All Forum Posts by: Stacy Preston

Hi Jacob,

Boone County is definitely booming.  There is so much growth in Whitestown, I would expect that it will continue for quite some time and continue expanding north even into Lebanon.  Sheridan is in very close proximity to Westfield which is also experiencing a lot of growth.  I would think in Sheridan you could acquire a property at a lower price than say Westfield or Whitestown and could expect to see some appreciation down the road.

I would do some research on rent rates, use the calculators on BP to help guide you on what the best investment will be.  I personally think that Boone County is a great place to invest.  

https://www.insideindianabusiness.com/story/38269816/whitestown-again-indianas-fastest-growing-community

Andrew,

Welcome to the world of Real Estate Investing.  I started in 2018 (also in Indianapolis) and haven't looked back.  Finding the first property was the hardest for me, but as you get going and build your network you will find plenty of opportunity.  Make sure you tell everyone you know about your new venture.  One of my best deals was through a personal connection.  I was able to buy her house off market, allow her to rent from me while she was building, she didn't have to move twice, I had an instant source of income after closing.  It was a win/win for both of us.  Best of luck to you.

Rachel,

I think Indianapolis is a great market to purchase for either resale or buy-and-hold.  Indianapolis is an affordable city to purchase in, rates are low, and you would pay much less for your mortgage than you would if you rented.  I'm a fan of buy and hold so I would personally go that route.  If you purchase a fixer-upper, you may fare better if you sold in three years but I'm not sure how you feel about buying something that needs a little work.  Congratulations on the new job and welcome to Indy!  It's a fantastic city.

Any recommendations on a cleaning company that services STRs on the north side of Indianapolis/Westfield area? Would like someone to wash bedding and towels in addition to cleaning. Thanks!!

@Nathan Shankles a purchase agreement at the very least.  I am not licensed in CA so I cannot speak to any state specific requirements.

Realtor or title company should be able to assist. In Indiana, I use an HOA database that a title company provides in addition to MLS data and tax records.

Congratulations!  My best deal came about this very same way.  Check comps and run your numbers.  If it looks good you may want to work with a Realtor.  I wasn't a Realtor at the time I did this and worked with one which helped us with pricing and getting us to closing.  Good luck!

@Charlie Moore

I personally think they are. I’ll direct inquiries to the open house to save time on showings. I also like that the person knows I’m not going to be there alone...safety reasons. I think it helps create a sense of urgency because prospective tenants see that there is more interest.

@Andrew C.

I just spent $2k for a cabin over fall break-I guess that got the wheels turning. We love that area. So the potential to use it a week or two per year seems attractive.

I’ve explored STRs in Indy, made an offer on one, but just haven’t been able to land the right one yet.

@Mark Anderson

Depends on the market you are renting to. If you are trying to get top dollar than this is likely a point of differentiation.

One of my mentors told me that the worst maintenance issue he ever had was over an ice maker. His advice was to keep them basic as it’s less to fix. I have different options at different properties because that’s how I purchased the house. My best tenants asked me to remove the W/D because they already had one, so it really depends on the tenant.