Turnkey in Indianapolis?

Question

Ali Boone · Answer

I think it's a great idea. I live in LA so have always invested with out-of-state turnkeys and I've loved it.

I know a lot of people right now buying turnkeys in Indy. One guy just put his 3rd and 4th properties under contract, after being so impressed with #1 and #2 that just closed a week ago.

It's all about who you work with!

Michelle T. · Answer

I too believe you should start out close to home.

Having said that, I do represent a turnkey provider here in Indianapolis and would be more than happy to discuss their approach to ensuring out of state investors confidence.

I am not affiliated with them myself but I do sell their properties. If interested feel free to pm me.

Best of luck in whatever direction you choose to go!

Linval T. · Answer

@Logan Halliburton

Welcome to the vibrant BP community. Ok, now that you have taken your initial step, below are some quick links to get engaged.

Since your interest lies in turnkey properties, I added the below links for your review while waiting for feedback from the community.

https://www.biggerpockets.com/renewsblog/2015/08/20/askbp-089-how-do-you-evaluate-a-turnkey-company/ (Turnkey Evaluaton)

https://www.biggerpockets.com/renewsblog/2014/03/23/what-does-turn-key-real-estate-business-entail/ (Turnkey REI)

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https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)

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https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/

REI books suggested by BPers

https://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)

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Sterling White · Answer

As stated above @Logan Halliburton try and stay as close to home as you can. If you are unable to find options that fit your criteria then Indy maybe a good option. However it comes down to what your investment strategy is. Once decided this will help in figuring out what areas either or companies to go with.

I wish you the best of luck in acquiring your first property.

Larry Fried · Answer

Logan, I have some turnkey affiliates who are putting on Indianapolis webinar on Tuesday evening you might want to check out https://www.biggerpockets.com/forums/521/topics/26...

Spencer Ohleyer · Answer

I have some ideas for you re turnkey propeties.  Feel free to PM me.

Jean Bolger · Answer

Well, it takes a bit of work but you can find stuff in Denver that will make you money. It's not a super cash flow town, but between modest cash flow and appreciation I think you can do quite well. I feel a little funny sticking up for our town, since I am a broker who sells property in Denver- and obviously that might make it seem self-interested.

Although to be fair, all these guys sticking up for Indy have properties to sell you as well, right?  :)

I think Indy is a nice market, I was there this summer. And I have out of state investments myself (Ohio). But I think that it's important to factor in the cost of a trip or two out there each year as part of the operating expenses. That can eat up a lot of cash flow (especially if you are making a modest investment of a just a house or two). And yes, you will have to go out there, unless you are very very lucky.

Logan Halliburton · Answer

how did you get started and decide which neighborhoods were ok and which were not? I have gotten a fair bit of advice that if I'm not able to be out there to oversee things and manage myself then it is not worth the risk to turn it all over to a management company/manager. What made you decide the risk was worth it?

Mike D'Arrigo · Answer

@Logan Halliburton No question that the Denver market has gotten too hot to make the numbers work. I'm from CA myself where prices are crazy but I love Indianapolis and have been involved in Indy for 6 years now. There's a lot of really good areas but you have to be careful and work with someone you can trust and who knows the area. Indy can vary neighborhood to neighborhood and even street to street. I always recommend that out of state investors stay out of the low end areas. The best place to start is to establish a criteria and class of property that works for your objectives. 'd be happy to share my insight on Indy and turn key properties if you want to contact me.

Steve Lawson · Answer

Hi @Logan Halliburton

I deal exclusively in the Indianapolis area and been helping people like yourself find the right property and investments for 15 years. We have a lot of different options/neighborhoods/etc and I'd be glad to answer any questions you may have about the Indy area. Get a hold of me by PM, email, or phone and I'd be happy to help out with anything!Steve