All Forum Posts by: Robert McInteer

Agree that your first step is an “appeal”  of your assessed value by the county assessors office. They will re-assess the property but usually that change in value will be applied to the next year’s taxes. Also be aware that the assessed value of the property can go up as well as down, although that seems unlikely in this market. 

Congrats on sticking through the process, not getting agitated with a small shortfall and not changing your strategy. Next part is a vast generalization and will be controversial but through anecdotal testimony I’ve heard that section 8 can be tougher on the property which if you are a hands on landlord in Indy, not that big a deal. Being an OOS investor may require more money and attention than what was anticipated when purchasing. I would personally be more comfortable phasing out section 8 over time for the reason mentioned and also not having to worry about staying in compliance with the Housing Agency every year.

Either way good work on compromising your position while staying in line with your strategy, keeping a good working relationship with the PM and helping rejuvenate the city. Wish you continued success and hope your next property is on the East side!!!

*simply my opinion* Firstly, Ethiosity is the the property management company I’ve heard the best reviews about from multiple sources in Indianapolis. They stepped in for a lot of investors when the whole Oceanpointe fiasco erupted and helped them navigate a difficult situation. Personally, I manage all my rentals myself. Reason being is that to have a viable management company in Indianapolis you must either have a book of business that is so large it supports the running expenses of your company (since rents are somewhat low here depending on what class of property you have) or they are a smaller outfit and have to nickel and dime every investor. So in short to look the most attractive to a management company you either need a small amount of class A rentals (little management needed and good returns on their time) or a large portfolio of lower class rentals. I looked into  starting a stand alone management company (no trading of properties) and this is the conclusion I came to, I’m sure some will disagree with this assessment.

But to answer your question ethiosity.

Firstly, I’d  just like to thank everyone for all the valuable resources listed here, kudos to you BP. It appears to me that Xmark and tamulti.com are large apartment complex or premium unit brokers for the Indy market. Does anyone know of a agency/broker that represents properties on the more distressed side of the spectrum that have 8-12 units? Loopnet seems to have 1 or 2 pop up every three months that fit this criteria but the rest of their listings sit for a long time due to the price. Any help would be much appreciated not had much luck searching myself. Thanks again for all the help and stay safe BP!

@Rodney Burayidi Nice work on learning through the process to be able to apply that info to your next purchase! I’ll simply echo the sentiment of an inspector not recognizing faulty electrical issues but it looks as though you have a remedy in place for next time. However I’m quite interested in what you meant by closing on a financed property without insurance. Is this referring to an insurance company issuing a policy before closing but then cancelling the policy after the property closes upon them sending an inspector to the property?

I agree with Monica, the “minimum cost” for having utilities simply turned on while not actually using them is quite high. I looked into why this is and it boils down to the Indiana Utility Regulatory Commission being staffed by ex employees and board members of Indiana Power and Light, Citizens Gas and other utility providers, and over time the commission has approved numerous small rate hikes for “minimum cost of utilities.”  This simply allows for a better quarterly profit report to show share holders.  Long gone are the days where utility stocks were used by little old ladies to seek a modest return.

I have a similar situation where I have to pay for water, sewer, trash, electric and gas but it’s through Indiana Michigan power, Vectren and the local city and it averages about $145 Per month. In Indianapolis a very ball park figure for water, sewer, trash, gas and electric for a 1 bed and bath duplex in total could be around 220 and that’s leaning towards tenants using less of the utilities.

Greetings from Indy! Congratulations on identifying Indianapolis as a potential real estate investment opportunity. I personally have sewn seeds in this market and have been pleased with the results so far. While Indy is a fruitful marketplace, there are some variables here that make for a unique investment strategy. I have accrued a network of folks here that have helped me navigate these particular issues with more clarity than I could glean on my own. If you have interest in hearing about my lessons learned or contacts please feel free to reach out!

Best of luck and warm regards, 
Robert McInteer

Hey all, I’ve been a lurker on the forum for some time now (first post) and love the community atmosphere here. I have a duplex with knob and tube throughout and some fuse box Thomas Edison probably installed. Would love any referrals to electricians in the Indy area if possible. Thanks and keep the boards strong.