All Forum Posts by: Justin Owens

Greetings. I discovered this site a couple months ago when trying to find some local REIA's in Indy. I have to say this site is awesome and its become one of my go to places to visit on a daily basis. Just a huge wealth of knowledge here on BP.

I am a Graphic Designer here in Indianapolis, and Graphic Design has so far been a good career for me for the past 10 years, but like many during the great recession I was furloughed at my job for several years and made only 80% of my normal income during that time. 4 day work weeks were nice, but my wife and I had a very hard time economically during those couple years, we still managed to save money and meet the bills, we had to put off alot of things that we wanted to do but couldn't really afford. Our wedding, remodeling the kitchen, retirement accounts, even starting a family. It was like our lives were sort of on pause during those couple of years, and that got me thinking about my future in a big way.   We've gotten good at saving money, and now I need to get good at making it work for us so that we aren't so dependent on weekly income from our careers for the rest of our lives.  

I'm thinking a rental properties would be a great first step, and I've convinced my wife that this is a worth while endeavor to really look into.

I've actually got a good buddy who is a very successful with investment properties and rentals here in Indy, and I'm sure he will take me under his wing with advice and help. But I also gotta show myself that I'm serious about this new endeavor and not rely on somebody to hold my hand. 

I've set a goal for us to own our first rental 1 year from now, foregoing any crazy expenditures with our own house or health of course.

I hope to learn bunch here, and hopefully build some connections with fellow investors here in Indianapolis.

Greetings, 

I've got my eye on a 3/1 & 1/1 duplex in Greenfield Indiana. About 20-30 minutes east of Indianapolis. So the drive wouldn't be terrible. What I know of Greenfield is that they have a large manufacturing base for job prospect, so should be plenty of renters.  Its a nice little town, with not much going for it, but pretty stable area with alot of affordable properties. However in my research on rentals in the area I am seeing lot of rent ads that offer a free months rent, if you sign lease by this date, blah blah blah. Almost coming off as desperate to get the places rented. 

Also I've noticed that there is not many rentals listed in probably 10x10 block radius around this particular property which is located near downtown. But lots of rentals listed in the 10-15 year old track home vinyl villages that are all located on the outskirts of town, which are most likely foreclosure buy ups, as this town was hit hard during the recession. That has me worried about my prospects of getting good cashflow with little vacancy in this area for what would be my first property. 

Anybody have experience or opinions in Greenfield Indiana that they care to share?

I want to make sure my first property is a home run.  This one is priced right, but not if its a head ache to rent.

Thanks!

I'd stay away from a zone AE property. Year to year you can't control the rising expense of a flood insurance. You can't shop the rate. Just not worth it as an investment property. Unless you are buying in cash. Even then I'd be cautious because the premiums on Zone AE are so high and keep rising that its going to force many homeowners around you into foreclosure eventually. Which will lower your property value. 

The LOMA process is very long and arduous. Takes months. I am currently having my own home that is in Zone AE resurveyed to try and get the rate down and help sell the hosue. When I bought my house 6 years ago the Flood insurance was only $650. Today its $1400!

In some states you can now get a Private Flood Insurance through Loyd's of London at a better rate than FEMA