Newbie from Indianapolis, Indiana

Newbie from Indianapolis, Indiana

Member since 2019 · 14 posts · 7 votes

Hello! My name is Miles Z. Sterrett, from Indianapolis, Indiana. I realized after a couple events earlier this year that I have the savings and financial situation to significantly alter my family's future for the better—beyond continuing to climb in my career. Don't get me wrong, I love my job, and I'm not looking to quit. I'm looking to make myself less reliant on a salary, while also providing an example for my kids—a financial education.

I was lucky enough to be afforded the opportunity to invest in a commercial property as a limited partner recently. It's given me the bug! Now I'm trying to learn as much as possible, and talk to as many folks as possible. (I'm buying coffee or lunch, if you're hungry or poorly caffeinated.) I'm not sure what exactly my next investment is. The group who did the first deal is looking at other commercial offices as a possibility. A friend would like to do a partnership on a buy and hold, possibly multifamily. I've looked locally, at other cities in Indiana with which I'm familiar, including more rural. Ultimately, I'm being cautious, trying to learn all I can and practice evaluating properties. I'll focus after I've learned a bit more (I tell myself).

Looking forward to learning from you all!

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Rental Property Investor · Indianapolis, IN · Member since 2018 · 33 posts · 14 votes
6y

@Miles Z. Sterrett

My name is Chandler Harker. I’m a new investor in Indianapolis. I have two properties so far but looking to expand my company by getting into commercial real estate/ apartments. I don’t know much about the space so looking to learn. That’s awesome that you are getting to learn about it as a limited partner. That sounds like something I could be interested in. What kind of commercial are you invested in? Where is it?

Thanks Miles

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  • Rental Property Investor · Omaha, NE · Member since 2019 · 17 posts · 5 votes
    6y

    Hey Miles! I hear Indianapolis is a great city, and place to invest in RE. I'd be interested to learn more about the city and your journey!

  • Member since 2019 · 14 posts · 7 votes
    6y

    @Tony Douglas I'm biased, of course, but I think it's a good city! Good place to raise a family (plethora of affordable, quality housing options with decent schools and that Midwestern hospitality), growing city with a growing tech industry (which is my professional area). Kinda stoked to be in an area many look to invest in. Also somewhat intimidated by the competition!

    I don't know the site well yet, but sent you a connection request. Seems like that is a thing. My wife was actually born in Nebraska, though in Lincoln. :-)

  • Rental Property Investor · Indianapolis, IN · Member since 2018 · 33 posts · 14 votes
    6y

    @Miles Z. Sterrett

    My name is Chandler Harker. I’m a new investor in Indianapolis. I have two properties so far but looking to expand my company by getting into commercial real estate/ apartments. I don’t know much about the space so looking to learn. That’s awesome that you are getting to learn about it as a limited partner. That sounds like something I could be interested in. What kind of commercial are you invested in? Where is it?

    Thanks Miles

  • Member since 2019 · 14 posts · 7 votes
    6y

    @Chandler Harker

    Very cool! Thanks for replying.

    It'san old church in Broad Ripple we're renovating, turning into office space. It's at 6202 Carrollton, sharing an alley with The Vogue, across Carrollton from Hubbard & Craven (more or less). The upper floors will be occupied by the health tech startup for which I work, the downstairs leased separately (for now). 

    Excited about it both as an investor and as a soon-to-be resident. Haha.

  • Rental Property Investor · Indianapolis, IN · Member since 2017 · 36 posts · 26 votes
    6y

    Miles,

    I too am from the Indianapolis area (west of Broad Ripple), so I know exactly what church you're talking about. Very cool it's getting put to new use. My job had moved me around the country for a while, but I'm back in Indy for good now and have continued my real estate investing here in town. I'd love to meet grab lunch or coffee sometime.

