Looking to build team in Indianapolis

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Looking to build team in Indianapolis

Mel Adams
Investor · San Diego · Member since 2021 · 86 posts · 91 votes

Hey everyone - I'm an OOS investor looking to purchase my first property and would like to get in touch with a few agents and PM's in the Indianapolis area. Does anyone have recommendations? 

My plan is to purchase a multi or single family for under $175k (using conventional loan) and use the BRRRR method in a C or B neighborhood. I have a list of neighborhood "grades," but it's from 2019 so I'll be leaning on my agent/PM for more info there. An agent who invests in the area themselves would be great. I've been running some numbers on a few MF properties and they're coming back with crazy good cashflow, so I'm a little suspicious my Rentometer and Craigslist findings aren't super accurate.

Any other general tips for Indianapolis would be appreciated as well. Thanks in advance! 

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Allen Tracy
Chatsworth, CA · Member since 2016 · 190 posts · 224 votes
5y

I have a couple properties in Columbus, OH and am interested in Indianapolis also. Just as heads up when running the properties through rentometer that most of the properties at least in Columbus rent closer to the 25th percentile number. Not sure if that’s the case in Indianapolis also but thought I’d mention it since it might change your returns when running the numbers. 

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  • Alora Glaze
    Indianapolis · Member since 2019 · 288 posts · 179 votes
    5y

    Welcome to the Indianapolis market, Mel!
    Out of state investing in Indy is my wheelhouse - let me know if I can be of any help providing referrals, market information, or otherwise.

    Indy is very much street-by-street but fortunately this city is great for all types of strategies but it does take a bit to crunch the numbers and to also take into consideration what appreciation is happening around a certain property.

    Best of luck to you!!

    0Reply
  • Ryan Harwood
    Lender · NY · Member since 2020 · 13 posts · 7 votes
    5y

    I am in process of closing on my second property in Indy. I am likely less knowledgeable than others but happy to help if I can.

    1Reply
  • Allen Tracy
    Chatsworth, CA · Member since 2016 · 190 posts · 224 votes
    5y

    I have a couple properties in Columbus, OH and am interested in Indianapolis also. Just as heads up when running the properties through rentometer that most of the properties at least in Columbus rent closer to the 25th percentile number. Not sure if that’s the case in Indianapolis also but thought I’d mention it since it might change your returns when running the numbers. 

    2Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Allen Tracy:

    I have a couple properties in Columbus, OH and am interested in Indianapolis also. Just as heads up when running the properties through rentometer that most of the properties at least in Columbus rent closer to the 25th percentile number. Not sure if that’s the case in Indianapolis also but thought I’d mention it since it might change your returns when running the numbers. 

     That depends a lot on who you are using for leasing. I have seen a lot of cases when the rents are closer to the 75th percentile.

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    1Reply
  • Allen Tracy
    Chatsworth, CA · Member since 2016 · 190 posts · 224 votes
    5y
    Originally posted by @Remington Lyman:
    Originally posted by @Allen Tracy:

    I have a couple properties in Columbus, OH and am interested in Indianapolis also. Just as heads up when running the properties through rentometer that most of the properties at least in Columbus rent closer to the 25th percentile number. Not sure if that’s the case in Indianapolis also but thought I’d mention it since it might change your returns when running the numbers. 

     That depends a lot on who you are using for leasing. I have seen a lot of cases when the rents are closer to the 75th percentile.

    It probably also depends a lot on the location/class.  All the C properties I've seen advertised (and the ones I own) are all renting closer to the 25th percentile.  Some of the investors in my Columbus mastermind group said theirs are all close to the 25th percentile also.  Donny even showed me comps in the C areas that all matched with the 25th percentile.  Maybe a brand new rehab or extra amenities like extra bd/ba/ac or garage in the higher class neighborhoods might be able to bring in the 75th percentile but I haven't seen those in the lower class ones.

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Allen Tracy:
    Originally posted by @Remington Lyman:
    Originally posted by @Allen Tracy:

    I have a couple properties in Columbus, OH and am interested in Indianapolis also. Just as heads up when running the properties through rentometer that most of the properties at least in Columbus rent closer to the 25th percentile number. Not sure if that’s the case in Indianapolis also but thought I’d mention it since it might change your returns when running the numbers. 

     That depends a lot on who you are using for leasing. I have seen a lot of cases when the rents are closer to the 75th percentile.

    It probably also depends a lot on the location/class.  All the C properties I've seen advertised (and the ones I own) are all renting closer to the 25th percentile.  Some of the investors in my Columbus mastermind group said theirs are all close to the 25th percentile also.  Donny even showed me comps in the C areas that all matched with the 25th percentile.  Maybe a brand new rehab or extra amenities like extra bd/ba/ac or garage in the higher class neighborhoods might be able to bring in the 75th percentile but I haven't seen those in the lower class ones.

    All of the ones I have seen have come from single-family homes.

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    1Reply
  • Allen Tracy
    Chatsworth, CA · Member since 2016 · 190 posts · 224 votes
    5y
    Originally posted by @Remington Lyman:
    Originally posted by @Allen Tracy:
    Originally posted by @Remington Lyman:
    Originally posted by @Allen Tracy:

    I have a couple properties in Columbus, OH and am interested in Indianapolis also. Just as heads up when running the properties through rentometer that most of the properties at least in Columbus rent closer to the 25th percentile number. Not sure if that’s the case in Indianapolis also but thought I’d mention it since it might change your returns when running the numbers. 

     That depends a lot on who you are using for leasing. I have seen a lot of cases when the rents are closer to the 75th percentile.

    It probably also depends a lot on the location/class.  All the C properties I've seen advertised (and the ones I own) are all renting closer to the 25th percentile.  Some of the investors in my Columbus mastermind group said theirs are all close to the 25th percentile also.  Donny even showed me comps in the C areas that all matched with the 25th percentile.  Maybe a brand new rehab or extra amenities like extra bd/ba/ac or garage in the higher class neighborhoods might be able to bring in the 75th percentile but I haven't seen those in the lower class ones.

    All of the ones I have seen have come from single-family homes.

    Ah, that makes more sense, you get the entire home to yourself and don't have to share walls or driveways with anyone.  The ones I've been running are for multi-family.  I'd definitely pay more rent for a 2-3bd home compared to a 2-3bd in a multi-family.

    1Reply
  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    not an agent but can assist with "other general tips" 

    0Reply
  • Mel Adams
    OP
    Investor · San Diego · Member since 2021 · 86 posts · 91 votes
    5y

    @Alora Glaze thank you! I'm going to work on getting preapproved for a loan and then revisit building my team. Thanks for your input!

    @Ryan Harwood going to send you a message

    @Allen Tracy Thanks Allen. Alora mentioned this in an earlier comment and I've heard it from a few others as well, but sounds like it's street by street in some areas so until I can find out for sure, I'm using the 25th percentile or sometimes lower. 

    @Kerry Noble Jr sending you a message

    0Reply
  • Seth WilcockBusiness Member
    Lender · Nashville, IN · Member since 2016 · 139 posts · 84 votes
    5y

    Hi Mel, 

    Just sent you a DM. I'd love to connect and be a resource for you. 

    Resolute Lending Powered by Independent Mortgage Brokers LLC
    WebsiteView Page
    0Reply
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