Newbie from Indianapolis, Indiana (IN)

[Lukas Rohler]

Hey all!

My name is Lukas and I grew up in Indianapolis, IN! I've been reading the BP forums, books, and podcasts for about 6 months, and I am actively pursuing my first deal. My strategy right now is BRRRR SFH's and/or 2-4 plexes on the near east side of Indy (Brightwood, Irvington, Warren Park, Fountain Square, and anywhere in between), but I'm open to SFH flips and/or other areas of Indy if the numbers are attractive.

My goal is to do ~$1M in acquisitions (4-7 deals by ARV) by the end of 2021, and transition into BRRRR'ing small multi-family properties in 2022. While aggressive, this is an achievable goal and will bring more interesting challenges which, personally, I find very exciting.

Right now I am looking for off-market SFH's & 2-4 plexes, contractor referrals, and networking.

Off-market deals: I've looked at on-market inventory via Zillow and off-market inventory via reputable wholesalers in my area, but inventory is low for everyone right now. I am guessing that driving for dollars may be my best bet for solid BRRRR deals with how hot the Indy market is currently. I would love to hear additional ideas for finding deals.

 Any tips/tricks for dealing with contractors and keeping them on-schedule and on-budget would be appreciated! I have a background in project management, but I don't have much experience with managing contractors specifically.

Personally, I really value building win-win relationships and finding creative solutions to tough problems. Again, looking to learn as much as possible.

Thanks for reading and I look forward to reading your reply!

[Ben Riechmann]

Welcome my friend to bigger pockets!  Zillow may not be the easiest place to find off-market deals.  If you know of a spot on there, let me know as I would love to catch something I am missing.  I lived in Indianapolis when going to U of I.  Love that town.  You may want to check out a website called LoopNet.  Investors post a lot of deals on there.  I think it's worth the money to get more listings, but others may have had other experiences.  

You have the right attitude for this.  On managing contractors, it will be getting some together when so many are busy in this crazy market.  Fear not, a friend of mine did this south of Youngstown Ohio in a popular suburb, so I am sure you can pull together a team in Indianapolis!  The key element seems to be finding a point contractor that has friends with others that want more stable work that you can offer and prove that you can offer it beyond what is going on right now.  You may want to go to local hardware stores and ask who people like to get things done and see if that contractor ever works with others or is a loner.  The guy who put together the team south of Youngstown, they are selling houses as fast as they can build them, and I am sure I don't have to tell you how much building materials have gone up.  Finding that point contractor and building a good relationship will be key, then on to some happy investing.  Maybe offer something more than pay, like a percentage if he can pull together a team for you and keep them going that would just be between you guys.  Getting those projects done and on time will depend a lot on that team.  With a percentage, he also may find deals for you.  I had guys that did that in which I rewarded them for finding me deals.  Happy investing my friend and welcome!