    Cameron

  • Property Manager · Indianapolis, IN · Member since 2019 · 20 posts · 9 votes
    6y

    @Miles Z. Sterrett ,  Def still a sellers market, jump on the good deals quick !!! I am always looking to share info and "throw down the rope" when I can. Good luck with the church!!

  • Nick GiulioniPro Member
    Rental Property Investor · Carmel, IN · Member since 2016 · 1k+ posts · 615 votes
    6y

    Welcome to the community! Reach out if you ever would like any help/advice.

  • Member since 2019 · 14 posts · 7 votes
    6y
    Originally posted by @Cameron O'Connor:

    Miles,

    I too am from the Indianapolis area (west of Broad Ripple), so I know exactly what church you're talking about. Very cool it's getting put to new use. My job had moved me around the country for a while, but I'm back in Indy for good now and have continued my real estate investing here in town. I'd love to meet grab lunch or coffee sometime.

    Cameron 

    Coffee or lunch would be great! I'll send you a message. Also, you'll have to check out the church when it's finished!

  • Member since 2019 · 14 posts · 7 votes
    6y
    Originally posted by @Samuel Penrod:

    @Miles Z. Sterrett ,  Def still a sellers market, jump on the good deals quick !!! I am always looking to share info and "throw down the rope" when I can. Good luck with the church!!

     Haha yeah, surprising even to see what the value of my current home is. I'd love to buy you coffee or lunch sometime if you're up for it!

  • Member since 2019 · 14 posts · 7 votes
    6y
    Originally posted by @Nick Giulioni:

    Welcome to the community! Reach out if you ever would like any help/advice.

     Thanks, Nick! Always looking to learn, but I'll try not to bug you until I have good, specific questions. :-)

  • Property Manager · Shelbyville, IN · Member since 2014 · 303 posts · 161 votes
    6y

    @Miles Z. Sterrett Hey! I love it when a plan comes together! Congrats!

    You mentioned rural. I'm down here in Shebyville and have been investing for a long time (bought two houses in high school). Also started buying commercial personally - put my brokerage in one and rented space to a title company and lender. So definitely relate to what you're doing.

    Anyway, happy to show you around if youre ever interested. We have a lot of growth! City has approved a $19M budget for downtown renovations. Pretty exciting stuff, I feel like no matter where you're at in Indy, there is good happening!

  • Property Manager · Indianapolis, IN · Member since 2019 · 20 posts · 9 votes
    6y
    Originally posted by @Miles Z. Sterrett:
    Originally posted by @Samuel Penrod:

    @Miles Z. Sterrett ,  Def still a sellers market, jump on the good deals quick !!! I am always looking to share info and "throw down the rope" when I can. Good luck with the church!!

     Haha yeah, surprising even to see what the value of my current home is. I'd love to buy you coffee or lunch sometime if you're up for it!

     @Miles Z. Sterrett , would love to meet! Message me your info and we can set something up!!

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    6y

    @Miles Z. Sterrett

    Welcome to the BP family! Good to have you here! Here are some recommendations for you:

    Find and connect with other BP members that are in your area:
    https://www.biggerpockets.com/search/users
    Set up keyword alerts to be notified of the topics that interest you:http://www.biggerpockets.com/alerts
    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
    Check out BP Podcasts: https://www.biggerpockets.com/podcast

    Wishing you the best!

  • Member since 2019 · 14 posts · 7 votes
    6y
    Originally posted by @Justin Polston:

    @Miles Z. Sterrett Hey! I love it when a plan comes together! Congrats!

    You mentioned rural. I'm down here in Shebyville and have been investing for a long time (bought two houses in high school). Also started buying commercial personally - put my brokerage in one and rented space to a title company and lender. So definitely relate to what you're doing.

    Anyway, happy to show you around if youre ever interested. We have a lot of growth! City has approved a $19M budget for downtown renovations. Pretty exciting stuff, I feel like no matter where you're at in Indy, there is good happening!

     Very cool! I don't know Shelbyville well, if I'm being honest, but that does sound exciting. What's driving all the growth?

