Getting started in Indianapolis

[Gordon Lambertus]

Hello BP. My name is Gordon Lambertus, and like everyone here I see something in real estate that piques my interest.  I do not have a history in real estate in anything other than buying my primary residence (which was a foreclosure, that I least I like to think I got a good deal on). 

I am currently a resident of Indianapolis and have been here for about 5 years (moved from Boston).  I have been in the science and technology industry for about 9 years and am looking to step outside my comfort zone and see what I can learn about real estate investing and where I can apply it.

My current focus in real estate is in long term buy and hold properties to generate cash flow.  This seems to me the best way to get my foot in the door and do some active learning, while still having the time to dedicate towards my job.  Although long term buy and hold is my primary interest at this point, I am trying to absorb as much as I can on the broader range of topics available here.

I openly welcome any and all advice from the BP community and hope to utilize the wealth of information that appears to reside here.

Cheers!

[Shawn Holsapple]

Welcome@Gordon Lambertus !

A basic rule of thumb [IMHO] is to stick with homes built after 1945 and that rent for more than $700 - for starters.

This will get you out of some of the older, rougher neighborhoods.

As you grow your portfolio [and experience] you may want ot venture into some other areas and older homes.

With a W-2 job, you should still be able to enjoy getting loans from banks fairly easily.

If you have the funds available to buy with cash first, you can then refi and get 75% of the appraised value vs. only getting 75% of the purchase price.  I do this and get most or all of my principle back with the refi.  Then rinse and repeat.

Don't forget to put that IRA to use [if you have one]!

- it's always good to see another Hoosier utilizing this great site!

Of course, you need to read The Ultimate Beginners Guide to REI here on BP

If you haven’t already, please read/listen to these books ASAP!

Rich Dad Poor Dad

Rich Dads Cash Flow Quadrant

Rich Dads Increase your financial IQ

The Real Book of Real Estate

The ABC’s of RE Investing

The ABC’s of PM

Rich Dad RE Tax Advantages

The E-Myth

The 4 Hour Work Week

http://flip2freedomacademy.com - free e-book

Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!

BiggerPocketsPodCast

Wholesaling101 You Tube Channel

Kent Clothier – You Tube Memphs Invest channel