Trip to Indianapolis: Find Realtor and Prop Mang Company

[Denise M. Tschida]

I am visiting from Southern California till Friday, March 30 to begin building my team. In reading "Long Distance Real Estate Investing" and "The Richest Man in Babylon", I have learned that I do not need to try to become the expert in everything but rather hire the experts to help me. I am looking to connect with realtors and management companies here in Indianapolis and its surrounding areas.

I have 3 properties in Southern CA purchased in 2011. Their combined debt service is 370K and appreciation of 450K. I want to 1031 exchange them to the Mid-West for SF rentals to increase my passive income. The first area I am looking into is Indianapolis. I have spent the last 6 months listening to podcasts, reading books, and reading Biggerpockets forums to come up with my initial business plan.

Yes I am nervous in investing out of state. I actually purchased 2 turnkey properties out of state where I lost my shorts… 100K. It did not stop me. As Brandon and Josh would say, I paid for some education. What I learned was I need to trust the numbers. The math will let me know if its fits what I am trying to accomplish. I proceeded to buy in my backyard where I felt more confident and was able to practice trusting my math.

My first goal is in 8 years to have $5000/month passive income after all expenses, including saving for Cap Ex, Vac Rate, and Maintenance. My initial plan is to purchase:

• ~100K
• ~ 800 ft2 ≤ 1500 ft2
• Finance-able
• Probably 50% debt service / 50% cash (in order to do my 1031 exchanges)
• Sellable to homeowners when I 1031 the property again
• Area has Low Vacancy Rate
• Fully or Near Fully Rehabbed
  • Willing to put some initial funds for rehab
  • Want long term no-nonsense
• Maybe 1970 and newer
• Emerging Market, some potential appreciation
• ARV ≤ Market Value
• Numbers allow payoff in 8 years

I am open to here back about my plan.