All Forum Posts by: Ryan Poske

@Orlando Layugan

Welcome! Bigger Pockets has a wealth of knowledge. I am in Indianapolis and it is a solid investment market. Inventory is tight and you have to be patient and do due diligence. Indy can be tricky as it is a street by street and block by block area when it comes to good areas to invest in. Zip codes pretty much mean nothing in Indy. 

Wish you the best of luck on your real estate investing journey. Feel free to message me if you would like to talk more about the Indy market.

Hi @Michael Manchester

I am located in Indianapolis and "good" inventory is tight and most of the time overpriced. We have picked up several lots and are doing new builds. Have been for a couple of years now in addition to our fix-n-flips. I can't speak on other markets but in Indianapolis the one pitfall that people don't take into consideration is the sewer and water lateral connections in their build costs. If a house was scraped so you could build a new home on the lot, you use to be able to do a repair connection and tap into the existing sewer connection that was already existing. They changed that a couple of years ago and now require a new sewer and water lateral connection. This can run anywhere from $10k-$15k.

As for the actual project management of the build, I find it easier. No hidden surprises like when you are rehabbing a 70+ year old house.

Cash is king. Closing with all cash speeds up the closing considerably.

We have several clients that use City Place Property Management. Have heard nothing but good things. 

@Johnny Quilenderino

A couple of other items missing is kitchen and bathroom. Cabinets, countertops, shower, toilets, etc.. Are you going to have each unit separately metered for water? $100k seems low for the rehab to me depending on the size of the property.

If you own the property free and clear I would look at Iron Bridge. Have had several clients use them and seem to be happy with them. 

@Vasyl Levchenko

Indianapolis is a competitive market. Inventory is tight and finding solid deals takes time and due diligence. I am in the Indy market and it is a stable investment market. Multi-family housing is difficult to find. They are out there and good deals can be found. You also have to be careful with location in Indy. Indy is a street by street and block by block city. Feel free to shoot me a message if you would like to talk more. 

@Layton Lassiter Worked on several successful BRRRs in Indianapolis. Indy can be a tricky market as it is more a street by street or block by block area than a neighborhood or zip code for finding solid areas to invest. An example would be the 10th and Rural area. The NW area of 10th and Rural is strong and has several high end rehabs and new builds where the SE area does not have as much revitalization and is a much "rougher" area. Be more than happy to talk. Feel free to message me.

Hiring family members to do the rehab work, in my experience, is a nightmare waiting to happen. If you have a contractor that can start immediately make sure you have a contract that includes time frames, draw schedule and penalties for not meeting time frame/dead lines. I would also require to be added as an additional insured on their insurance and require a certificate of insurance. I would also ask if they have at 1 year warranty for their work.

 Each day the property sits with no movement is costing you money. If the contractor can finish in a month and start now, they will be done with the rehab before your family can even start.

Hi @Bjorn Nielsen

I am in Indy and would be more then happy to connect and share contacts with you for the Indy area. Feel free to reach out to me anytime.

@Gabriel Higuera

Feel free to contact me. I have several contacts that can help you.