All Forum Posts by: Aris Terteryan

@Aris Terteryan

Hi there! I'm not from the area, nor do I invest there. However, assuming you've already done plenty of research on some markets you'd like to be in, I'd highly recommend building a network in that area. This could be through property managers, contractors, brokers, other investors, etc. This way you have a variety of sources to help guide you in the area; information they give you can also be compared. Good luck with the next property! 

Quote from @Aris Terteryan:

Hi everyone ! 

I'm a rookie investor based in Southern California looking for a small multi-family turnkey in Indiana. I would love to hear anyone's advice that is familiar with this market and/or asset class. I currently have an ADU in Los Angeles and a long term rental in the Caucuses.

I'm not from that area but as someone that does have properties out of town here's some suggestions for you, especially because your OOT investment will be across the country:
When making your calculations, budget for the need to fly out to Indiana potentially multiple times a year if you're buying apartments which tend to have higher turnover. 
Get familiar with weather trends and natural disasters the area is prone to as to protect and insure against them (tornado, floods etc) 

Know how the construction materials of your home fair in the environment it's in. 

Cold areas have climate controls that aren't as commonly found on our side of the country you may not be familiar with and can be expensive to maintain..... Which leads to getting familiar with what your legal liabilities are for tenants when climate controls fail. 

Find out what material your water supply, sewer and drain lines are, and if possible how old they are. Watch out for cast iron and polybutylene

There are areas like Whiting and nearby “suburbs” that people who work in Chicago still commute from. There are a lot of decent areas to choose from but this proximity to Chicago has kept rental rates stable. 

I'm from Indiana, I lived in the northwest from birth to 25. Lake Michigan is a huge attraction for otherwise boring Indiana.. there is a train that runs from chicago and stops in michigan city and south bend (Notre Dame football home), and Chicago-ans come down in the summer to swim and boat. There are a few multi-units in both cities! I'm not sure how much work you're looking for, if any, but it's a great area. Michigan City offers a big outlet mall for shopping, the beach and pier, biggest stores and restaurants in the surrounding areas, and is close to college locations. South Bend has the biggest trauma center hospital in the area, as well as Notre Dame football games that are hugely popular, and a great downtown/college atmosphere. Just thought I'd give you somewhere to start browsing other than the obvious Indianapolis choice!