South Bend Area Newbie

13 Replies

I just recently started my journey into real estate investment and am currently in the education and planning phase. I am currently based in Granger, IN, own a SFD that I rent out, and am looking to add to that.

Hopefully there is some activity in this forum- I'm interested to see what others in my area are doing.

Hey @Luke Robertson , I also am just starting out real estate investing in the south bend area. BP is full of great information,  are you looking to do flips, more rentals, or both?  

Hi TJ Gray . I'm currently looking to get into acquiring single family dwellings to hold as rental properties but plan to expand to flips in the future. Based on everything I'm researching and common sense, specializing in one area is the way to go. I'd like to line up a few rental properties as long term investments and get that process down before expanding to flips. What is your area of focus?

@Luke Robertson

BP is full of useful resources such as forums and blogs. Welcome to the Bigger Pockets community-be sure to check out all the awesome BP blogs under “Learn.”

@Luke Robertson That sounds like a great plan.  I also am planning to work with rentals and hope to mix in a few flips as well.  I just closed on my first duplex here in town and hope to get it cashflowing right away.  Do you plan to landlord yourself or hire a property manager? 

Congratulations, @TJ Gray ! That's exciting. The current plan is for my wife and I to landlord ourselves. In time that may change, but we are still in the education / planning phase. 

The concept is simple enough, but we need to focus on learning to properly analyze potential acquisitions. I'm doing a lot of reading and digging into the forums. I typically like to learn by doing, but we want to do the proper research before pushing forward. 

No analysis paralysis- just due diligence! 

What area is your duplex in? Do you have a plan in place to put tenants in place?

Hi @Luke Robertson !

Welcome BP! I've been doing wholesaling in Chicago and recently expanded back to South Bend since its my hometown. Is there a certain area your interested in acquiring your buy and hold properties?

I'm starting to get a lot of deal but my buyers list is kind of small since just I'm just starting out in the area. I can't wait to understand and see the nuances of the South Bend market.

Thanks,
James

James Turner

Hi @James Turner ,

I am trying to help out a colleague of mine, who wishes to expand her portfolio of rental properties. She currently owns a couple of rentals in South Bend, IN, but before looking into any further investments, she wishes to replace her current PM company. I am not familiar with the area, hence I am reaching out to those who are. If you, or any BP investors, can send me a few recommendations, I'd be happy to send them on to her. Once she has this issue resolved, I feel confident that she will start investing some more.

Thank you,

Bracha

Hi @Bracha Pushkin ,

I'm actively interviewing PM companies now to establish my team when I start to buy and hold. Do you mind letting me know who she working with now?

I'll be sure to let you know the better options after doing some more interviews.

Thanks,
James

James Turner

@Luke Robertson

Welcome to BP! Learn and enjoy here on BP. Try to network here and in your area of interest. Goodluck to your real estate journey.

Hi @James Turner ,

Her current PM company is: Banko Property Management. Unfortunately, she hasn't been very pleased with their service. Would very much appreciate first-hand recommendations of other PM companies in the area.

Thank you

Bracha

As far as PM companies there is one that I hear good things from other investors, Access property management is one, owner is also the president of the local reia, great guy and very knowledgeable. 

Hey guys!  I have been in the SB Investment market for over 14 years.  I have seen may landlords come and go over the 14 years.  The good landlords I see have 2 things in common, good PM and good units.    Honestly I have have not seen a "GREAT" PM in town , they all are under staffed and try to handle too many units.  I guess thats what they need to do in order to make it in this affordable market where the average rent is $500-550 per month.  i have used all of the main PMs in town.   My professional opinion is Pete from Access Properties.   Pete at Access has a good machine built, he manages close to 900 units. His fees are fair, his repair costs are low and his accounting is simple and on time like clock work.

As for "good units"  I think it is best to find house in the decent areas, somewhere you would live.  I like the rentals that bring in $600 or more. Those units tend to bring in better tenants that take care of the house and stay longer.  Sure you may have to spend more money on the house when you purchase it, However rehabbing a house between tenants every 9 months or year adds up fast!!  

The hardest part of this business is finding the good units at the low price where you can make money!!

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