All Forum Posts by: Tyler Lingle

Serious thought. Move to Indianapolis ("okay sure says the Indianapolis agent!")

But really, Median price is about 1/2 as much. I see great turnkey rentable duplexes, tris, quads for $300-500k all day here. A-B- class areas. 

It's a 3 hour drive, 2.5 hours if you drive like me (lol). There's a lot of talk about an eventual high-speed rail connecting Indy to Chicago (probably 15+ years out there). 

Start remote with some commuting back to Chicago? 

Added benefits: Indianapolis is pro-investor / landlord, much less red-tape for building a rental / STR empire, and the property taxes here don't drown your cash flow (although they have gone up like elsewhere).

I'd love to be in your situation! The Midwest but specifically Indianapolis would be a great potential option for you. From 2019-2024 Indianapolis has had be best jobs growth & GDP % growth of any Midwest city. It's truly on fire! And very pro-investor / landlord here. 

Here's exactly what I'd do in your shoes: 

1) Build a solid team -- Agent, PM, Contractor, Handyman, Lender (all local pros)

2) Invest in a Turnkey Duplex or SFR just to get your foot in the door and learn the area

3) Then, with money left over Invest in a BRRRR and recycle that money indefinitely as assets appreciate / force appreciate

4) Acquire a large fleet of Indianapolis rentals as the city continues to expand. 

Indy is now the host of many major events / conferences, and the narrative on the ground is very positive about our real estate, and like many places the supply cannot keep up with the demand. 

These folks above I'm sure are awesome. 

I really enjoy using Off-Leash investments @Nick Giulioni's team is our trusted source of rehabs & maintenance. 

I would love connect about the events we are doing for investors. We are getting some pretty good attendance!

Definitely a cash flow versus appreciation play. Modest development as @Jaron Walling mentioned. Mostly outshined by greater Indy. 

There are a lot. Average Daily Rate this winter for a 2-3 bedroom home is $125. Barely above hotel. However, this is a very seasonal market, and the summer sees that ADR go up to ~$185-200. The reality is, the STR market downtown is quite saturated, and the bad operators are starting to sell. I'm seeing more and more furnished units up for rent. You have to stand out from the crowd right now, or go to higher head count-type unit. Those seem to be in need, as there are very few 5+ bedroom options.

 I'd love to be put in contact with your agent. I have some clients that shop Louisville too, and would love to refer!

I'd start with @Nick Giulioni's team Off-Leash Construction. We use them for all of our contractor / maintenance needs at the moment!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $565,000
Cash invested: $190,000

This property was an off-market lead from a broker in my network. We purchased it for $565,000 but I was happy to see appraisal for $642,000! It was a large initial cash investment and I brought family member on as cash provider in the deal, while I manage and oversee it. The total gross rents are $4600, however we plan to furnish two units and manage it with my managment entity for STR / MTR and boost rents to $5500-6500 within year or two.

What made you interested in investing in this type of deal?

The cash flow potential and the A class area of town!

How did you find this deal and how did you negotiate it?

Off market through broker connection.

How did you finance this deal?

Formed LLC with family member who brought the cash. We are 50/50 equity partners.

How did you add value to the deal?

I will furnish 2 units and lease them to travelers on mid-term leases.

What was the outcome?

TBD...

Lessons learned? Challenges?

TBD...

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I represented myself on the transaction as an agent. I am using T&H to manage it at the moment.

Hi Guy, our team would love to connect with you to hear about your goals in RE & Indianapolis investing. We should be able to help you lock in a great fix & flip, there will be a couple neighborhoods to focus on specifically I'd love to have my team talk through with you.