · Member since 2018 · 69 posts · 19 votes
    8y

    Hey Philipp,

    wells fargo, invested not realy some cash i transfered to the bank account, going to buy a vacation house to take advantages of opportunities given....

  • Real Estate Broker · Naples, FL · Member since 2015 · 57 posts · 12 votes
    8y

    @Philipp C. Dukatz Yes, my current focus is just Indy. Primarily West side Hendricks County Indiana. I'd be glad to meet with you when you're in town. :D

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