All Forum Posts by: Erin Donlan

Welcome @Michelle Trowell!  You're definitely at the right place! Like others have said - REIAs are the place to be. I'm also an agent and investor in the area and work with investors of all experience levels. Feel free to reach out if you have any questions!

Welcome @Michael Meyers! You're definitely in the right place. I would also suggest checking out the local REIA groups to network with local investors. I believe CIREIA has a few members only meetings the rest of the year, but INREIA has their monthly meeting coming up on the 13th. You can check out either of their sites for more info.

I'm an investor and agent in the area as well, so happy to answer any questions you have. I have a backround in IT myself, before this whole real estate thing came along. Great industry and very popular here locally!

Hi Enrique, I guess my question would be if you're already having issues in the neighborhood you're investing in, is there a reason you'd continue to invest there? Do you use a property management company or do you work directly with the tenants yourself? If the latter, what is your tenant screening like and can you improve that to get a better quality tenant in this new property? Does paying off the two properties give you the same amount or more cashflow than just purchasing the second outright (assuming you're going for cashflow here)?

Sorry, lots of questions, but hopefully helpful ones!

Looking at sold comps in the immediate area, the highest sold comp is $70k, but there are 4 more that all sold for under $45k. The interesting thing is that the $70k home sold above asking - but it also sold in July, which was the height of buying season. Looking at the $70k listing, I'm not seeing anything special. It did have a basement that doubled its sq footage (which, in my opinion is the only sutefire way to add value anyway - everything else is buyer subjective). 

Personally, I don't know that I'd advise an out of state investor to invest over there. Like Lee said, the farther south you go, the more crime you get into. About a year ago, there was wave of homicides in the area - luckily the community came together and that seems to have subsided (there was a story in the Indy Star recently where they said they were celebrating a year without homicides: http://www.indystar.com/story/news/crime/2016/10/13/homicides-jump-across-indianapolis-one-neighborhood-gets-reprieve/91986988/). The city has targeted 38th and Illinois as a place for future economic development (it's highlighted in their 2020 Great Places plan: http://greatplaces2020.org/maplecrossing/), so things could turn around in the not so distanct future, but knowing that in Indianapolis we're typically slow to change, I don't know that I would bet on it. 

Just my two cents. Hope that helps!

Welcome @Justin Fuller! Seconding going to the local REIA meetings - great place to network and meet like minded people. I'm an agent and investor in the area and work with investors - feel free to reach out if you have any questions!

Welcome @Jing Tan! I'm familiar with the area - I currently live up in Castleton. Your rent projections are a little low - I'd say you could clear $1200/mo pretty easily for that price point. I'm an agent and investor in the area, and work with out of town investors, so happy to help you out if I can! 

Hi @Neomi Riley, I can't seem to open the link. Can you send to me directly? Thank you!

@L.D. Stauffer Welcome to BP! Like others have said, your story is inspiring. As mentioned above, definitely check out the INREIA and CIREIA groups - lots of like minded people there. I also am an agent and investor in Indy, so happy to help you with any questions you have as you get started!

Best of luck in the move and in all your future endeavors!

@Crystal Oneill Not to speak for Ryan, but I think in the context of the original poster - they have a construction background. Good contractors are always in demand in Indy. Not to say good wholesalers aren't - we have a lot of them, but they're not in as big of demand as a good general contractor. 

Hope this helps!