New Investor in Northern Indianapolis, Indiana

New Investor in Northern Indianapolis, Indiana

Investor · Indianapolis, IN · Member since 2014 · 23 posts · 8 votes

I can't say enough how great all those posting their experiences and expertise are here. So first off thank you!

Background --- I've been in IT since 96. After a few too many special "lunch meeting" where the company announces,"everyone in this room still has a job, everyone else..." sort of speeches. Left the Fortune 10 companies for a smaller property management company. They had usually over 32 apartment buildings and 1000s of units to manage. It opened my eyes quite a bit to say the least on the whole business.

Experience --- Read every book under the sun on real estate investing. Talked with all the property manages and maintenance folks every chance I could while at my old company. (And still do sometimes) From section 8 wait lists to the $250 for a parking spot units I learned a lot just listening to them all. After a year, pulled the trigger. Purchased a SFR with savings and followed up by using the FHA program for a duplex I live in now.

Went in for some sweet equity and took half the walls down to the lathes on one side (old plaster home) and like many... got a crash course in DIY. First thing I learned.

"It's not as easy as it looks on TV."

From tree roots flooding basements, glow plug and a motor replacement on one furnace only to turn around and have to replace the other furnace completely. It was an eye opening crash course to say the least.

Why I'm Here --- Being a "small fish" in Indy seems a lot less "it's just me" reading through advice here on BP by all of you. Looking for a local good credit union contact who knows investing might be nice to find here. All those things and hopefully one day to start helping others coming here for help, advice or maybe just a good laugh at the world real estate investors live in. ;)

Saylors







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Residential Real Estate Broker · Indianapolis, IN · Member since 2010 · 1k+ posts · 557 votes
12y

Welcome @Shannon S. !

Don't forget that all the big fish started off as little fish!

Check out the BP local meetup's and CIREIA, INREIA & Wholesale Houses meetings.

I hope to see you around.

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  • Residential Real Estate Broker · Indianapolis, IN · Member since 2010 · 1k+ posts · 557 votes
    12y

    Welcome @Shannon S. !

    Don't forget that all the big fish started off as little fish!

    Check out the BP local meetup's and CIREIA, INREIA & Wholesale Houses meetings.

    I hope to see you around.

  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    12y

    @Shannon S. Wow, I can't believe the timing of your post. I just had a guest from Indianapolis on my radio show today. He left an executive level corporate job to invest in real estate full time because he didn't have any job security. And you're right, it's not as easy as the late night infomercials make it sound, but it can certainly be done. I've been working in the Indianapolis market for about 4 years now and know it well. Feel free to reach out if you have questions or need some advice. I'll PM you the contact for a great mortgage broker that I work with.

    Best of luck,

    Mike

  • J. MartinPro Member
    Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
    12y

    Hi Shannon S , and welcome to BP! I'm a "fix and hold" investor from the Bay Area in CA, and loving it! But you'll find a variety of

    every type of investor on the site, and everyone is amazingly helpful. Some pointers for you: The "Learn" link across the

    top navigation bar has lots of great info, and so do BP members! You can click on the "vote" button if you like someone's

    post or is helpful, and there are "awards" to earn on your profile. And you can tag people by typing @ before you type

    their name, then clicking their name at the bottom of the message box. Welcome to the site, and good luck in everything!

  • Josh C.Pro Member
    Property Manager · Indianapolis, IN · Member since 2010 · 1k+ posts · 1k+ votes
    12y
    Welcome to BP. There are lots of us Indy folk here, happy to help if we can.
  • Investor · Indianapolis, IN · Member since 2014 · 23 posts · 8 votes
    12y

    Thank you @Shawn Holsapple and @Mike D'Arrigo for the links, encouragement and contact suggestions for financing.

    Bank wise. I think I've ran the course of the BMO Harris, 5/3rd, the old M&I and a dozen other big names that either ran me in circles or flat out told me they don't deal with investors at my level. A good investor friendly bank contact seemed like a needle in a haystack (I'm a small fry but returned calls seem just polite haha).


    @Mike D'Arrigo

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Shannon S. Thanks for jumping in and introducing yourself! If you haven't yet- be sure to setup some "Keyword Alerts."

    See you around the site!

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    12y

    @Shannon S. welcome to the BP community!

  • New to Real Estate · Indianapolis, IN · Member since 2013 · 170 posts · 23 votes
    12y

    Welcome

  • Westfield, IN · Member since 2013 · 29 posts · 4 votes
    12y

    @Shannon S. Welcome to BP, neighbor. I'm fairly new to this as well. Have my first fix and flip house on the market. rough time of year to sell especially with this weather, but it'll turn out well here soon. there are some local meet ups that are helpful and good for connecting with local investors. best of luck!

  • Indianapolis, IN · Member since 2013 · 354 posts · 90 votes
    12y
    Loved the story =] I'm not sure who Mike recommended as a lender but Todd Rohrbacher is local here and has done 100+ flips himself. (I'm sure Mike's recommendation is good none the less) Todd is really knowledgeable and can do up to 10 loans. Really great guy to to talk to. Matter of fact... Here is the link to setting up your "REI Friendly Team" in metro Indianapolis. http://bit.ly/REIContactList These are all the people I've come across that are involved with REIs full time. Make sure you respect their time and they will help you move forward in your venture. (Feel free to tell them I sent you!) Send me a PM with any questions.
  • Investor · Fort Wayne, IN · Member since 2012 · 276 posts · 77 votes
    12y

    @Shannon S. welcome to the community!!! If you're ever up in my neck of the woods give me a shout always interested in networking with other like-minded individuals.

  • Real Estate Attorney, Broker, Investor · Indianapolis, IN · Member since 2013 · 207 posts · 58 votes
    12y

    Shannon,

    Welcome to the BP Community! Glad you have you as a member.

    If I can help you in the Indianapolis market, please feel free to contact me. I also have a financial institution contact for you. Feel free to email me offline and I can follow up with you and provide.

    Happy Investing!

  • Property Manager · Shelbyville, IN · Member since 2014 · 303 posts · 161 votes
    12y

    I just want to say I'm proud to be from the Metro area and proud to see all of the Hoosier hospitality!!

    You've got a ton of friends here you don't even know about @Shannon S.

    I do a lot of work on the South side outside of Marion Co. working your way down 65 and East and West from there. If you're ever down and around here, feel free to reach out!

    BTW, that crash course was worth more than any book or seminar you could go to, so be glad you've got it out of the way and continue to build on it! Good luck!

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