Indianapolis - Out of state investor looking to build a ground team

13 Replies

Hi!

I'm an investor from Southern California who is just starting out. I've decided to buy my first rental property in Indianapolis. I'm in the stage of assembling a ground team and mortgage shopping.


I'm looking for a real estate agent/property management team (they can be the same person, an existing team, or separate recommendations) who can help me through the entire process of:

  • Be my eyes and ears in Indianapolis. Scout and vet the MLS properties I'm interested in and/or link me houses that fit my criteria.
  • Advise me on neighborhoods and what price the house will rent for. As experienced investors themselves, go over my numbers with me to make sure I'm doing the right thing.
  • Guide me through the acquisition process as my buyer's agent (offer, inspections, title stuff, etc).
  • Handle any clean up to get the property move-in ready. Not looking at any rehab-heavy properties right now, but experience with rehab is a plus for any future investments.
  • Find tenants and manage my property, or hand over the keys to a property management company of my choosing.

Please let me know your recommendations!

I'm very excited to get started on my journey so thank you in advance for any recommendations and advice you can provide!

MODERATOR:  RECOMMENDATIONS ONLY IN THIS FORUM, PLEASE.  DO  NOT ADVERTISE YOUR SERVICES HERE.

@Jeff L. , you may wish to get in touch with the team of @Ryan Mullin and @Ashley Mullin . Though I've yet to partner with them, I've spoken with many who have worked with them and this team seems to come highly recommended. 

As always, perform your own due diligence. All the best!

@Jeff L.

  Just curious how many houses are you going to be buying in a short amount of time.

your wish list is pretty extensive and with properties selling for what they do there there is not a lot of money in these deals to spend all this time being your ground team unless you can proof up that you could buy 10 to 20 homes right out of the gate....

Just a thought many will want to help you but you have to be mindful of the amount of work your asking for and the very small commission that are made on mid west properties

Originally posted by @Jason Leong :

@Jeff L., you may wish to get in touch with the team of @Ryan Mullin and @Ashley Mullin  . Though I've yet to partner with them, I've spoken with many who have worked with them and this team seems to come highly recommended. 

As always, perform your own due diligence. All the best!

 Thanks for the recommendation!

Originally posted by @Jay Hinrichs:

@Jeff L.

Just curious how many houses are you going to be buying in a short amount of time.

your wish list is pretty extensive and with properties selling for what they do there there is not a lot of money in these deals to spend all this time being your ground team unless you can proof up that you could buy 10 to 20 homes right out of the gate....

Just a thought many will want to help you but you have to be mindful of the amount of work your asking for and the very small commission that are made on mid west properties

I don't think my list is that unusual for an out-of-state investor, since all out-of-state investors need people on the ground floor to physically do these things? I assume the partnerships are structured in a way that's mutually beneficial for all parties involved.

I'm here to build relationships. But I am a first time investor (with a full time so I need to start slow in order to figure everything out. If everything goes well, I definitely intend to do more business with the people I form a good partnership with.

That's what I'm hoping to do now: get a team together that I'm comfortable with so that I can scale faster in the future. Thank you for the insight!

@Jeff L.

the reason I responded was to just give you some help in getting responses.. If your looking to buy one 50k rental  then your probably asking a lot of any agent to do this whole laundry list of things for you.. if your planning on buying 20 you could get a team together.

other wise if its just one or two   turnkey is probably the better route.

Maybe @Shawn Holsapple

 who is a local broker I know well in Indy would do all of this stuff to sell one property and I will let him speak for himself... But you have to be realistic is all I was trying to point out.

@Jeff L.

 I am doing something similar in Indy. PM me if you want to talk. I can share my experiences so far although they are certainly not extensive. 

@Jay Hinrichs

 was likely responding to your use of the word ground team. Generally those are more dedicated teams (meaning to one investor or small group) and service more active investors. The people already recommended here do many of those things as a busienss servicing larger pools of investors. 

Originally posted by @Jay Hinrichs :

@Jeff L.

the reason I responded was to just give you some help in getting responses.. If your looking to buy one 50k rental  then your probably asking a lot of any agent to do this whole laundry list of things for you.. if your planning on buying 20 you could get a team together.

other wise if its just one or two   turnkey is probably the better route.

Maybe @Shawn Holsapple

 who is a local broker I know well in Indy would do all of this stuff to sell one property and I will let him speak for himself... But you have to be realistic is all I was trying to point out.

 That makes sense. Thanks for helping me set my expectations.

@Jeff L

 I am currently in the same stage, maybe half step further than you. I flew there a few weeks ago and met with a few people. Although I haven't made up my mind as how I will proceed, I can share my experience with you. Pls PM.

@Charles Worth

I will PM you.

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I agree with @Jay Hinrichs That's a lot of work for just one or two properties. It really only makes sense to put a team together if you are going to be building a fairly sizable portfolio. You may want to be open minded to buying a turn key property where everything is all done for you and tenant and PM is in place. People naturally assume that a turn key is more expensive but here's why that isn't necessarily true and can sometimes be less. 

  1. 1. Turn key companies acquire properties cheaper than an individual because they are paying cash, and buying from multiple sources including auctions, tax sales, wholesalers etc. The MLS isn't where the deal are.
  2. 2. Turn key companies have lower materials and labor costs because of discounts with suppliers and contractors and trades people.
  3. 3. There are no construction cost overruns and surprises
  4. 4. No debt service, taxes, insurance and utilities while you are getting it rent ready and  getting it leased.
  5. 5. No lease up fee to place the first tenant. 

The chart below shows a typical scenario.

    Jeff,

    I work with several out of state BP members looking to invest in the Indianapolis market. If you need any assistance understanding Indiana laws and our legal system, let me know. Happy to speak with you.

    And, yes, unlike most attorneys, I do give free consultations :-)

    -Jynell