All Forum Posts by: Account Closed

It is a solidly middle class area.  Mostly build-up since the 1980s, so not much is very old over there.  That'll be Pike & Warren township schools (north or south of 38th St) which are not the best but good.  At least a few subdivisions of smaller homes I know about limit rentals so check your HOAs.  There are also a few troubled subdivisions over that way, too, with lots of foreclosures and lots of renters, so I can't make a blanket endorsement; you've got to evaluate each one.  The west side is growing its business base, so that could be desirable for commutes.  And, I think the area can pull good rents.  It's probably one of the better areas in which to buy more recent construction rentals if you have a reasonable return expectation.

I'd love to talk with him.  Will send PM.

Hi Ryan, Marion County zoning code is pretty easy to understand now that they updated it last April.  I've discussed this with others here and there.  The conceptual approach to this is to think of it as a mobile home community w/ design standards.  The way to operate is to develop a lot and let people bring their own Tiny House and lease it if they want to with you as site manager.  There are plenty of variations on the theme, but if you look at it through then lens of zoning, you're talking about a mobile home community.  In Indianapolis, the zoning classification is D-11.

Devonta, I applaud you taking action to get your real estate license. Being licensed will open additional paths for you in real estate, but as has been said above, real estate school is test prep and not practical preparation. If you would like to, I would be happy to talk with you about your goals in real estate and share some ideas about constructive next steps. Send me a PM and we'll find a time to talk.

Given your background and current work, Craig, a strategy for your investing may be to specially search out mold damaged homes as many investors are unprepared to mitigate that and so won't open that can of worms. PM me for ideas on how to search for those properties specifically, if interested.

Here's my advice on remote project managers.  Find two.  Use a good, licensed general contractor to oversee construction.  Then hire a separate local person--could be your Realtor, home inspector, different contractor--and make them sign off on every item before releasing payment.  Yes, I said hire them.  You want financial accountability for your inspector.  And, of course, you need a detailed, line-item contract to start with, and a detailed line-item draw schedule. Every singe change to the overall work list or per draw work list must be in writing and acknowledged by all three--investor, contractor, inspector.  If your contractor can't handle this, it's a pretty good sign that it's not a contractor you want to use.

Sounds obvious, I know, but I have helped many out of town investors out of failing projects and none of them had these controls in place.  

I have someone who can help with this stuff.  When you PM me, please give the address and share your plan for this property.  Thanks.

Brandon, if you are interested in building a list from the tax records here in Indianapolis, I could help you with that.  Let's find a time to talk about what searchable criteria I can use and what would be useful to you.  Send a PM if you want to get something set up.

Hi @MarieChele Porter.  One of the best ways to educate yourself is to tour a lot of properties and neighborhoods.  Since you are looking to invest in Indy from California touring may be hard (although I definitely recommend at least one trip before you buy). The next best way may be to review a lot properties online and analyze them with a good spreadsheet.  Here's one I like and have shared via my Google Drive. This is not necessarily a predictor of returns.  I recommend investors use it to compare potential returns of different properties.

Hi Romar,

I'm in the Indianapolis market myself.  My take on the market is that quality duplexes are hard to find right now.  Very many people want them because of the increased cash flow.  You can find some that need to be fixed and create value/equity by doing so.  Or, you can buy one with tenants in place for more of a premium.

Small single family homes are more commonly available.  Some of my investor clients are buying Class A and B+ and getting more modest returns because they have a newer home, in a better neighborhood and plan to hold it long term.  (with $40k to invest you could purchase 2 of these using loans).  Some other clients are buying low-dollar homes (sub $50k); these latter ones typically come with more property management demands so be sure to get a good manager (and figure how to manage your manager).

If you want to talk Indy market details and specifics, I'm available.  Cheers!