Indianapolis area buy and hold questions

[Jeremy Mundy]

Hello BP and Indianapolis area!

I have been looking into and studying the areas around Indianapolis, considering buy and hold rentals primarily.  My target is 3 bedroom SFR and possibly 2 bedroom+ duplexes in the "non-IPS school districts" surrounding Indy metro, such as Fishers, Franklin, Plainfield, etc. The target tenant would be longer term family/career minded folks. My idea is to use the BRRRR strategy with a starting budget of $70k provided by a HELOC, which would include purchase of the property, rehab, and holding expenses until cash out refi takes place.  

Our ultimate goal is to build a portfolio capable of providing $10k/month in net income once the properties are paid off and monthly expenses are covered, ideally within the next 10 years.  I would like to purchase a property and hand it over to a PM this year, with another two to three properties next year and so on.

I've already contacted several Wholesalers, and met with a GC and a PM to get the proverbial ball rolling.  I'm learning quite quickly my target properties and my budget could be quite the challenge to match up.  Any thoughts to let me know if I'm on track or need to make adjustments are welcome!!

Also, are there recommendations for REIA meetups or meetings in the Indy area you think would be beneficial given my goals?

[Grant Anderson]

Make sure you have a lender on the back end lined up. $70,000 may be below some lenders minimums.