Indianapolis SFRs and Turnkey Options

[Jason Gruber]

Im a newbie and I have some questions for you veterans. I'm an out of state investor, and I am looking at Indianapolis to get my first properties. The prices are especially appealing, along with the ROI. I have looked at other forum posts regarding the Indy market, and the consensus was there are some great buys but it depends greatly on the area and neighborhood within Indy. I have looked into turnkey options, but am wary of just random houses in random neighborhoods. Advice would be appreciated for those who are familiar with the area.

[Ross Denman]

@Elia S. is right. You need to build a team. Personally, I believe that your PM is going to be one of the core members as we tend to have a good pulse on the market, a network of referrals, and are in the trenches everyday for investors of all types. Also, a good PM is very aligned with your goals as their ability to operate profitably is very tied the the performance of the properties. Vacant units do not make us money. Bad tenants and evictions do not make us money. Other real estate professionals make money by selling something or fixing problems. A good PM makes money by ensuring that your investment

The first step is to identify your resources and goals. 

• Are you purchasing with cash or financing? Are you going to refi cash purchases?
• What's your tolerance for rehab? Are you looking for heavily distressed properties or turn-keys?
• What price range or home types are you looking for? How much risk/headaches are you willing to take on (older, cheaper homes?)
• What are your expectations for returns?
• How fast are you looking to grow?

If you want to reach out, I can share some of our experiences in Indy and help put you in touch with other real estate professionals who may work for you as well. I can personally vouch for all of the people who have posted on this forum as I have either worked with their groups or know someone who has.