All Forum Posts by: Account Closed

My concern would be with the city and make sure it is not on a demo list.

I've been specializing in package deals in the Indianapolis market for several years. Most of my customers have located me through realtors or wholesalers. Many of my contacts located me off of Craig's list. Most larger customers have a single representative doing their footwork. Occasionally, you will find a landlord exiting the business and listing all or part on the MLS. The whole salers, brokers or agents specializing in this may be able to help you narrow in on an opportunity. Look on the MLS for an agent that has a large number of cash sales.

Welcome to BP.  I recently signed up and am impressed with the debth and availabliity of information the site offers.  I'm in Indianapolis and been working the market for several years and would be glad to help you proceed.  

A high level comparison is what would you be able to buy 3 SFHs for around there?  Have not been there for years...to know the local market....but is an interesting comparison or possible alternative.

I would encourage precise written scope and timing definition be built into a contact signed before work proceeds.  Include a clause to cost them for delays in a reasonable manner.  Define scope change and cost adjustments.  Careful with any upfront money.  I would pay for material and manage it separately yourself.  Pay labor on a progress payment schedule related to %completed weekly.   Require contractor to pick up material and you pay for it well in advance so you don't hold up the show.  Quote at least three contractors with an understanding that lowest bid wins.  Review bid with lowest bidder before awarding to validate no omissions...particularly if there is a large difference.  Find a customer focused contractor. that hussles.  Lump sum bids are the best if scope is clearly defined and you don't anticipate changes.  Stay involved as much as practical...daily if possible.  Watch things closely particularly if it's moving at a fast pace.  Good luck!

I would concur with Rodney. Indianapolis is a great market with many options!  Several other areas may be of interest is cash flow is the primary factor.  Seems like Fountain Square is making a comeback with all the recent developments.  May be a good play for appreciation if the momentum continues.  Any questions....drop me a line.

Indianapolis has good consistency and job growth.  The area offers a wide range of options to investors.  It is more like a big small town to me than a massive metropolitan area.  I work the city as well as the surrounding smaller towns personally.  Both have their pros and cons.  Fort Wayne is also a big small town in my view.  Not sure of the current employment situation there has fared as well as Indianapolis, but it is a nice town.  No matter the town you pick, I would echo the need to have your PM selected in advance.  Good luck with your venture!

Very interesting reading!  I've been curious about professional PMs personally and don't really have nearly the level of experience as you.  I manage around 40 to 50 of my own properties and believe Angel's comments above are a great theoretical answer.  I would throw in "care about the tenants" as well...as difficult as that can be at times.  PM seems to me to be a thankless business. Tenants and Landlords don't fully appreciate the difficult challege of managing the homes.  It's not a glamorous business.  

I like your approach to a proactive solution and the internet could facilitate a solution.  I could see where local groups could gather their collective data points in the meantime I'm sure there are a some good providers of PM out there and they should be rewarded with more business.  I've been trying to gather intel to find the best ones in my area and would enjoy hearing the good a not so good one's for the Indianpolis market.  One day ...I'm hoping to find one that is excellent...and spend more time on the beach!  

You have chosen a great market to work with Indianapolis.  This site is a great learning and networking tool. Good luck and let me know if I can help you.  I've been working here for several years and know my way around very well.

Sellers will often take care of requested "reasonable" repairs if you are dealing with an individual (not banks).  I would recommend defining the exact repair request in the contract.  If the unit is occupied,  care should be taken to not disturb the tenant any more than needed.  Often the tenant may not be so concerned over things the investor is concerned about.