Out-of-State Investor building my Indy team (value-Add deals)

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Out-of-State Investor building my Indy team (value-Add deals)

Michal Levitzky
Member since 2026 · 3 posts · 2 votes

Hi, I’m Michal. I’m getting started investing in Indianapolis, focused on value-add opportunities and building a long-term presence in the market.

Having a trusted local team is just as important to me as picking the right area.

My first priority is connecting with an investor-friendly agent who has experience working with out-of-state investors, knows the different neighborhoods and blocks well, understands rehabs, can be reliable boots on the ground, and has access to both on- and off-market deals.

Looking forward to connecting with local investors, agents, contractors, lenders, and property managers and learning from people who know the market well. 

Thanks!!

Michal

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Michael Eskenasy
Investor · Pacific Northwest · Member since 2026 · 538 posts · 306 votes
1mo

Michal — I think you’re looking at this the right way. For an out-of-state value-add investor, I’d put a lot more weight on judgment and execution than on whether an agent says they’re “investor-friendly.”

If I were interviewing agents in Indy, I’d want them to walk me through 2–3 recent investor deals they actually worked on:

  • What was the purchase price?

  • What did they think the rehab would cost?

  • What did it actually cost?

  • What rent or ARV did they underwrite?

  • What changed after closing?

  • And, most importantly, what would they do differently now?

That tells you a lot more than a list of neighborhoods or access to an “off-market pipeline.”

I’d also test the boots-on-the-ground piece before buying anything. Send them to a property. Ask for photos, video, their read on the block, obvious rehab concerns, nearby comps, and what would make them pass on the deal. You want somebody willing to tell you “don’t buy this one,” not somebody whose job mysteriously becomes finding a reason every property works.

The other thing I’d do is build the team around the transaction rather than trying to collect every professional upfront. A good agent should be able to introduce you to inspectors, contractors and property managers they’ve actually closed deals with, but I’d independently vet those people too.

And I wouldn’t make off-market access the deciding factor. Deal flow is useful. Reliable underwriting and local judgment are much harder to replace.

For a remote investor, I’d rather have an agent talk me out of two bad deals than sell me the first one.

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  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 929 votes
    1mo
    Quote from @Michal Levitzky:

    Hi, I’m Michal. I’m getting started investing in Indianapolis, focused on value-add opportunities and building a long-term presence in the market.

    Having a trusted local team is just as important to me as picking the right area.

    My first priority is connecting with an investor-friendly agent who has experience working with out-of-state investors, knows the different neighborhoods and blocks well, understands rehabs, can be reliable boots on the ground, and has access to both on- and off-market deals.

    Looking forward to connecting with local investors, agents, contractors, lenders, and property managers and learning from people who know the market well. 

    Thanks!!

    Michal


    Welcome, Michal! You’re right that the local team can make or break an out-of-state value-add deal. I’d focus on finding people who actually understand the neighborhoods block by block, not just someone with a long list of contacts. Indy is worth a look, but I’d also keep other Midwest markets on your radar. There are some solid value-add opportunities there, and having reliable boots on the ground makes the remote side much easier.

    [email protected]614-418-6081
    0Reply
  • Michal Levitzky
    OP
    Member since 2026 · 3 posts · 2 votes
    1mo

    Thanks @Arman Ahmed!!

    I see you're from OH... if can recommend anyone in IN I'd be happy to connect 

    Best

    Michal

    0Reply
  • Michael Eskenasy
    Investor · Pacific Northwest · Member since 2026 · 538 posts · 306 votes
    1mo

    Michal — I think you’re looking at this the right way. For an out-of-state value-add investor, I’d put a lot more weight on judgment and execution than on whether an agent says they’re “investor-friendly.”

    If I were interviewing agents in Indy, I’d want them to walk me through 2–3 recent investor deals they actually worked on:

    • What was the purchase price?

    • What did they think the rehab would cost?

    • What did it actually cost?

    • What rent or ARV did they underwrite?

    • What changed after closing?

    • And, most importantly, what would they do differently now?

    That tells you a lot more than a list of neighborhoods or access to an “off-market pipeline.”

