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Updated almost 6 years ago on .

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4
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Jacob Ellis
  • Tallahassee, FL
0
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4
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Looking to House Hack for my 1st Home in Indianapolis

Jacob Ellis
  • Tallahassee, FL
Posted

Hello Everyone!

Does Anyone know investor friendly real estate agents in Indianapolis, preferably surrounding the Broad Ripple area, that could help me through my first home/house hack?

Situation: I graduate grad school soon and start my new job in Indianapolis May 13th. I will be moving from Florida and a friend & I have agreed to be roommates. They are willing to rent from me instead of getting an apartment together. I would love to buy a home & house hack by renting to my friend. 

Financing: I would want to use an FHA loan (or something similar) to finance the home. I have roughly 7-10k I can spend total before I would have to use a HELOC through my parents or another form of financing. I will make 44k/yr in my new job. My credit score is 720+. My guess is I would need a property below $200k, hopefully closer to $100k.

Location: Near Broad Ripple, Indianapolis, Indiana but flexible. We would like to live within 20 minute of their job in downtown Indianapolis & my job in Fishers.

Other Details/Questions: My friend currently lives in the Indy area & I have lived there before in the past. We are avoiding any rehab projects or fixer uppers.

Is it realistic to buy a property and move in by June? What else should I be doing now besides contacting an agent? Any advise or people I should get in contact with?

Thanks in advance to anyone who responds or is willing to help! This is my first post on the forums and may be my first opportunity to get involved in real estate investing after listening to the Bigger Pockets Podcast for over a year.