Out of state BRRRR in Indianapolis
Good afternoon everyone,
I currently live in Rhode Island and just own one 2 family here. The market prices here now are insane and with the interest rates almost unaffordable, so I started looking out of state and my research led me to Indy. I took out a HELOC on this residence for 140K and am looking to use that to maybe buy something I can fix up (not a full rehab) and rent out for some decent cash flow. I wouldn't want to keep the balance on the HELOC for too long which is why I would like to do this strategy to pay it off What attracted me to Indy was the diversity, employment, population growth and is a pretty big metro. Am I in over my head trying to invest this far from me? I never been to Indy but would definitely be visiting first and would not buy sight unseen either. I like multi families but I read they are in the rougher parts of Indy. So I wouldn't mind investing in SFR that make sense to what I'm looking for. I'm trying to build a portfolio and Indy seemed like a great place to start with what I have. Any insight anyone has is greatly appreciated.