Looking for a good Turnkey provider in Indy

[Veronica Sandoval]

Hi- I am a new investor looking to invest small Multi-fam out of state. I’m from California where it’s way to expensive to invest at this time . I was wondering if anyone has worked with and can recommend any good Turnkey providers in Indianapolis. Any additional advise for a newbie would be much appreciated.

[James Wise]

Originally posted by @Veronica Sandoval:

Hi- I am a new investor looking to invest small Multi-fam out of state. I’m from California where it’s way to expensive to invest at this time . I was wondering if anyone has worked with and can recommend any good Turnkey providers in Indianapolis. Any additional advise for a newbie would be much appreciated.

Welcome to the site Veronica. Good news is that you aren't alone. There are tons of investors who live in expensive markets like California who invest out of state. The majority flock to the turnkey markets as you are. There are tons of turnkey markets out there as well, not just Indy. Many of these markets are very well represented by sellers & turnkey operators here on BiggerPockets. In no particular order I have listed some of the most popular markets for out of state investors

• Cleveland, Ohio
• Dayton, Ohio
• Toledo, Ohio
• Youngstown, Ohio
• Cincinnati, Ohio
• Memphis, Tennessee
• Birmingham, Alabama
• Huntsville, Alabama
• Kansas City, Missouri
• Saint Louis, Missouri
• Detroit, Michigan
• Erie, Pennsylvania
• Louisville, Kentucky
• Milwaukee, Wisconsin
• Jackson, Mississippi

Each of these markets is popular with turnkey investors because of the low barrier to entry, high rental demand & high rent to price ratio. I recommend setting up keyword alerts for each area as they are discussed in the forums daily with advertisements posted in the BiggerPockets marketplace hourly.

One thing to note when looking at the individual markets, you can make or loose money in any market. Don't think that one particular out of state market will shoot you to success or abject failure. It's not really that complicated to buy out of state. It only becomes complicated when investors try to over complicate or over think everything. Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.

• Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
• Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
• Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
• Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
• Make sure your property manager is a licensed real estate brokerage.
• Understand you can not eliminate all risk, only mitigate it. If you are risk adverse real estate, (especially out of state) is not for you.