All Forum Posts by: Erin Donlan

Welcome @Scott Smith! Good to see a familiar name in Indy real estate around these parts.

Hi @Larry Smet, glad to see you'll be coming to town. You're picking a great time to be looking! I'd be happy to meet up and discuss the area. Feel free to reach out to me here or through my website below!

I'm familiar with the area and I would not recommend it. There is a lot of cheap inventory there for a reason. :)

The city has identified 38th and Illinois for future revitalization, but I wouldn't hold my breath on appreciation in that area. Short story is - be prepared to sell it what you'd buy it for, especially considering it's multifamily. Looking at comps, you're probably looking at somewhere to $400-$500/side. I looked a duplex over a year ago in that area - it was still on the market last I looked and two sets of tenants had come and gone in that time. Take that for what it's worth!

Hi @Matthew Behnke and welcome to BP! You're right - there's a lot of diversity to Indy. I think you need to start by determining want kind of property you want to focus on. There's more cashflow with multifamily but those properties typically don't appreciate as much as single family (not that we benefit from much appreciation in Indy anyway). You also need to figure out your risk level - some people are happy to invest in more risky areas than others because their overall return is potentially greater. Some are perfectly happy staying in safe, stable neighborhoods and just collecting that steady check every month - it's completely up to you!

Definitely check out the CIREIA and INREIA monthly meetings - and bring the wife if she can make it too! It's a great opportunity to network and meet other like minded people. I'm an agent and investor in the area and happy to schedule some time to meet up and talk as well and help determine what you want to do. Best of luck! It's a lot of fun - even the not so fun parts. :)

Hi @Angela A. I would definitely question the tenant screening process of your current PM - did he do a background check, request that monthly income was 3-4x rent, ask for references from past landlords (and actually call them! - some ask but don't actually call). Unfortunately, even with those checks, things happen and people can just stop paying - either through income loss or plain just not want to.

It's always my suggestion to talk to several PMs before you move forward with one. They have different ways of doing things, so you want to be sure they're doing things the way that's best for you. 

Hope this helps!

Welcome @Anshul Chandra! My brokerage is in Carmel. It can be a little tricky to find a property that can cashflow in that area, but they can be found. Let me know if I can be of any assistance as you start your real estate journey!

Hi @Daniel Dow, welcome to BP! Congratulations on your first deal! I've been working on a live in flip (now live in buy and hold) of my own for awhile. Hopefully you're a better contractor than I am. :) But it's definitely a great way to get started and learn the ins and outs of the business. 

I guess it depends on where those condos are to start. Sounds like an area I used to live on the west-side, but rents were nowhere near that high.

I'm hoping that someone has told you we typically don't get much appreciation in Indiana - which can be good and bad. In times like these where the inventory is low, we don't see the crazy price hikes that you would see out on the coast. The plus is when the market has a correction, we don't feel the negative effects as much either. Short story is, be prepared long term to sell your condo for what you you're buying it for. Multifamily units and condos/townhomes really get the short end of the appreciation stick in Indy. 

Seconding checking into the health of the HOA as well. You want to be sure you're not hit with an unexpected bill because something needs to be done but they don't have funds to cover.

Hi @Chad Quakenbush and welcome to BP! You're at the right place if you're just starting out. I would highly suggest planning some time to make it over to a CIERIA or INREIA meeting as well (both actually have events tonight!). Great places to start networking and meeting fellow investors. Just go to meetup.com and search real estate and you should find out how to sign up for their events.

Feel free to reach out if you have any questions!

@Gene D., completely understood. I have had other investors ask me about this, so it's good that you brought it up.

If we want to talk about jobs in Indiana (specifically Indianapolis), you might also want to reference this article from the Indy Star two days ago about why Indiana is a great tech hub: http://www.indystar.com/story/money/2016/09/09/what-makes-indiana-tech-hub/89962386/

It doesn't offer a lot of numbers about specific job growth but it does highlight why businesses find the area so attractive.