Looking to purchase duplex in Indianapolis

6 Replies

Not sure if I am supposed to be posting this on here. Or if this is the right platform to post. My wife and I are looking to purchase a multifamily unit in a safe, developing area in Indianapolis. We had our eye on two different units, but they both went under contract the day after we visited. We are curretnly not really interested in any that we see online. Is there any way to find MFH that aren't on the MLS apps? Should we just wait a few weeks and see what is there? this is very discouraging to us.

Any help is appreciated!  

Take a look at the bigger pockets marketplace for properties for sale. Click on a few, and contact the person who listed the property on BP. I'd say over 50% of the posts are from wholesalers, ask them if they are a wholesaler. Tell them you are on the hunt and your criteria, and they will put you on their buyers list and contact you when they get properties under contract. You'll get loads of off market deals straight to your inbox. When you find one that meets your criteria, act fast. The next day is usually too late. 

Good luck.

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@Daniel Dow Thanks! I will do that now! New on here so it may take me a little getting used to. Ha

@Kerry Noble Jr Ummm, I’m not sure of specific zip codes. Mainly looking near BroadRipple, Irvington, FS, or brookside(closer to downtown). 

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@Lamont Glover II  In Indianapolis: When dealing with multifams, you need to be aware of a couple of different things.

Higher vacancy rates, instead of 2-4 weeks to fill a single fam, you are looking at 4-8 weeks to fill a multifam. It’s not for lack of applicants, but lack of GOOD applicants.

Higher turnover rates.. While my single fam renters generally rent for 4+ years on average, my multifams only rent for 1-2 years on average. The premium for single family houses is not that much more, and most residents will gladly pay that amount to not have neighbors. Turns(One tenant moves out and you have to prep for next tenant) are what kill you in rentals. A good tenant turn is probably going to run you $1000-1500. It's VERY rare that someone gives you the property back in the same condition you gave it to them.

Watch out for owner paid utilities. These can break the deal. While water/sewer is easy to deal with, anytime you are paying for heat you are looking for trouble. Residents crank the heat up in the winter and then open a window to cool off...

Most multifams in Indy are in low income areas, and are much older(1900-1950’s). The deferred maintenances wrack up quickly, and you have to multiply that by the number of units.

I am not trying to scare you off, just you need to budget for them.

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