New to REI & Indy - Looking to build a team, let's connect!

[Stanislav Perevozchikov]

Hi everyone. A long time BP lurker, hopefully a soon-to-be first time RE investor. This is my first post in the Indianapolis sub-forum, so I'll introduce myself first. I live in NYC and would like to get into REI. I've looked through dozens of markets across the country to find something that would fit the bill and Indianapolis might be it! I like the quote that's often mentioned, "live where you want and invest where it makes sense". At first skeptical, I'm slowly warming up to the idea of out-of-state RE investing, especially given the sky-high prices in New York. I've looked at some SFH in the Hudson Valley area, near the commuter line in CT (Stamford, Bridgeport) and the prices are still too expensive for me to buy a house with a 20-25% downpayment as I'm looking to put down 25-35k on my first property. There would be zero cash-flow and, perhaps, only appreciation (TBD) here. 

What turned me to Indy is a few things: (1) strong and diverse job scene, (2) new developments in the city, (3) low unemployment (at least pre-COVID), (4) possible appreciation down the line, (5) affordable to own RE.

My goal is to start with a SFH, build a team, create a system in place and then continue building my portfolio by investing the area. Would love to connect with local lenders, agents, PMs, contractors, and other investors.

[Bruce Lee]

I'm sure you know there's a lot of Indy based property research you can do remotely from anywhere - I'll list some resources below.  I'm local now, but started OOS, walked a lot of properties using Google street view, Zillow/RedFin/Realtor.com, and used the Marion county property cards to see what the city/county thinks of properties.  

The Google map for Indianapolis REI is a must use.

Also, when you've identified the properties you want, use the citizen access portal (no account needed to use the Search function) to check the 'Enforcement' tab for outstanding issues the city/county has with the property, AND to see what issues have come up in the past.  

Use a crime map tool if that's something you like - I do this last of all.  

I also look at renter vs owner ratios in neighborhoods with an eye toward investing in neighborhoods with higher OWNER ratios.  

Do you know your target property? Mine is a 3br 1+ba bought for ~$95 that's rentable with ~$5K-to-$10K renovation budget for $1K/month. Whether SFH or 2-to-4 MFH doesn't matter as much as the bottom line. Since I'm now local, I want my properties to be near my home, and other properties. Find a good PM company: even if you plan to PM for yourself, pick a PM company as an 'exit strategy' in case you no longer want to DIY the PM work. Ask 10 people, and you'll get 10 different opinions on Indy PM's to use, streets/neighborhoods to invest in, etc. You MUST KNOW WHAT *YOU* ARE COMFORTABLE WORKING WITH before you really dive in. For myself, it was a 'deal that got away' - Dual duplex's on one property that would have have cost $80/door, and generated $1.1K monthly income - that helped set the "bar" for what I look for in a deal. Take advice with a grain of salt, and ask "what are THEY getting out of this"? Some folks are paying it forward, while others are just trying to line their pockets a little more. Be aware, and work with people who are like minded.

May you find your way as well.  All the best, and Welcome to Indy!

Resources mentioned above:
1. Sterling White's:  "Guide to Grading Indianapolis Neighborhoods" https://www.biggerpockets.com/blog/guide-grading-indianapolis-neighborhoods

2. Citizen's Access portal:  click the 'Enforcement' tab, and enter the address of the property you're researching to see if there are any warrants, or nuisance reports (tall grass, drugs, trash, etc)   https://accela9ca.indy.gov/citizenaccess/

3. 2010 Census dot map of Renters vs Owners.  Use 'Shift-click' to zoom out, scroll around, and 'Click' to zoom in. http://ryantm.io/population/

4. Tax Assessor Property Cards - search by address to see the purchase history on target properties.  http://maps.indy.gov/AssessorPropertyCards/