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Updated over 4 years ago, 08/08/2020
Indianapolis Team Member Recommendations
Hello again BP family,
I know this is a repeatedly asked question on the forum but time passes and situation changes so I thought to ask again.
I am starting my real estate investing journey in Indianapolis as an out of state investor. I’m planning on starting with single family buy and hold properties that require light/cosmetic rehab to force a worthy property value appreciation, rent increase and added rental listing competitiveness.
I’ve received a couple of strong referrals from my very small network (new connection requests welcome!). I want to do my due diligence to add a few more to the pool to make sure I find the best matches for all parties involved.
I was wondering if you would recommend some of our core team members (real estate agent, property manager, contractor and lender) to me for consideration. I’m also looking for recommendations for investor friendly inspectors, insurance agents, tax accountants.
Thank you very much in advance!
Hello Lei. I am a new investor in the Indianapolis area (just closed on my second property in the area). I worked with a few realtor/property manager that done a great job thus far. I can send you their contact information via PM if you like. Thanks.
@Jack Liu
Thank you!!
@Lei Zhao
Hello Lei
Like you I’m an OOS investor in Indy
I've 4 SFH as of now, closing soon on the 5th
Glad to help to share with some of the good people I had the pleasure to work with so far.
Send me a PM
Graz
Originally posted by @Graziano Casale:
@Lei Zhao
Hello Lei
Like you I’m an OOS investor in Indy
I've 4 SFH as of now, closing soon on the 5th
Glad to help to share with some of the good people I had the pleasure to work with so far.
Send me a PM
Graz
Thank you, Graz! PM'ed!
Originally posted by @Lei Z.:
Hello again BP family,
I know this is a repeatedly asked question on the forum but time passes and situation changes so I thought to ask again.
I am starting my real estate investing journey in Indianapolis as an out of state investor. I’m planning on starting with single family buy and hold properties that require light/cosmetic rehab to force a worthy property value appreciation, rent increase and added rental listing competitiveness.
I’ve received a couple of strong referrals from my very small network (new connection requests welcome!). I want to do my due diligence to add a few more to the pool to make sure I find the best matches for all parties involved.
I was wondering if you would recommend some of our core team members (real estate agent, property manager, contractor and lender) to me for consideration. I’m also looking for recommendations for investor friendly inspectors, insurance agents, tax accountants.
Thank you very much in advance!
Feel free to PM me. Can tell you who's good and who to avoid.
@Lei Z. I think you've made a good decision by selecting Indianapolis as your starting point. I just want to make sure you have the right expectations on forcing equity though. I don't know how you define a light/cosmetic rehab but generally, I light rehab isn't going to create equity if all it is is sprucing it up with paint and carpet. To really create equity, you're usually looking at making much more improvements.
Originally posted by @Mike D'Arrigo:
@Lei Z. I think you've made a good decision by selecting Indianapolis as your starting point. I just want to make sure you have the right expectations on forcing equity though. I don't know how you define a light/cosmetic rehab but generally, I light rehab isn't going to create equity if all it is is sprucing it up with paint and carpet. To really create equity, you're usually looking at making much more improvements.
Thank you, Mike! I’m actually in the process of validating my assumptions and expectations in regards to my goals and criteria. I really appreciate the input!
Thanks,
Lei
I'd be happy to help you and be apart of your Indy team. I'm a local agent here. Feel free to connect!
Originally posted by @Mike D'Arrigo:
@Lei Z. I think you've made a good decision by selecting Indianapolis as your starting point. I just want to make sure you have the right expectations on forcing equity though. I don't know how you define a light/cosmetic rehab but generally, I light rehab isn't going to create equity if all it is is sprucing it up with paint and carpet. To really create equity, you're usually looking at making much more improvements.
Hi Mike, for the sake of clarity for us newbies just breaking into the real estate investing world (particularly in Indy), would you be willing to specify the variety of improvements that are commonly necessary to create equity in the sort of properties OP is interested in? While I anticipate more work will need to be committed to rehabbing any house under a $50k valuation, is it often that full-scale gut-jobs or highly expensive renovations should be expected? Thanks in advance for offering your expertise.
This is a great thread. I am in the same position as Lei. I am also looking for some core members. Please feel free to PM as well. Thank you in advance.
Originally posted by @Nicholas King:
Originally posted by @Mike D'Arrigo:
@Lei Z. I think you've made a good decision by selecting Indianapolis as your starting point. I just want to make sure you have the right expectations on forcing equity though. I don't know how you define a light/cosmetic rehab but generally, I light rehab isn't going to create equity if all it is is sprucing it up with paint and carpet. To really create equity, you're usually looking at making much more improvements.
Hi Mike, for the sake of clarity for us newbies just breaking into the real estate investing world (particularly in Indy), would you be willing to specify the variety of improvements that are commonly necessary to create equity in the sort of properties OP is interested in? While I anticipate more work will need to be committed to rehabbing any house under a $50k valuation, is it often that full-scale gut-jobs or highly expensive renovations should be expected? Thanks in advance for offering your expertise.
Nicholas, a lot depends on what you're starting out with. Generally, a light rehab (paint and carpet) won't create equity. Adding space whenever possible, an additional bedroom or bath will create the most equity but aren't always possible. Kitchens and baths are the two most important rooms in a house. Updating both can create equity.
@Lei Zhao would love to add value to your team!