Buying in Evansville Indiana

34 Replies

I’m a first time buyer that lives in Queens New York thinking about investing in Evansville Indiana was wondering if anyone has invested in that area and has any information that could help me thank you

Hey @Nicholas Stergion , I'm from Evansville and am active in the market. 

I'm happy to help, but anyone that's going to give you any worthwhile advise needs a little more information from you. 

What investment class are you looking for?

Are you prepared to purchase or doing research? What is the price range you're looking at?

Who (property manager, lenders, other investors, brokers, flippers, wholesalers, etc) would you like to connect with? 


Out of curiosity, what made you settle on Evansville, IN? I love the idea of other people investing and improving in the area. 

Welcome, @Nicholas Stergion !

What has drawn you to the Evansville area? I've networked with several investors from the NYC area is far too expensive to invest in for many, and Evansville has a very low barrier to entry.

Evansville is a very unique town in many ways, and many of those make it a great place to invest. Nearly 1/3 of all households in Evansville are rentals, and vacancy rates continue to decline in the area as the city grows. 

Looking forward to learning more about your plans!

@Bo Goebel We’re looking at buying and holding basically rental properties mostly one family or multi family houses we have about 100,000 cash to buy a couple properties but my partner is looking at one that we would need to get a loan for if we decide to go that way and all contacts would be welcomed because we are just starting off now he plans on going down to Evansville in the last week of July and we found Evansville because his brother retired there last year

@Andrew Bowlds We found Evansville because my partner’s brother retired there last year and my friend went there to visit him and we been looking at starting To invest but most places were out of our price range and Evansville is affordable for us to start and it seems like a very nice area and we’re basically looking to buy and hold basically rentals and my partner plans on traveling better in the last week of July to look at some properties and to try to work for property managers and other things to help us along the way because we are just starting out

Property managers- 

Brandon Czoer- Goebel Realty,
Mary Moll- Evansville Homes for Rent

Lenders- 
Jared Ziliak- Evansville Teachers FCU

Kyle Anslinger- First Bank

John Lloyd- Hoosier Hills

Good luck.

I have worked with Mary Moll and Kyle Anslinger both in the past.  Agree with Bo both of these individuals are great to work with!  Have also heard good things about Brandon but have not personally had him manage a property for me yet.

My brother and I are also looking to start investing (single family rentals) in Evansville.  Is there a regular meet up or anything like that for investors in the area?

Originally posted by @Don Owens :

My brother and I are also looking to start investing (single family rentals) in Evansville.  Is there a regular meet up or anything like that for investors in the area?

 There is a meetup the second Tuesday of every month. You can find it in the Meetup app under Ohio Valley Real Estate Investment Club. Hope to see you there!

Thanks Dalton.  I live in Saudi Arabia currently but hopefully you will get a chance to meet my brother who is working with me and lives in Evansville.  Thanks for the help!

Evansville is hot right now. There seems to be a "changing of the guard" right now with older investors cashing out and retiring and a new fresh wave of investors coming in. It's a good time to be a contractor, that's for sure. 

Bill-Have you stayed busy working with investors on Flips or mostly buy and hold investors? 
I would agree with you many older investors are cashing out due to the hot market.  Have seen numerous Single family "packages" containing 25-100 properties.  All of them have been crazy asking prices.

Buy and hold rentals seem to be the "in" thing right now. Lack of inventory has slowed flipping even for me. Older investors are selling for different reasons but there are a few of us in our 30's that are buying and up over 100 properties. The packages can be enticing but make sure you know what you are getting into. There are some big packages out there now but you better have an open checkbook and strong management in place.  

What about the multifamiles in Evansville, looking at a 16 unit and wondering if the market is growing and can sustain the market rents especially on newly renovated apartments although they are all 1/1.

@Henry Offiah I believe I know the 16 units and I walked through it a couple months ago. I lived in that area back in college and it is the exact same as it was ten years ago. By that I mean it isn't any nicer now than it was then. Those units are large for 1/1s, esp a few of them. Seems like a lot of wasted indoor and outdoor space.  You can't really go much higher on rent because a street or two over there are decent duplexes that rent in that ball park.  If you are strongly considering that unit I would make sure you like the #s where they are at now because there isn't much you can do to raise rents or increase value. Good luck!

@Taylor Morrow thanks for this information, it definitely sheds some light. the current owner is in the midst of remodeling the last building so the numbers look really bad with 1 vacant building and 1 vacant unit out of 12. Sadly hes pricing it based on 100% occupancy and doessnt intend to finish the remodel of the last building. if i would put an offer in, it would definitely be 100k under the asking price especially if rents aren't increasing.

A hot area now is the north side of Evansville, and areas like Ft. Branch, Haubstadt, and Princeton. The Toyota manufacturing plant in Princeton employs over 5,500 people. As the Evansville economy grows so will interested investors, visitors, and businesses looking to get a piece of the market. #investinevansville 

Hello everyone,

I am looking at Evansville for myself and my son. I like the low entry level for my son since he is looking for his first and does not have much money to get started. I have seen @Nick Edwards mention the north side as well as Ft. Branch, Haubstadt, and Princeton. Does anyone have any other areas they would consider? What areas would you stay away from? 

I would be looking for SFRs and would like to do buy and hold. I have a 1031 coming up but would not likely use it for these and would probably pull equity out of another property and do a cash deal. 

Any recommendations at all would be greatly appreciated.

Thanks,

Paul

I currently live in Colorado Springs and my family and I are moving to the Evansville area next week. We will be looking for a house, but then a rental property we can BRRRR.

There are a lot of moving parts to my current situation (selling the house in Colorado Springs, buying the new place, then working with the cash we have left to invest), but I am excited to start making connections.