All Forum Posts by: Tyler Lingle

Check out the facebook group Irvington Neighbors - Indianapolis, Indiana.  This will give you information on the community if you want to live there.  This also makes a great investment area as well.  We manage property here and can help you come up with a realistic rent amount before you buy.  

Great article!  We might see a little improvement in Greenfield with the Amazon warehouse extension!  

I think you can still find cash-flowing properties you just need to think a little more creatively. Its not so much the purchase price as much as it is the interest rate that is hurting your potential deals. I would look for options where the seller or yourself (or both) buys down the rate. An even better option in my opinion would be a 2-1 or even a 3-2-1 buy-down. This type of buy-down has to come from the seller. The seller does a temporary buy-down the first 2-3 years at which time the interest rates have hopefully come back down to a cash-flowing number. 

In your example the loan would be for 200k (80% LTV) and the first year your interest rate would be 5%. Second year would be at 6% and the third would go back to the original 7% but again buy that time the ideal scenario is the rates have dropped back down again and you refinance at that lower rate.

3-2-1 scenario is the same although it would be 4% first year, 5% second, 6% third and back to the 7% on the fourth. If rates drop before that time period you can keep that unused money as it was essentially pre paid interest payments sitting in an escrow account waiting to be dispersed. If you would like to see more specific numbers and how much it would cost I can do that for you. 

I am a Realtor in Indianapolis IN. If you ever wanted to how far your money can go in the midwest feel free to shoot me a message! Cheers

Appreciate you @Kerry Noble Jr! @Grant Jerrett happy to chat!

@Brandon Kowalski welcome to the forums! You have had several very thoughtful responses here, but I figured I would share my perspective. I ended up investing out of state in Indiana when I started my investing career. The state was way more landlord friendly, the taxes were cheaper, and the expenses were cheaper. The main issue is that the rents were also cheaper, and I couldn't find good management or labor. This amazing deal that I bought required constant interventions to keep it on the tracks which ended up involving me driving there from Chicago in person with contractors in tow. 

I sold that property and focused in on investing in my own backyard, and that has been infinitely better. We have such incredible inventory here in the Chicago area, and we are in a primary market. Being in the 3rd largest market in the US, means you can find ample contractors, attorneys, realtors, managers, accountants, etc. I would at least take a pass at Chicago before you look at all that green grass on the other side of the fence.