Real Estate Agent · Los Angeles, CA · Member since 2017 · 125 posts · 37 votes
ive just returned from a short trip to indianapolis and it was an amazing experience. I was able to meet lot of great folks, drove around everywhere checking out different neighborhoods (low income to high areas) and properties.
Loved the diversity, and was very impressed how well maintained and clean the city was. The trip definately gave me confidence and i could say that i would be comfortable investing there if i see an opportunity.
Anyways, as ive been coming across lots of horror stories and negative feedbacks lately about OOS experience throughout BP forum lately, i would love to hear about investors whos had success and positive experience in Indy as well. I would love to connect with successful OOS investors, specifically in indianapolis, and learn about your strategies and stories, and perhaps find investment opportunities.
I have had some great success in Indy and I live in Sacramento. I have quite a few out there now and even though I learned some lessons it's going well after two years.
100% most important thing for an OOS is finding the right management company. I would know I was with a terrible one for way too long and it cost me quite a bit.
Your on the right track having gone and toured the city for yourself before jumping in. Keep making connections and setting up your network. Just understand what you can and cannot control being so far away. Good luck and happy investing!
I have had some great success in Indy and I live in Sacramento. I have quite a few out there now and even though I learned some lessons it's going well after two years.
100% most important thing for an OOS is finding the right management company. I would know I was with a terrible one for way too long and it cost me quite a bit.
Your on the right track having gone and toured the city for yourself before jumping in. Keep making connections and setting up your network. Just understand what you can and cannot control being so far away. Good luck and happy investing!
@Tyler Haskell Thank you for sharing your experience and advice. My overall experience was very good, and I was able to meet with wide range of property management companie as well. I would love to hear more about your experience as well as lessons on PMs. I will send you a PM.
I honestly don't know if our OOS investing will turn into a success story or not. Just started purchasing in Indy this year. But so far so good, I'd say things have unfolded at about 80-90% of ideal expectations, which would be in line with my realistic expectations. Using two different PMs...both seem alright but I'd wait a year before recommending them to anybody.
I also believe we purchased low with decent built-in equity, and although it's only been a couple months, I base this opinion on my constant scouring for deals every single day.
@Maxwell Lee thank you for sharing your experience in Indy. Did you go through a turnkey company or did you have your own team out there (realtor, GC, PM, etc)? Just curious cause you stated that you had some decent built-in equity, which is hard to come by through buying at retail price with some of these turnkey companies.
It appears that you do in fact have a success story in my opinion.
My entire business model is built around OOS investing. My team and I have been doing it for close to a decade now and I thoroughly enjoy it. Like everything else, there are pros and cons. As long as you create a good system and have a good team behind you, it'll work.
@James You My own team. All purchased off market except for one on MIBOR which I got for 74% of list price. And actually comps put the ARV at a good bit above list price (but we did have to do some rehab on that one) Still missing some key pieces though, like a licensed GC (which is the reason I've hesitated on a few flip deals I was considering) and PM like I said before is an incomplete grade so far.
@Steve Kontos i agree that having a system and a good team is key to successful investing. What markets are you active in? Are you active in Indy? If so, I would love to hear about your experience and strategies. Will send you a PM
@Maxwell Lee Very impressive. I'm a firm believer in you make money when you buy, and I envy what you are accomplishing out in Indy. I agree that managing GC is probably the most difficult part and PMs will make or break your investment. Curious to know how many investments you have rolling and the type of team you have formed. Sent you a PM with colleague requst. Thanks
Hello there - Just wanted to introduce myself. I am an agent and investor here in Indy... If you have ANY questions, feel free to reach out. I am more than happy to chat with you about our amazing city