Newbie from Lombard, IL looking to invest in Indianapolis, IN

[Peter Williams]

Hello everyone! My name is Peter. I'm an IT professional from Lombard, IL, and I'm looking to get my feet wet in buy-and-hold real estate investing. 

My eyes were opened to the profit potential in real estate after graduating from Ball State University (Muncie, IN). My college friend from Indianapolis purchased a$60K home in the Speedway area, and within a few short years, he was able to pay off his mortgage, generate cash flow via renting rooms, and his home appreciated in value. 

As a young college grad I was eager to replicate and expand on my friends results. Since I had very little money, the only thing I could afford in West Chicagoland were condos and townhomes. I was on the verge of buying a $90K condo, but I pulled myself off the ledge at the last minute. Not only was it overvalued, but I quickly realized the potential headache condos could present as an investment. 

Upon reevaluation, I figured why not invest in Indy - it has more of what I'm looking for, plus friendlier prices, friendlier taxes, and having been there many times, I believe it has strong long term upside as a city. My new strategy is to acquire a buy-and-hold SFH to rent out in Indy with these purchase filters:

• $50 -150K range
• Young professional neighborhood
• Turnkey or only requires minor/cosmetic repairs
• Meets the 100:1 rule
• Built after ~1980 (to minimize repair costs and appreciate into the future)

I have $50K to available for this endeavor. My basic strategy is to start with one SFH and purchase more as I accumulate cash and experience. My goal is to generate enough monthly cash flow so if I were to lose my day job, I would have enough to cover COL expenses.

I am here to connect with people, share my experiences, and get feedback from the community. Thanks for reading my intro, I look forward to chatting!