Already rented Gary Indiana

12 Replies

Looking for anyone that would be interested in homes already rented in Gary (or Northwest Indiana).  Rent between 650 and 800 a month, cost between 25k & 30k. 

Why would someone be unloading these at only 3 times gross rents?  Are the expenses super high?

A home in Gary for 30k is not out of the norm.  Especially livable.  A lot of section 8 landlords are in the city as well. 

I don't doubt that there are many $30,000 homes in Indiana.  My question is why anyone would sell one at ONLY three times the gross rents.  Either.

1.  The $800 rent is NOT collectable

2.  The ongoing expenses are so high that little if any of the rents passes to the landlord.

3.  There are likely huge anticipated future expenses.

Otherwise, why would the market ONLY be willing to pay three times gross rents?  That is my question.

Originally posted by @Bob Bowling:

I don't doubt that there are many $30,000 homes in Indiana.  My question is why anyone would sell one at ONLY three times the gross rents.  Either.

1.  The $800 rent is NOT collectable

2.  The ongoing expenses are so high that little if any of the rents passes to the landlord.

3.  There are likely huge anticipated future expenses.

Otherwise, why would the market ONLY be willing to pay three times gross rents?  That is my question.

 1. AND high turnover AND hard to rent

@Sharad M 

My wife and I are looking to invest in our first rental and the prices in Gary are appealing. I see that you invest in the Lake county area and seem to be doing quite well.  What are your thoughts on rentals in Gary vs Lake Station and other surrounding areas?

Hi @Brandon Moore  

Prices in Gary are definitely appealing, but it's a tough market for a newbie investor. You will need to be VERY hands on landlord and have an exceptional tenant to make it work. I would definitely go with Lake Station over Gary, but be careful buying in Lake Station, because that area is notorious for having some houses with foundation issues.

Let me know if there is anything else I can help with.

This is an older thread but wanted to bring back. 25-30k in many areas of Gary is RETAIL. 

I will say this, Gary is a city of probably just over 100k. Not many people there return their census applications as they don't care so we will say over 100k. This means there are good areas and bad areas. I wouldn't blanket everyone based on the good areas or worse the bad areas. 

The numbers are exciting, but as has been mentioned you better know your stuff, because it can be fun. Luckily for me, I have teamed up with people that have been in the area for decades.

hi mike I know this is an older post but I invest in Gary among other areas. Would be interested to see what you have if still available. Thanks

Jeff,

I can get you Gary properties and the surrounding cities. Some are occupied and some need rehabbing. Let me know what you're interested in. PM me. 

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