I am looking to expand into Indianapolis SF/MF market and looking to talk to the top 3 Property Managers. Since I will investing remotely and I am really new to the Indy market, I would greatly appreciate if any existing investors can point me to good Property managers. I am planning to visit Indy later this summer (Aug 6) to meet about 3 of them and start establishing a relationship.
I greatly appreciate your time and inputs.
Hi @Lalit R. Will PM
@Lalit K. Picking the right property manager for you can depend on what neighborhoods you are investing in and with what rent levels. Some specialize in Section 8, other in higher end properties with rents $1,000 and up. It just depends. Some are also good for helping you find properties, others not so much their thing.
T&H have been great so far and came highly recommended to me.
@Larry F., I agree with you on the PMs being local. I am focusing on B neighborhoods and since the rents and prices vary by the block within hot neigbhourhoods, I am having a challenge zeroing on a few. I am planning to visit indy in the coming month or two to get a feel of them. Let me know if can share any insights on any B neigbhourhoods with a high rent market.
The big issue I see is the explosion of out-of-state investors who are trolling the Indy market, trying to jump in. They're driving the prices up in many of the B neighborhoods. As a result, the smart REI investors are looking for B-minus or C-on-the-borders-of-B areas.
Fountain Square is the neighborhood where a lot of REI's [including ME] are trying to find properties - thanks in large part to HGTV's "Good Bones". It's the kind of neighborhood we all dream about: high 'walk score', safe feel, coffee shops, theaters, low crime, high rents, and LOTS of renovations happening on older homes all summer long. I've been trying to find a good buy in Fountain Square since February, but the one's I like are all overpriced, or are snapped up more quickly than I can arrange financing.
I'm also interested in Irvington, Emerson Heights, Little Flower (thanks to the 10th Street redevelopment org), and parts of Crown Hill.
But it's a street-by-street thing. Your best best is to look at BOTH the sale price, and the rental estimates on houses surrounding your target properties. And make sure the houses fit your 'criteria' (me: 3br/1+bath, supporting $1K+ monthly rent, bought @ 20% below market).
I would recommend talking with Barron Property Services, Dorfman Property Management and IPM real estate.