New and Considering Income Property in Indianapolis or elsewhere

[Joe Sanada]

Hi there!

My wife and I bought a condo in Southern CA in 2010. Since then we have renovated it and we now have a significant amount of equity (about $250k). 

We are thinking about selling and moving somewhere with a LCOL and leveraging the sale proceeds to buy a bunch of income properties. We figure we can set up shop in a city for a couple of years while we find a good support team and pick up several rental properties, then move along to another city to find more rental properties and diversify. We figure that if we do this right, this could be "passive" income that can support us for life.

We saw "Good Bones" on HGTV and Indianapolis piqued our interest. I did some research and it seems like the city is getting better and better, but you can still find turnkey properties for $60k-$100k with solid cashflow. But, we are open to just about anywhere. In your experience, is Indianapolis a good spot to start or are there other markets that are better suited for finding income properties?

We are totally new to this, so any other advice would be very much appreciated! Thanks in advance!