Looking for Cash flow in Indy with Small Muti-Family Units
Hello everyone,
My name is Rob and I am looking to start my investment journey. I am doing research to determine my starting point start for buying muti-family homes for long term for cash flow and one particular spot I was looking into was Indianapolis. My wife and I were previously down in Indy last year and were attracted to the prospect of investing here.
I did notice that in my search for 2-4 units properties in the area there are a lot of properties that are under 150K. I have also looked at the rents as well and it appears that many properties will meet the 1% rule. That being said, I do have concerns given the other metro areas I have been looking at seem to be more pricey compared to rents. I am curious as to the rental market condition in Indy such as if homes are sitting vacant for months at a time, the rental market is extremely competitive to attract tenants and or if the rents are extremely flat. I have been looking at markets where the median rent is between $600-1000 a month and it just seems too good to be true with the prices things appear to be selling for.
I hope to network with other BP team members in the area or RE investors that are currently investing in Indianapolis.I want to build a team, starting with a real estate agent, property manager and contractor. Please let me know if you have any recommendations and thank you in advance for your help.