Hi, I am an out of state investor looking to start buying rental properties in Indianapolis area (interested in area with school systems that are rated 8 and up). I am focused on 3 bedroom, 2-3 bath homes in B class neighborhoods that are under 150k and require minimal renovation (this is my first investment purchase). My main goal is cash flow. If everything goes well I'm looking to buy more. Looking for a real estate agent who knows the area, and ideally one who can put me in contact great property manager, inspector, service providers/contractors, etc. Thank you in advance for your recommendation.
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Kristin Albin - Highgarden Real Estate
@Dan Cumberland thank you Dan! I don't at the moment. This will be my first. My wife and I recently sold our house that we bought 8 years ago which we renovated inside and out (guess you can call it somewhat our first flip). We're taking the profit and starting our REI journey. Been doing a lot of research and really like the Indy area. Thank you for the refer.
Very cool @Ryan Nguyen . What city do you live in?
I live in Tustin, Ca. @Dan Cumberland . I see that you have a few investments. Hopefully soon, I'll be there as well. Btw, are you managing your own property or do you have a PM group that handle it for you since you're an OoS investor as well? One of the reason why we're doing this is so my wife (house wife for the last 8 years and she loves real estate) doesn't ever have to go back to work for a company. She can run this business during the day while I'm at work.
Yes. I'm on my way, but still a relatively new investor :-)
Both properties have a local PM who deals directly with tenants and small maintenance issues. It's worked well for me so far. It's sometimes a shock when you've had maintenance costs that you didn't know about and your owner distribution check is less than expected. But that's also why I'm paying the PM— so I don't have to answer the calls and line up the handyman. It's literally as hands off as I want it to be, which allows me to focus on my work (non-real estate) and next acquisition.
Thanks for info. I'm trying to set it up to be handsoff as much as possible as well.
@Ryan Nguyen I love how clear you are on your property criteria. That's a great start. The agent will definitely appreciate your clarity and it will save him/her a ton of time. There are quite a few agents who are well versed with investment properties and rental areas. I'd highly recommend making a trip to INdy to interview the agents in person and see if your interests align with theirs and what their specialty is. Same goes for PMs and other vendors as well. Once you have a solid team on ground, you can focus more on the acquisitions.
@mihir bhimaraju You're absolutely correct. That's what I'm looking to do first is to talk to everyone and if all goes well over the phone, I will fly out to meet them in person but will coordinate it so I can maximize my time there.
Hey @Ryan Nguyen , I live in NYC and invest in Indy. PM me and I will put you in contact with the agent that has been helping me for two years now. She might be able to take in more out of state clients.
@Ariel Hernandez Thank you and PM you. Hope to hear from you soon.
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