Rental Property Investor · Bountiful, UT · Member since 2015 · 5 posts · 1 vote
I am new to bigger pockets. My family and I have been investing here in the Salt Lake City area for the last 6-8 years. I love investing here, but I wanted to look into areas that might provide a little better income off my investment. I have been looking at few different areas and I am very interesting in the state of Indiana. I was hoping to get some information on what other investors are finding successful in the Indy area and maybe some other area such as south bend, West Lafayette, and maybe the northeast part of the state like Chesterton, etc.
What areas are you guys seeing success in?
Do you recommend single family homes or 2-4 unit multi family properties? What kind of returns/cash flow are you seeing on these investments?
What areas should I avoid, etc.?
Any information will help. Thanks for your guys input.
That property looks awesome Bob. I actually have a good friend that lives very near there, who also has done an amazing reno, and his place is probably close to that value. The price point isn't out of line for that area, clearly would take a certain type buyer who wants something unique, but I think it's pretty sweet.
but it doesn't seem to have the detail and is half the size. Seems like it's just outside downtown but probably no one would walk in. I was in Indy probably late 80's early 90's and seemed pretty small. Is there life after 5pm? Where would you look in that price range?
Ironically that'd be an ideal property for me. Its in Fletcher Place which is one of THE most walkable neighborhoods in the city. You could walk to a colts game or pacer game. One of the best art scenes in the midwest is Fountain Square just across the bridge. Also a huge live music scene. If your into eating out Fletcher place was listed number 9 in this article about the hot foodie areas across the country.
The gym that my wife and I go to is across the street and our office is about 3 or 4 blocks east, also on Virginia ave. The best coffee shop imo is just a few doors down. A TON of new construction happening all along there. Mostly muti use buildings with retail on the ground level and condos above.
From an investment stand point fletcher place is to expensive for cash flow and almost impossible to get any inventory to flip.. but.. luckily you have Bates Hendricks just on the other side of Eli Lily's headquaters (to the south). Bates Hendricks was recently featured on HGTV and is the essences of an "up and coming" neighborhood. Thats why majority of my clients end up with a property in Bates Hendricks or Fountain Square in there portfolio. Rent around these neighborhoods has been increasing like crazy... just like the values. Going up and up and up. I have actual comps from the MLS. Not just newspaper articles... but I do have those too.
I dont know the first thing about Hawaii real estate values so I don't pretend to. So if I did own that guy in Fletcher place I wouldn't trade it for the deal in hawaii. Never. I dont know the market and frankly I hate the ocean.
Thanks for the info. Sounds really nice. Making me rethink Indy. Are you familiar with Cincinnati? I have a friend on the KY side that has a condo in the old Booth Hospital and he has a view right into the Reds stadium. I visited two Sept.'s ago after being away 15 20 years and had a blast walking over the bridge into Cincy then over the pedestrian bridge into Newport. Of course the weather was just fantastic. Covington KY tried a urban renewal "Mainstrasse" in the 70's that has pretty much been a failure. It's nice only about two blocks deep from the river and then there are vacant $10,000 houses. Even Cincy with the Over the Rhine project has been sketchy. People love their suburbs. Do you think these areas if Indy have sustainability?
My buddy in Brentwood TN lived at 38th and Post when his dad worked for DOD at Ft. Ben Harrison. I visited him about when he lived in Cumberland, Handcock Co. but that was more than 20 years ago and was the last time I was in Indy.
but it doesn't seem to have the detail and is half the size. Seems like it's just outside downtown but probably no one would walk in. I was in Indy probably late 80's early 90's and seemed pretty small. Is there life after 5pm? Where would you look in that price range?
That area is red hot, started before the recession, kind of slowed, and has now taken off more than ever. And yes, walking and particularly biking are immensely popular in that area. The city built what's called the Cultural Trail a few years back, and it has greatly helped both Fletcher Place and Fountain Square.
As far as after 5p...I'd say there is actually MORE activity then. The area is full of younger people who live around there, and there is a lot of nightlife. Downtown Indy in general would be unrecognizable to you compared to late 80s/90s. I was a kid at that time, and recall how it was pretty much Naptown back then. The first big change was the construction of Circle Center Mall in the early 90s. It's improved every year since then and is the place to live these days. The amount of new, high-priced (comparatively) apartments coming on market over the next few years is amazing.
Bob Bowling if your alternative to Indianapolis is buying in San Francisco then please tell me a strategy that would allow me to get into that market with such high purchase prices. Even if I could I would have all my eggs in one basket apposed to diversifying my portfolio in several cheaper properties. I get that I can make big money in appreciation over time but how much is it going to cost me out of pocket each month while I wait for the appreciation. Perhaps that strategy is for the more established investor that can afford it. But for now I'm sticking where it makes perfect sense to me. And that is Indianapolis. But that's just me. I'm a small fish in a big pond...but one day will become a shark!
@Jason O'Toole, if you are looking to invest out of state, I definitely suggest finding a very strong property manager that you can trust. That being said, in Indiana, Indianapolis seems to be a strong place to invest right now in both rentals and flips. Good luck!
Do you still have that House that I can Buy for $877,000?
HOUSE!? LOL. I might be able to get you in this 2/1 apartment but remember properties are generally overbid by the hundreds of thousands! Get you coin together cause we don't wait around for penny counters or mess with lookie loos.
Sorry @Brett Snodgrass this property is pending! But it is a TIC property so financing is always iffy.
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@Bob Bowling Flat rents???? I own all properties cash and enjoy a avg. of $650 positive cash flow with under 50K investment.
And Bob, I have read your posts....you are a troll that spues bs all over BP.
Please point out anything I've posted that someone of your intelect perceives as b.s. and I will attempt to explain further. Also please provide any support for your preposterous claims in your prior posts.
Never mind Kevin. I just noticed you claim to be a turn key provider. We know where the b.s. is coming from. You must be a heck of a salesman with your temperment.