All Forum Posts by: David Chin

Hey BP, after my first year of investing out of state in Indianapolis, I'm proud to have two properties in my name so far. 1st one was mostly turnkey duplex albeit a foundation job it needed. 2nd one was also a duplex bought to the studs and I am currently working with a contractor to get this ready for rent, although it has been rough so far. So far with this 2nd property, I feel I've gotten a taste of flipping long distance and how challenging it can be for me. However, it has still given me some interest to start having flips in my investing strategy to provide more capital for my buy and holds. I was hoping to gain some insight from other Indy flippers here who would be willing to share their insights on how they've been finding flip opportunities in Indy and how they stay on top of their contractors. 

Also, in light of my challenges being out of state, I'd be open to talking with a local contractor/flipper in Indy who would be interested in partnering on flips. Thanks in advance!

Hey BP, I was wondering if anyone had a good reference in Indianapolis for me to obtain a conventional mortgage? I'm currently out of state, trying to get started with BRRRR investing in Indianapolis and would like to compare rates from different sources. I also read that most banks typically aren't fond of out of state investors, is that the experience of many others investing in the area? Thanks a lot.

@Christopher Petrillo Thank you, appreciate your help!

@Mario Alexandrou I'm only focusing on Indianapolis specifically for now.  Being my first out of state venture, I don't want to spread myself out too much.  Honestly, for me Indianapolis has always just been an area I generally hear positively about with investors, which is what got me curious about it.  As I looked more into it, it sounded very promising in several aspects.  Some of those being that population has continued to increase over the years, landlord friendly city, tech companies have been expanding there, job opportunities in multiple sectors, high occupancy rates, strong rental population, and feeling like there's things to do there.  Their downtown is always improving, they have the Indy 500, professional sports teams, great universities, all of which to me sound like great reasons for people of all ages to consider being there.  

These things I'm sure are not unique to Indianapolis and certainly more needs to be looked into, but so far it doesn't seem bad at all as a starting point for me.  I am interested to hear from others though why they might NOT favor Indianapolis because I haven't heard much yet from that perspective or even if they feel differently of what I've mentioned since I haven't been to the city yet in person.

@Matt Hotze @Mario Alexandrou Thanks for the info. I’m actually currently reading the book right now, and agree it has been a great read so far! Couldn’t agree more about having a team in place, so I’m happy to connect with a lot of people in the area first to get things in motion.

@Mario Alexandrou @Jaron Walling @Nick Giulioni Thanks for the insight, definitely feel like that makes sense to just renovate where you have a slight advantage over market but not going nuts with costs trying to make it beautifully modernized compared to the area.  And Jaron you should definitely share your story!  I'm sure everyone can learn something from it.

@Mario Alexandrou @Jaron Walling Thanks for the advice. In your experiences, did you find a default set of updates that you like to do with all your properties, such as a certain look or material in your kitchen? Or do you renovate to just be slightly better than what the surrounding rentals offer? I can see myself struggling to know which updates will not be worth it when trying to have a unit that will rent for a little higher and appraise high enough.

Hey @Mario Alexandrou, that's awesome to hear you got started in your area, sorry it didn't seem to work out as well as you hoped.  I became interested in the idea of long distance because I'm living in northern NJ not too far from the city and it's been tough for me actually getting started with the cost of homes here and the competition in this market.  I bid on a bank owned duplex recently that ended up having 63 other offers and I think may have been swept up by someone with cash.  So I thought I'd try to open up my horizons and like many others, try investing in other markets.  Just want to keep thinking of ideas until something finally works out for me, and I wish the same for you as well!

Hey BP, I'm looking at trying long distance investing with properties around Indianapolis, IN. I'd like to start by buying a small multifamily or SFH to BRRRR as a start since this would be my first try at long distance. If anyone has good references to agents or PMs, I'd be happy to connect and start networking to build a team out there. I'm also open to any advice others may have on the area or with how they started their long distance ventures. Thanks!

@Michinori Kaneko Thanks for the info!  I actually just started following that group as well so I'm glad to hear how active it is.

@Adam Beckstetdt I'm interested in doing buy and hold properties with small multifams or SFHs