    I've internet-browsed my hometown in North Central Indiana, and driven a small town where my in laws live near Lafayette. Not rural, necessarily, but I've looked in Lafayette because I lived all over that town!

    Awesome that you got started on high school. 

  • Member since 2019 · 14 posts · 7 votes
    6y
    Originally posted by @Samuel Penrod:
    Originally posted by @Miles Z. Sterrett:
    Originally posted by @Samuel Penrod:

    @Miles Z. Sterrett ,  Def still a sellers market, jump on the good deals quick !!! I am always looking to share info and "throw down the rope" when I can. Good luck with the church!!

     Haha yeah, surprising even to see what the value of my current home is. I'd love to buy you coffee or lunch sometime if you're up for it!

     @Miles Z. Sterrett , would love to meet! Message me your info and we can set something up!!

     Will do! DM incoming.

  • Member since 2019 · 14 posts · 7 votes
    6y
    Originally posted by @Dmitriy Fomichenko:

    @Miles Z. Sterrett

    Welcome to the BP family! Good to have you here! Here are some recommendations for you:

    Find and connect with other BP members that are in your area:
    https://www.biggerpockets.com/search/users
    Set up keyword alerts to be notified of the topics that interest you:http://www.biggerpockets.com/alerts
    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
    Check out BP Podcasts: https://www.biggerpockets.com/podcast

    Wishing you the best!

    Thanks for all the resources, Dmitriy!

  • Rental Property Investor · Michigan City, IN · Member since 2019 · 10 posts · 6 votes
    6y

    @Miles Z. Sterrett

    Hey there miles. Welcome to the site!

    I am from northwest Indiana, lived in Indianapolis for a few years and have moved north again. Just closing on my fourth deal in yeah one up here.

    Where do you all predict the next growth market is for Indy? Broad Ripple is already near the peak, Fountain Square is likely going to have gotten too hot already too. I am considering getting back into the city to invest. What do you all think of possibly the near north side, just north of Fall Creek? I could see the Herron Morton trend moving up that way.

  • Member since 2019 · 14 posts · 7 votes
    6y
    Originally posted by @Jacob Galloway:

    @Miles Z. Sterrett

    Hey there miles. Welcome to the site!

    I am from northwest Indiana, lived in Indianapolis for a few years and have moved north again. Just closing on my fourth deal in yeah one up here.

    Where do you all predict the next growth market is for Indy? Broad Ripple is already near the peak, Fountain Square is likely going to have gotten too hot already too. I am considering getting back into the city to invest. What do you all think of possibly the near north side, just north of Fall Creek? I could see the Herron Morton trend moving up that way.

     Honestly, I don't know enough to answer that question yet. I know there are some young tech folk who live in the Irvington area, but not sure if that's going to take off. I've heard people speculate that it seems time for the Western side of downtown to receive attention (even Haughville, perhaps), but I think it's still mostly speculation. Following the trends with Brip and Fountain Square, I think it's a matter of figuring out where the artists are putting their work spaces and galleries for First Friday these days (and/or where the local music is happening). That will start the migration to that area of the city, and we'll get our next Fountain Square. :-) I clearly need to talk with more people 15 years younger than me, because I'm now out of touch with all of that.

    Plus, I don't think anyone really knows what repercussions the Redline might have.

  • Rental Property Investor · Long Beach, CA · Member since 2015 · 623 posts · 155 votes
    6y

    Hi @Miles Z. Sterrett I'm not local in Indy but I invest there as my full time job. I'd be happy to chat for a couple minutes if you have some questions. If you really feel like it you can donate the cost of a coffee to a good charity. I've been doing BRRRR's, a few flips, I have a couple apartment buildings now as well.

