All Forum Posts by: Erin Donlan

Hi @Rico Stewart and welcome to BP! I'm sure that you'll here from other people (and myself) that residential multifamily can be a tough way to go in Indy. A lot of our multifamily inventory is in older and less desirable parts of town. However, there can be some opportunity around the city and even in revitalized areas downtown. There are additional challenges like increased tenant turnover that also makes investing in multifamily a less attractive route in Indy. The returns can be a lot better than a single family home if you can manage those risks, however.. 

Hope this helps (and doesn't damper your enthusiasm!). I'm  an agent and investor in the area - happy to talk and answer any questions you have!

Hi @Greg McGuire, are you going to be living in the property as well? I believe you can only get an FHA loan on a property that you will be living in. Hope that helps!

Welcome @Bradley Lyons! I would suggest that instead of getting your license, partner with an agent that can get you the data you need. Preferably work with one who has other investor clients. I couldn't find an agent like that when I started out, so I just became one myself. :) But unless you're doing a ton of deals, I wouldn't say the commission savings is much bigger than the cost of having your license (which I'm sure you know is not cheap!). Let me know if there's anything I can do to help you in your real estate venture!

Will try to be there as well. I've heard it's a good place to be! 

Hi @Ronn Johnstone! Welcome to BP. To answer your question - I think the materials here are all great, but Cashflow Quadrant from the Rich Dad, Poor Dad series is one of my favorites. I will say you can really only read so much before you "get it" - and then it's all about taking action. I find all the REIA groups valueable - wish I had more time to attend them! It's a great way to network with like minded people and get contact you wouldn't get elsewhere.

I'm an investor and agent in the area - happy to meet up and answer any questions you have. Best of luck building that portfolio!

Hi @Account Closed! I'm an agent and investor in the area. I work with numerous clients out of state. I'm more than willing to help you out next week. I will PM you my contact info.

Did the realtor you're working with provide sold comps? Did they look to see if there might be a mortgage on the property? Do you have an idea what the other offer looks like? Why do you feel like that offer is going to fall through? Is the other offer cash or financing?

Sorry, lots of questions. :) That's all things I would be considering when putting together an offer.

Hi @Sheryl Griffin, just sent you a PM!

Hi @Jenni Moore, welcome to Indy and to BP! There are a couple REIA's here locally (you can check them out on Meetup.com or search for CIREIA and INREIA, respectively), and I believe there's a Northside meetup that's posted here regularly on BP under the Events page. I haven't had a chance to check that out personally, but I've heard good things. I'm a realtor and investor here in Indy as well - feel free to reach out if you have any questions!

@MarieChele Porter Welcome! Specifically speaking about Indianapolis, we are a single family home market. I have seen more interest in multifamily locally though, especially picking up more in the past year. Most of the MF inventory is older (think built in 1900-1930s), so there are some challenges with that. Most of the inventory are in areas I wouldn't necessarily call desirable either. That being said, it's hard to beat the potential cash flow of a MF vs. a SFH.

You are correct - you can use an FHA loan if you're going to be living in the property. You have to be living in the property. You can't just say you will be living in the property. :)

I'm an investor and agent in the area - feel free to reach out if you have any more questions!