All Forum Posts by: Mihir Bhimaraju

@Cody Z.  I'm sure you're familiar with the usual recommendations of going to local meetups in your area and connecting with investors who invest in Indy, going through forum posts on here and network with folks that might be a good fit for you. But I also recommend checking out the FB groups - Indianapolis out of state investors and indianapolis real estate investors. There's a bunch of other FB investment groups in Indy but these are the most active ones. There are locals, out of staters and other professionals that can answer your questions. You'll get sales pitches as well :) Good luck!

@Lei L. I don't have the exact cap rate data for you, but I know it's low enough to make me cringe. You're better off investing in existing structures, renovating them if needed and picking better locations that can get you 900-1100+ rents. If you have a crew of your own that can keep costs extremely low then you can think about new construction in good neighborhoods, but the cost of land will run you 50-80k in those areas.

@Joe T. Congrats! Just out of curiosity, have you looked into the north west areas across the state border that are closer to Chicago? I've noticed a lot of folks invest in that area. I've attended local meetups in Chicago a while back and the investors there have had good success in midwest markets. I'd recommend attending local meetups to see what's working for them and what's not. I'd be happy to help you with connections in my local market as well. good luck! 

@Lamont Glover II I'd be interested to live in the Irvington area, but I'm on the fence about investing there. It's definitely a step above the surrounding areas but not nearly as attractive as Brip or butler. It depends on what your strategy is but the good thing about our city is there are quite a few neighborhoods on the upswing. So you do have other options. 

Have you looked at current rentals that are on the market? Look at zillow, Clist, FB and other millennial rental sites. Comp out what you're seeing vs the purchase price and decide if that's attractive to you. 

@Ty M Kuntz You won't need a license if you're a partner in the deal. What's your equity and payment split going to look like? If you're strictly being treated as a vendor and not a partner, it might be different. But if you're a boots on the ground partner and have a stake in the deal then you don't need to have a license. It's your property and you're running it. 

@Lei L. I've interacted with 3 builders and their new construction costs ranged anywhere between 120-140 bucks a sqft. Price depends on the finishes and amenities you wish to provide, but 120 is a safe estimate. 

@Anthony Pascual It's a smart move to look for markets that stretch your dollar the furthest. While there are numerous national markets nationwide that will give you better returns over CA deals, I highly recommend connecting with your local REIA groups and investor meetups. I was on a trip to CA couple of weeks back and I met quite a few folks in your city who invest in different markets. They're really successful and they have systems and teams in place that you can benefit from. This interaction will also help you in recognize who to work with and who to stay away from. Can't stress that enough. Feel free to reach out if you have any other questions. Good luck!

@Brock Pellerin Looks like you're on the right path. Congrats to you and your lady on getting started! I live and invest in my local market. I've interacted with a lot of out of state folks who are in this market and they're seeing good returns on their investments. I highly recommend checking out the market you're wanting to invest in, meet the professionals in person and work on building up your team. Feel free to reach out if you have questions. Good luck! :)

@Jaron Walling I used my primary residence as well. There are pros and cons to that. It definitely helps with mortgage payments and side income, but I've had guests whose feedback was " host's personal belongings were in the kitchen and living room" even though the guests knew I lived there and I shared my personal residence lol. So you do get those occasional WTF moments but I like your idea. I love the bar and brewery scene in Irvington so I think it'll work out great for you. Good luck!

Absolutely love your story. I see that others have really good recommendations on what your options could be, but I'd be happy to touch base with you and go over what I do and see if there's any aspect you'd like to learn about my business.  I might steal some of your enthusiasm and energy in exchange for some real world deal experience. :)