Out of State Investing in Indianapolis?

[Julius Clark]

Are you an out-of-state investor who buys in Indiana?

I am an agent and property manager in Indianapolis who works with majority out of state investors. I wanted to use this post as a space to talk about the typical pain points that I see with out-of-state investors and to hear what pain points I may have missed.

1) Not knowing the laws:

Laws are important. Knowing the laws and regulations of a foreign state can seem daunting. It is likely that many of them will be similar to your home market but make sure to ask questions even if they seem silly

2) Not knowing the neighborhoods:

Indianapolis is an eclectic community. I will frequently encounter an out-of-state investor who wants me to take a look at a property but is sending my comps that just don't make sense. You cannot apply a radius to the subject property and find comps in Indianapolis. You need an agent who knows that property values vary drastically here street to street. 

3) Not having a team/connections:

Unfortunately, many agents don't work with investors, especially out of state. Make sure that the agent that you are dealing with has the ability to connect you to resources that will set you up for success. 

4) Not knowing the norms:

Houses in Indianapolis are different than houses let's say in San Diego. Basements are very common here, and so is siding. Most houses here are pretty old, and that doesn't mean they aren't worth your time. If you're looking for a needle in a haystack at least make sure you're looking in the right haystack 

5) Not knowing where development is happening:

Indianapolis is going to be seeing several large development projects in the near future. Missing out on key information and not doing your research will likely have you pulling out hairs in a few years because you bought in the wrong location. 

But what I am more curious about is what pain points you have experienced in whatever market it is that you invest.

What things can an agent or property manager do to better accommodate your needs?

What things have gone well that you would like them to continue doing?

How often do you personally visit your properties?

and... what is your favorite pizza topping?