Property Manager + Handy Men Recommendations

[Pattie Sueoka]

Hi all,

My name is Pattie and I'm fairly new to BP. I'm in the process of narrowing down where I want to buy my first RE investment property and as of now, Indiana is my target state. Looking at various areas, but looking into Fishers, Zionsville, Whitestown. 

First, does anyone have property there and how's it doing?

Secondly, if anyone does have property there, if you can send recommendations for trustworthy property managers and handy people, that would be super appreciated. 

Scared to pull the trigger, but I need make a move soon.

Thanks in advance!

Pattie

[Ross Denman]

@Pattie Sueoka there are several reputable property managers that are fairly active around here when time allows. To answer some of your questions:

I have 1 rental property myself and have done several flips. I have also done several JV's with clients and associates both as well as managed over 100 rehabs and renovations for our clients. My rental property is in an up and coming area of Mapleton/Fall Creek. We gutted this home to the studs and put in about $70k of work. I purchased the home for $18,000 and it rents for $950. We refinanced 100% of our money out so it doesn't cash flow much (about $1,200 annually after all expenses) but it's valued around $130k and should be growing in equity $4-$5k each year. I just keep what little cash flow that we have in reserves for our next big CapEx (I think we will need a sewer line in the next year.)

Depending on your investment strategy, it is difficult to make homes in Fishers and Zionsville cash flow with a decent ROI. We manage several homes in Carmel, Fishers, Westfield, and Zionsville, but 90% of them are home owner's renting out there homes or investors who purchased at the bottom around 2008. There is always the occasional anomaly, but I think that Whitestown and Brownsburg will be easier to find good deals.

As far as being "scared to pull the trigger" I would say good for you. I meet too many people who jumped in unknowingly and started working with predatory investment groups and it takes time, money, and patients to turn a portfolio around. While you have to be in position to move rapidly when a deal comes your way, don't be haphazard in building your team in your target market. Don't take information from just one source as a contractor may see things differently than a property manager and a realtor may have another opinion. The more information that you can uncover, the better off you will find yourself. Also, work with people who are experienced in investing or working with investors. They can help you with building budgets, thinking about "what-if" scenarios, creating multiple exit strategies, etc.

As far as "handy people" most mid-sized property managers should have maintenance technicians on staff as well as vendors for almost anything that could need to be done to a home.

Feel free to reach out if you are interested more in what we do. As I said, most of the property managers on here are good. We run out the bad ones pretty quickly.