All Forum Posts by: Ritch Bonisa

I'd say your first concern is to make sure you get a property that will work for you.  You really understand the rents in the area and what your renter pool is.  Any property only makes sense when you understand your cost of rehab BEFORE you purchase.

There's a classic play that's been done for years.  1 year before your kid goes to college.  Buy a rental, when you're kid attends the college - let his friends pay for the rental.  When it's paid off, give it to your kid, let them begin their investing career with cash flow.  I've seen this one alot in Bloomington, IN  - Indiana University.  

I'd say you really need to find someone (who isn't the seller) to help you with the areas/neighborhoods.  Looks like there might be too much meat off the bone on this one.  

Side note: your tenants will make a few bucks selling parking space in the yard during events at Indianapolis Motor Speedway.

@Matt Speer Nice response.  In Indiana, this is quite common.  I grew up in a house like this.  We just had a space heater we turned on when temps got very low.  Of course, that is not a good rental situation and not ideal in a flip situation either.  

I have a barn now with a sink.  I still keep a space heater running - about 8 feet from EVERYTHING, but never had an issue with pipes.  No real danger, no concerns.  I'm a country boy and this is how we have to do it out in the sticks. 

Great post Scott!  

@Christopher B. that's awesome!  Congratulations!

Here is some of the positive news and feedback regarding the Indianapolis market. 

Map of the Indy East Promise Zone - January 2018

http://indyeast.org/about/map/

Indianapolis named second-best city for jobs in America

http://www.indystar.com/story/news/2017/09/13/indianapolis-named-second-best-city-jobs-america/661316001/

What others have said about Indianapolis.

"Indianapolis' reputation as a hotbed for tech jobs keeps growing"

- USA Today

"Indianapolis used to be the quintessential Rust Belt city. Now it’s at the center of a statewide boom in the life-sciences business.”

- Wall Street Journal

"The City of Indianapolis has evolved into a growth dynamo, setting standards of excellence for urban renewal and economic development"

- Nation's Cities Weekly

"You can share the delight...in this crossroads city for the almost breathtaking, tangible success of a revitalization program the likes of which most other older cities are lucky to get to the blueprint stage."

- Los Angeles Times

"Construction and development downtown seemed to wake the city up, and today, a thriving cultural scene mixes with Hoosier hospitality and charm."

- The New York Times

https://www.biggerpockets.com/forums/517/topics/52...

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