  • Nick GiulioniPro Member
    Rental Property Investor · Carmel, IN · Member since 2016 · 1k+ posts · 615 votes
    6y
    Originally posted by @Miles Z. Sterrett:

    Hello! My name is Miles Z. Sterrett, from Indianapolis, Indiana. I realized after a couple events earlier this year that I have the savings and financial situation to significantly alter my family's future for the better—beyond continuing to climb in my career. Don't get me wrong, I love my job, and I'm not looking to quit. I'm looking to make myself less reliant on a salary, while also providing an example for my kids—a financial education.

    I was lucky enough to be afforded the opportunity to invest in a commercial property as a limited partner recently. It's given me the bug! Now I'm trying to learn as much as possible, and talk to as many folks as possible. (I'm buying coffee or lunch, if you're hungry or poorly caffeinated.) I'm not sure what exactly my next investment is. The group who did the first deal is looking at other commercial offices as a possibility. A friend would like to do a partnership on a buy and hold, possibly multifamily. I've looked locally, at other cities in Indiana with which I'm familiar, including more rural. Ultimately, I'm being cautious, trying to learn all I can and practice evaluating properties. I'll focus after I've learned a bit more (I tell myself).

    Looking forward to learning from you all!

     So glad to have you as one of the "infected"! :)

  • Rental Property Investor · Indianapolis, IN · Member since 2017 · 96 posts · 140 votes
    6y

    @Miles Z. Sterrett Glad to see that the bug has bitten you too! As you mentioned you have started to look beyond Indianapolis into more rural areas which is great. There are many deals to be had in some of these places and it is great for you because you can leverage your market knowledge as a local. Most folks who are coming from out of state do not always think to look in some of these tertiary markets. That being said, I cannot stress enough that when you enter into these rural markets you need to conduct your due diligence very carefully. Everything from inspectors, contractors, property management companies, etc. Ask me how I know ;)

    Aside from that continue to be a sponge and learn as much as you can... then pull the trigger! Hope this helps. 

    Cheers,

    Zach

  • Member since 2019 · 14 posts · 7 votes
    6y

     Haha. An apt description for sure! Thanks, Nick!

  • Member since 2019 · 14 posts · 7 votes
    6y
    Originally posted by @Zach Hoereth:

    @Miles Z. Sterrett Glad to see that the bug has bitten you too! As you mentioned you have started to look beyond Indianapolis into more rural areas which is great. There are many deals to be had in some of these places and it is great for you because you can leverage your market knowledge as a local. Most folks who are coming from out of state do not always think to look in some of these tertiary markets. That being said, I cannot stress enough that when you enter into these rural markets you need to conduct your due diligence very carefully. Everything from inspectors, contractors, property management companies, etc. Ask me how I know ;)

    Aside from that continue to be a sponge and learn as much as you can... then pull the trigger! Hope this helps. 

    Cheers,

    Zach

    Oh, man. I'd love to hear that story. Thank you for the advice, Zack. I definitely will keep that in mind. I grew up in a rural area, but it seemed like we were always getting work done by a family friend or the like. Much less of a strictly-business sort of transaction than the usual. ... Maybe I should focus on areas where I have family, eh? Haha.

  • Member since 2019 · 14 posts · 7 votes
    6y
    Originally posted by @Jeb Brilliant:

    Hi @Miles Z. Sterrett I'm not local in Indy but I invest there as my full time job. I'd be happy to chat for a couple minutes if you have some questions. If you really feel like it you can donate the cost of a coffee to a good charity. I've been doing BRRRR's, a few flips, I have a couple apartment buildings now as well.

    Jeb, I might take you up on that at some point! Thank you for the offer. I'm going to try to at least make sure I have some idea of what a good and bad question is first, if I can. :-)

  • Rental Property Investor · Long Beach, CA · Member since 2015 · 623 posts · 155 votes
    6y

    @Miles Z. Sterrett They’re all good questions. Many years ago when I was getting started I was asking basic questions but as I took action, listened to podcast and read books I started having more sophisticated questions. Whenever you’re ready I’m happy to chat.

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