All Forum Posts by: Pam Brown
Pam Brown has started 6 posts and replied 124 times.
Post: Looking to make connections with other investors in Indianapolis
- Real Estate Agent
- Indianapolis IN
- Posts 139
- Votes 63
Hey Ashley
I just ran across your post while searching for something else I had previously seen pertaining to Indianapolis.
How are things going? Were you able to hook-up with other Indy investors for their take on things? There should be plenty of Intel to be had about investing in Indianapolis because 90% of my buyers are from OOS.
...Just interested to know if you identified a property here yet. Good luck!
Post: First Time Flipper!
- Real Estate Agent
- Indianapolis IN
- Posts 139
- Votes 63
Quote from @Lilah Myers:
Looking for hard money lenders good for my first flip in the Indianapolis area. Have some houses in mind! Any good recommendations?
Hi Lilah--I just found a credit union that lends specifically for Indiana properties. Looks like they have some awesome loan programs and it's just $5 to join the credit union. Send me a message with your email if you would like the info.
Post: I'm Planning To Buy A House Out Of State early 2024 (any suggested states to invest?)
- Real Estate Agent
- Indianapolis IN
- Posts 139
- Votes 63
Hello! More Intel on Indiana. The 2024 Indianapolis IN (and surrounding counties) HUD Metro FMRs list for all bedroom sizes was just sent to me by my pm team. Attainable rents went up considerably. FMRs went up almost $300 a month on a two bedroom and larger units went up even more! I cand send a copy of the document for review.
Whatever strategies you are open to---Indy is a great place. STRs and MTRs another option if you are not into Sec 8. We have a big need for MTRs since there are so many healthcare facilities downtown. Traveling nurses needing a place to stay. STRs because Indy is booked almost every week for convention events.
And the good old LTRs are normally in high demand. December and January being the slowest months here to find a new tenant.
Best of luck in whatever market you land!
Post: Section 8 out of state rentals
- Real Estate Agent
- Indianapolis IN
- Posts 139
- Votes 63
Quote from @Pam Brown:
Quote from @Karim Elahi:
Quote from @Kerry Noble Jr:
Yeap it’s possible....my CA partners own 4 duplexes with section 8 tenants here in my market
Hi Karim---like everyone else is saying--S8 can be hit and miss just like any other tenants. If the S8 tenants romp the property they can be kicked out of the program. To me, that is the best incentive for them to "be good". There is a long waiting list here in Indianapolis for S8 rentals. Probably that way everywhere but I can just speak about Indy. You can send a DM if you like and I can have the pm team send you the current S8 amounts for Indianapolis. Good luck in whatever market you choose!
The HUD Section 8, 2024 Fair Market Rents document is out and the rent potential has gone up a lot here in the Indianapolis and surrounding areas in Indiana. A 2-bed can go up nearly $300 a month vs 2023 numbers. Feel free to send a DM and I would be glad to send you a copy of the list and Calculation Methodology that they use. My pm team sent this to me this morning.
Post: I'm Planning To Buy A House Out Of State early 2024 (any suggested states to invest?)
- Real Estate Agent
- Indianapolis IN
- Posts 139
- Votes 63
WOW, my pm team just sent me the updated 2024 Indianapolis metro, Indiana HUD Section-8 FMRs. A two bedroom is going up almost $300 a month! That's crazy good for cash flow numbers. DM if you would like for me to send you the chart for all bedroom sizes. The rents go up even more for the larger room counts.
Post: Indianapolis Crime Data
- Real Estate Agent
- Indianapolis IN
- Posts 139
- Votes 63
https://www.niche.com/places-to-live/indianapolis-marion-in/...
Indianapolis has a lot to offer! All great ratings---except for crime. We get a C- on Niche for crime. Mayor and Prosecutors aren't doing their jobs. You can also Google for other sites. However none of them can really direct you and say that one particular area is safer than others. Price kind of helps dictate the less appealing areas of course.
There are a lot of suburbs within less than 30 minutes that offer lower crime rates. Those are also pricier communities...
It takes an experienced local expert to gain more perspective about areas of Indianapolis. You cannot even define it by some zip codes.
That being said, many investors love Indy due to property prices/taxes, growth and overall opportunities here. I love Indianapolis as a great Midwest city! I've lived here my whole life
Post: I'm Planning To Buy A House Out Of State early 2024 (any suggested states to invest?)
- Real Estate Agent
- Indianapolis IN
- Posts 139
- Votes 63
Hi Miguel
I can tell you all about the Indianapolis, IN market and surrounding counties. Send me a DM if you want to talk sometime. Thanks and Happy Friday!
Post: Questions or tips for property inspections
- Real Estate Agent
- Indianapolis IN
- Posts 139
- Votes 63
How did your inspection go? I'm sorry---I didn't see that this wasn't a real recent post....
Post: Questions or tips for property inspections
- Real Estate Agent
- Indianapolis IN
- Posts 139
- Votes 63
Same as Mason said. Some duplexes are conversions.
Like you said---utilities. It's typical in Indiana for the water/sewer to be shared between both units. (Then you can bill-back tenants for that expense if added to the lease) But gas and electric to be on separate meters. It's also a great idea to have a sewer scope added to the regular items. And a WDI...
Post: Potential buy and hold without occupant in years
- Real Estate Agent
- Indianapolis IN
- Posts 139
- Votes 63
Did you make a move on this property? Or still deciding? My personal opinion would be for you to stay away from this transaction since you are new to RE investing. I would hate to see you get burned on your first deal in a Money-Pit--which this one will be. A project like this is meant for a seasoned individual with a lot of experience in flipping.
However you could JV (Joint Venture) with someone on the deal. You could turn them on to the details of the property and use their expertise to complete some of the due diligence. And use your funds with a partner.
Keep us posted on what direction this went!