    I’d also test the boots-on-the-ground piece before buying anything. Send them to a property. Ask for photos, video, their read on the block, obvious rehab concerns, nearby comps, and what would make them pass on the deal. You want somebody willing to tell you “don’t buy this one,” not somebody whose job mysteriously becomes finding a reason every property works.

    The other thing I’d do is build the team around the transaction rather than trying to collect every professional upfront. A good agent should be able to introduce you to inspectors, contractors and property managers they’ve actually closed deals with, but I’d independently vet those people too.

    And I wouldn’t make off-market access the deciding factor. Deal flow is useful. Reliable underwriting and local judgment are much harder to replace.

    For a remote investor, I’d rather have an agent talk me out of two bad deals than sell me the first one.

    3Reply
  • Andres MartinPro Member
    Real Estate Agent · Indianapolis, IN · Member since 2021 · 51 posts · 36 votes
    1mo

    Michal — welcome, and @Michael Eskenasy advice above is spot on. I'd add one thing from the investor+agent side of this: in Indy specifically, quality can flip block-to-block within the same neighborhood, so a grade or label (B-, C+, "up-and-coming") only tells you so much. Someone who can actually walk you through why one side of a street works and the other doesn't is worth more than a neighborhood list.

    A couple of things I'd add to this framework framework if you're underwriting LTR vs. BRRRR/flip here: solid B-rated areas (Meridian-Kessler, Broad Ripple) have appreciated enough that pure cash flow is genuinely hard to find there now (but not impossible) — multifamily can help offset that but adds tenant-count risk. If you're doing BRRRR or value-add, the gentrifying C-rated pockets are where prices haven't fully caught up yet.

    I invest myself and work as an agent here in Indianapolis, so I've been on both sides of the "does this rehab number actually hold up" conversation. Happy to trade notes on the Indy market if useful — no pressure either way, just glad to see out-of-state investors taking Indy seriously.

    [email protected]317-778-8382
    0Reply
  • Darin MoonBusiness Member
    Real Estate Agent · Indianapolis, IN · Member since 2020 · 18 posts · 5 votes
    3w

    Hey Michal, welcome to the Indy market!

    I'm Darin, managing broker and BP prefferred agent in Indianapolis. My brokerage Sycamore Realtors is a boutique, investor-focused brokerage based in Hamilton County covering the greater Indianapolis metro. Value-add is really our bread and butter, so this is right in our lane. Id be happy to connect with you.

    Looking forward to connecting — welcome to the community!

    Darin

    [email protected]765-618-0867
    Darin-Moon Sycamore Realtors4.817 Reviews
    WebsiteView Page
    Sycamore Realtors and Managment
    WebsiteView Page
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  • Travis TimmonsPro Member
    Rental Property Investor · Ellsworth, ME · Member since 2021 · 1k+ posts · 2k+ votes
    3w

    I would throw this in the category of "I don't want to be a part of any club that would accept me as a member." Tyler Lingle (has a BP profile) is the guy that I would recommend reaching out to, but it may take some convincing to get him or another successful agent to give you time. Most out of state, first time, value add investors are in way over their head and either do nothing or set a pile of money on fire. First time investor (making an educated guess there) + out of state + BRRRRs and flips is probably the highest risk strategy that exists in residential real estate.

    My 2nd investment property was an out of state value add, and it was the best investment I've ever made. It did, however have a return that justified the risk - $300k short term rental purchase that had potential to (and now does) $100k/year in booking revenue - different era, different market. Value add from across the country in a tough real estate market probably does not have a great risk adjusted return. I'll be the only guy here telling you that it is probably a bad idea. If you do decide to proceed, get on a plane more than once and go meet people, check out the market, and earn trust of local vendors as much as possible. Even if this works, it's still probably a bad idea if you do not have any investing experience.

    0Reply
  • Alfath AhmedBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
    10h

    Welcome to the best channel @Michal Levitzky

    I learned how to do the BRRRR method and become a real estate expert by watching podcasts of brandon turner and david greene here on biggerpockets.

    It helped me scale to 30 units and now I do investment real estate where I run sales team and I personally sell over 100-120 properties every year in my market.

    Feel free to ask for any advice or if you want happy to chat and help.

    [email protected]614-802-5698
    ReafCo | Ahmed Group 530 Reviews
    WebsiteView Page
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