All Forum Posts by: Account Closed

@Kat W. 

Welcome to BP! Other then being on here and getting great advice you should try to go to some of the local meetups. You can find most of them on meetup.com. CIREIA is a good one to start with. 

@Steve Perkins 

I don't want to scare from the area. It's just my opinion . I just want you to be aware of what is going on. I know @Shawn Holsapple has success in the area and so do other investors. I think it is always best to come out to Indy and take a look around. 

@Steve Perkins 

In my opinion, if you stay north of 52nd you will probably find more suitable areas.  

You may want to avoid Post/42nd and Post/38th. High crime area according to a recent news article. 

@Ryan Huck 

It matters, where in Indiana are you looking? Some brokers can help better then others in certain areas. 

@Alex Schwartzman 

To directly answer your question. In my opinion, no, if they are paying the rent and not complaining about everything underneath the sun then let it ride. As long as the property is insured then you should not worry about it. I have tenants that violate the lease all the time. If I got rid of all of them for small things it would cost me more then it would be worth. Both money and time. 

What I would do is just to make sure that all my bases are covered. I would have the PM write a letter to the tenant letting them know that renters insurance is required per the lease. Include a copy of the lease with the section highlighted. Do not make the letter threatening any eviction, just a polite but stern reminder. Then should something happen you can say that you attempted to inform the tenant to get renters insurance. 

Now if the tenant is a dead beat or should become a dead beat, then yes, evict them. Remember you can use it against the tenant should they try to pull any stunts. Call your you ace in the hole. 

@Ethan Simcox @Stephen Lofthus 

I agree with a lot of what has already been said on this thread. 

My 2 cents is if you are going to work with an RE Broker/Agent make sure they are working in the investment arena or are actual investors themselves. A good RE Agent who works in this field should be able to provide you with not just MLS but off market properties as well. If they are just pushing props that are on the MLS cut them loose.

Another thing that @Rodney Kuhl mentioned is to network. Go to local meet ups and find other investors on here or through other sites. Get to know who is actually doing the investing and your chances of finding that right prop will increase 100%. 

@Evan Manship Congrats on a job well done. It's should get easier from here. 

@Account Closed There are great areas to invest in Indy. Indy is a great buy and hold market. It's just that some areas you have to extra careful and really know what you are buying. 

When you come out here I will be more then happy to show you around. 

@Kriss Pavik 

I appreciate you answering the questions interesting answers and some of them in a sales pitch kind of way. One suggestion to you. If you are going to try to wholesale properties in Indianapolis the least you could do is come here and look at the areas and the props that you are trying to sell. 

@Account Closed I can't speak for all the investors here in Indy but this list has been passed around by all the local wholesalers for over a year now. My business partners and I keep passing on it. I can pretty much say that most of the local investors have seen it and passed. By the time it reaches some out of state wholesaler it's because nobody locally wants it. 

Most of the props are located in D class neighborhoods. Some are C. Out of state investors should really do there DD when looking at these props. 

Tell me about the areas that these props are located in? 

Have you seen these props? 

Are there pictures anywhere? 

Do you own these prop? If not, do you have control of them? 

Are there any street addressess to go with the zip codes? 

Are any of them in need of rehab? If so, what is the estimated breakdown of each rehab? 

Do you have actual data to support your comps? 

For the ones that are rented:

Can we have access to these props?

Is there a property management company or are they privately managed? If PM who is it?

Why are none of the tenants under a lease? Why month to month? 

 Can you provide proof that the tenant is paying? 

Are any of tenants delinquent if yes, have they been provided proper notice to vacate the property? 

Are there any eviction in process right now? 

For the ones that are rent ready:

Are these props currently being marketed for rent? If so by which leasing company?

How long have they been vacant for?