Already rented Gary Indiana

[Mike York]

Looking for anyone that would be interested in homes already rented in Gary (or Northwest Indiana).  Rent between 650 and 800 a month, cost between 25k & 30k. 

[Caleb Teachout]

@Dale Stevens @Jay McAllister @Scott Steffek @Mike York Bringing this thread back to life for a 7th year. Gary values and rents have risen significantly the past couple years. The average rental I'm finding is a 3/1, 700-1000 sqft built in the 1950s, purchase price 55k to 80k, rents 750-1100. Cashflow $250+ per door, COC 15-20% assuming 20-25% of gross rents go to capex, vacancy, and maintenance. April 2021 is a weird time in real estate nation wide as the Fed fights to keep rates low, increasing buyers' buying power, forcing up retail home prices. Gary is no exception. A decent percentage of the MLS inventory in Gary is now 3 to 4 bedroom homes listed over $180,000. Yes you heard that right. $180,000. The ~$30k "retail" homes of a few years ago are now ~$75k. Right now especially, it's getting harder to find a rent ready deal on the MLS. I think a lot of people are recognizing the opportunity to sell, but it's just not enough inventory to keep up with demand. I believe a large portion of the retail inventory is going to people who work in Chicago, but want a bigger, nicer place to live with a yard, a garage, their kids, their pets, and a reasonable commute to the city.

Other Gary news, the California tech company Akyumen Industries has purchased 27 acres of land in Gary to build its new headquarters and 150,000 sqft manufacturing facility. It will be the FIRST IN THE USA to manufacture 5G smartphones and tablets. This will create 2000 jobs over the next 3 to 5 years. 

UPS has begun express air shipment operations into the Gary airport, operating on a long term lease signed in May of 2020 providing UPS with 15,000 sqft of office space and 150,000 sqft ramp for aircraft operations. 

The new $300M Hard Rock Casino in Gary will open to the public on May 14, 2021. A 200 room Hard Rock Hotel is in progress. 

Remember Gary has 7 miles of lake front real estate along Lake Michigan, a robust rail system, and affordable land and buildings for additional businesses which may become attracted to the growth in the area. 

Don't get me wrong. Gary has a long way to go. But I believe it can continue to grow and get better just as it has done the last few years. Every family that I can provide quality housing for will not have to worry about slum-lording owners anymore. 10 houses doesn't make much of a dent, but 20, 50, 100 now you're talking about positive change in a community. Multiply that by a bunch of good people working together and imagine the possibilities. I am all in on Gary. I truly believe we can help change Gary for the better as investors with good values and practices.