Indianapolis 1st-time MF Owner Occupant with FHA Loan

Indianapolis 1st-time MF Owner Occupant with FHA Loan

Multi-family Investor · Indianapolis, IN · Member since 2013 · 96 posts · 12 votes

Hi! My name is Lindsay, and I'm under contract to buy my first home in Indianapolis' Fountain Square neighborhood. It's a triplex and should have pretty awesome cash flow, so I'm really excited!

Someday I'd like to buy more properties in areas like Fountain Square that try hard to be walkable/bikeable/wheelchairable and update them to be truly handicapped-accessible, and then sell them to people with lease options who may not otherwise have been able to own their homes. I think starting by building equity in this little triplex is a great way to begin, but I have so much to learn!

Can't wait to meet more people on here. Add me especially if you're in the area of have done similar things to what I'm doing now or dreaming of doing long-term! Thanks!

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    13y

    Hi Lindsay,

    My focus is commercial real estate but regardless I would like to say hi and that your plan sounds interesting. The tri-plex should be a good property to learn as a stepping stone to other investments.

  • Multi-family Investor · Indianapolis, IN · Member since 2013 · 96 posts · 12 votes
    13y

    Thanks, Joel! I hope it will be! Definitely looking forward to having $1,000 coming in and PITI less than $500 :o)

  • Real Estate Investor · Carmel, IN · Member since 2013 · 3 posts · 0 votes
    13y

    From one newbie to another: Welcome. I love the fountain square area especially the restaurants there.

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    13y

    Lindsay,

    Congrats on your progress.

    I applaud your mission.

    Consider checking some of the local social agencies, there may be some housing stipend monies available. You might be able to rent per bedroom instead of per unit. This can give you 2-4 times more rental income.

    When you think about what legal entity you set up you may want to consider a non-profit one giving you access to additional monies.

    Paul

  • FL · Member since 2009 · 2k+ posts · 357 votes
    13y

    Lindsay Wilcox,
    Welcome to the Best Real Estate Site on the net.

    I suggest that you spend some time in the following forum:
    Landlords and Rental Property Questions.
    Here is a link to that forum:
    https://www.biggerpockets.com/forums/52-rental-property-questions-landlording-issues

    In that forum, I suggest that you spend some time, reading the first 4 "stickies," especially the First one.

    Raymond

  • Multi-family Investor · Indianapolis, IN · Member since 2013 · 96 posts · 12 votes
    13y

    Thanks Paul! I'm familiar with some of the housing agencies in the area, and I work for the local Area Agency on Aging, so I'll definitely try to collaborate in as many ways as I can!

  • Investor · Wichita Falls, TX · Member since 2010 · 3k+ posts · 603 votes
    13y

    Welcome to BiggerPockets Lindsay Wilcox!

    I really like your motivation behind your goals. That's awesome!
    I like Indy, I own a duplex in the area. I may try and buy another property there later on in the year. It's definitely a great market to get started in!

    See you around the forums :)

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