Muncie, Indiana Investing

[Nate Estelle]

Hi! I'm an aspiring investor and am looking for some help in getting started. I need some advice from experienced investors, specifically in the Muncie, Indiana area. Here are some questions:

When starting out, how much cash should you have in addition to your down payment for things like possible attorney fees, credit check fees, marketing, etc.? 

Who are some quality real estate agents in Muncie?

Who are some reputable attorneys in the Muncie area?

What is market rent in the Muncie area, specifically in zip 47302?

Thank you so much in advance for any and all advice!

[Michael Hayworth]

Originally posted by @Nate Estelle:

Hi! I'm an aspiring investor and am looking for some help in getting started. I need some advice from experienced investors, specifically in the Muncie, Indiana area. Here are some questions:

When starting out, how much cash should you have in addition to your down payment for things like possible attorney fees, credit check fees, marketing, etc.? 

Who are some quality real estate agents in Muncie?

Who are some reputable attorneys in the Muncie area?

What is market rent in the Muncie area, specifically in zip 47302?

Thank you so much in advance for any and all advice!

I own one in Muncie in 47305. My impression is that it's not a very active investing city, and that home values in the city aren't particularly appreciating. Can be decent cash flow for rentals, but that's mainly because houses are pretty cheap.

Mainly, I bought the one that I own because I had an old friend from high school in an abusive marriage, and her husband had ruined her credit so she couldn't get a place except for ones that would've made her leave her dogs. I bought a cheap house for cash, did some repairs to it, and she's lived there for 2+ years now. I was able to buy the house for $37K and put about $10K into it. Market rent for it would be about $800, though I charge her considerably less. So cash flow on these things could be good. OTOH, the Zillow Zestimate (I take it with a grain of salt, but don't have MLS access in that area) has only moved from $55 to $65K in about 30 months, whereas similar properties in my home market have gained significantly more.

There was a BP Member named Tim Hollems who invested in Muncie and was quite helpful to me when I was looking, but it looks like his profile is gone now. But if you'd like, PM me and I can at least dig out the name of the realtor I worked with up there. She was kinda a nutcase, but really knew the market well. :)