Visiting Indianapolis to View Neighborhoods and Properties

[James Dishongh]

Hi. My fiancee and I are coming to Indianapolis April 16-18, 2016 to view potential investment properties and to get a feel for the city. We’re considering moving there. I can find and research realtors myself but thought I’d ask if anyone has strong recommendations for realtors familiar with the areas surrounding Methodist Hospital, going north up to Butler U. We’d also like to meet with someone who is familiar with the areas around Fountain Square.

We’re pretty self sufficient and will do a lot of driving around to view properties and neighborhoods on our own. What we’re looking for are realtors with knowledge of these areas who can give us some history and development perspective. We’re not expecting a half day tour; we have a short list of properties we’d like to see. Thanks!

[Lee Smith]

Oh it's definitely booming, but one block to far in most directions and prices drastically reduce.. You may think you are getting a hell of a deal, but it may not pay off for 2-5 years, if at all... Ask me how I know!

I get 1-3 calls every week from out of state and international investors who have been taken to the cleaners by wholesalers, other investors, property managers, etc.... That's why I recommend EVERYONE get multiple opinions on properties...  

I had a California investor call me last year.. He paid 40k for a 4 unit.. It was worth about 10k... He was told  it needed 25k in work to get it rent ready... It needed more like 60-80k.... He bought it, he paid the 25k, and after several months, he called me.... It was still vacant, and almost every bit of work he had done needed to be ripped out... My favorite was they replaced the horizontal soil stacks in the basement with PVC, but didn't support the original cast iron ones that still were in place vertically... The PVC had literally cracked and broken under the strain....  

I had a Seattle investor call me a month ago.. She was with a licensed property manager here in Indiana. She had bought a house for too much, and she paid way too much in rehab... The doors weren't even on the hinges in most rooms. They had a flood in the basement over the winter, and they didn't catch it for 3+ weeks.. The only reason they caught it was because they FINALLY had a showing, and they caught the 12" of water in the basement THEN.....  Did they do anything? Well, they opened up the drain(which was clogged from building material trash left in the basement), and then walked away... Do you know what that much humidity can do to a house?  I do!   $4000~ later we finally were able to list it over the weekend.. Surprise surprise we have 2 sets of applicants in a weekend.

I am not trying to be nasty @Mayank S., just trying to prove a point... You really need a good crew on the ground if you are going to be an out of state investor... You need someone you can trust! Even with my clients, I tell them that they should double check my numbers(get 3rd party opinions).. It's your money, spend it they way you want to, not on bad deals....

Lastly, I get so tired of seeing out of state/international investors getting ripped off, I offer a service where I will go out and take video(1080p/60FPS) of their property for $100... I'm just there to take video, not fight with their contractors, but I will point out problems I see.. It amazes me how many owners haven't even seen their property in 6+ months.... I am not blaming the owners... I understand how it feels for them.. I get the disgrace and feelings of foolishness.. That's why I want to help...