All Forum Posts by: Alora Glaze

While investing out of state, sight unseen, can be risky - there are ways to mitigate that risk while still being able to make quick, profitable moves. We work with out-of-state investors regularly who buy sight-unseen, which is why we look for very specific properties per their REI models, but it can be done!

If you primarily invest in WI and plan to continue as such, I would start researching boots-on-the-ground teams or experienced REI contractors that can provide you with a work of scope on the property - know what risk the property has physically before you invest. If you're able to get a better picture from someone who can lay eyes on it - it might be worth paying for those scopes ahead of purchasing in order to get the deals you're looking for quickly and more often.

I'd try joining local REI groups on Facebook that may be able to provide you with reviews and recommendation of investors, contractors, and realtors in the area that may help you expand your network.

Best of luck to you!

A lot of really solid advice has been sent your way on this thread - I, too, moved from the west coast (San Diego) to Indianapolis to be able to afford property and make my dollars stretch further.
Moving to the area is the best way to ensure you get to know the lay of the land as a new investor and it allows  you to learn quite a bit being more hands-on. Now, with that being said - you can still move to a less expensive/more affordable market and still invest out of state; don't think of yourself as locked into a state or area just because you live there. With the midwest market doing as well as it is, you'll have a lot more flexibility while living there to explore close-by states too.

Take advantage of your decision to move to your investment area though and network in-person to find other REI individuals who can help - joining groups on Facebook or other social medias is a great way to start getting familiar with other locals in the area and what contractors, neighborhoods, lenders, etc. are doing, too.

Best of luck to you!!

I always advise towards licensed and insured subs - make sure they can pull the proper permits etc. Running background checks, at your expense, can also be helpful to ensure you're starting out properly and on sure footing - your subs are the guys protecting your investment and helping move it forward, so its important you do your research to support credible contractors.

Best of luck to you!

Moved from the west coast myself to the midwest market to invest in real estate and make my dollars stretch further. Its great you have connections to assist with the every day - right now, though, while you're looking at the financial aspects and wanting to make sure the numbers work - connect with local REI professionals such as real estate agents, property management teams, and lenders who can help provide insight to the market, as well as what they observe others are doing in the same market also.

The majority of the folks we work with now are out of state and the number one issue is finding the right market for their REI model... and then finding lending... being able to run comps and assess your numbers will be key in making sure you buy successfully. If you're looking for minimal upkeep and minimal reno - I'd probably avoid the central downtown area as you will need to make a heavy investment in those properties to get to that kind of cash flow or the high return you're looking for right away.

Best of luck to you!!

I think you'll have better luck with off-market deals on different social media - try Facebook, there are a lot of investor pages for nearly any area you can think of. I've found a few deals myself there and it also allows me to connect with other local REI professionals and see what they're doing and whom they're connecting with also.

If that doesn't help - try reaching out to an REI Real Estate Agent in your area who may be able to give you further insight on your locale.

Best of luck to you!

Congrats on your first investment this year!
We have been investing in Indy for several years now and help our clients do the same - we find that we maximize our return within central Indianapolis: 46202/46203/46205 etc.
Yes, these are primarily class-C - but as mentioned above, Indy is absolutely street-by-street especially as you get closer to downtown and the surrounding neighborhoods. 

I'd like to be optimistic and say that we will see a buyers market this year - so absolutely still be crunching numbers and keeping your contacts close so you can be prepared to jump on what may be some great opportunities in the next year.

Best of luck to you!!

Welcome to the Indianapolis market!

We primarily work with out-of-state investors in the central Indianapolis market - this area definitely allows for dollars to be stretched further and your investment to go a bit farther.
Considering you're doing the BRRRR method - have you got your lender and financing in place? With how the market is now, I would be particularly careful when considering BRRRR as the *refinance part has been difficult for some as lenders have updated to stricter requirements, in the current pandemic climate.

But it can be done! Networking is always the best way to start - connect with folks on other social medias: Indianapolis has several Facebook groups for out-of-state and local investors that may help you get further insight on what areas are doing well in Indy and names of local REI professionals.

Best of luck to you!

Thank you!!

Welcome to BP!
We work within Indianapolis with OOS investors regularly - it can be done! The biggest issue for dealing with OOS investing is the technology; make sure you research your boots-on-the-ground company to ensure they have paired with the right technology that will allow for easy communication and quick access to updates on your project, especially if you plan on not being on-site regularly.
Make sure the "connections" you make with other GC's or REI professionals, that they are licensed and insured and can provide references for their work.
Join local groups on other social media platforms and start discovering the midwest market virtually by hearing what others are saying/recommending and what areas people are investing in and with what REI strategy.

Indianapolis is a great market to get into right now because you absolutely can stretch east/west coast dollars further. Best of luck to you!

Exciting stuff just getting started!
I agree with some of the advice above - you'll want to save your money. There is so much that can go unexpectedly wrong that having cash-on-hand will be a huge resource and the best way to not dig yourself into a financial disaster of having no money to pre-fund draw payments to keep renovation efforts going.

It takes a long time to do the leg-work and enough research to be confident in picking the right properties - focus on looking at those local deals and finding the right kind of properties that will work with your ROI model and financing structure - to find *the* lender, connect with an REI Real Estate professional in your area and see if they can refer you to lenders who can accommodate you for approval. I wouldn't suggest a HML to start since you'll be held to tight deadlines and progress and that may be hard to ensure 100% with this being your first endeavor.

Never underestimate the power of networking and hearing things straight from folks who have been in your shoes - best of luck as you continue to pursue these resources!

Use social media to your advantage - join local groups for the area you're investing in and you'll start seeing names of local businesses and REI professionals come through.
Easy way to get your feet wet as you're starting out - we work with a lot of folks remotely, so even if you're not a big "people person", it can be done virtually - just be smart and always vet.

Best of luck to you!