All Forum Posts by: Erin Donlan

Hi @Jonathan McKay! I'm an investor and agent in the area and would be happy to meet up with you and give you an overview of our market. I'll PM you my contact details. Multifamily can be a challenge in Indy, but I know several investors who like the cashflow they provide, and I think it's a perfectly fine way to go if you're aware of the potential risks. Hope your time in Indy is profitable!

I'm a buy and hold investor in the area and work with several other investors as well. Happy to answer any questions you have! Will PM you my contact details.

Bates Hendricks has been getting a lot of attention from the show Good Bones on HGTV, so that may be why more people have been looking in the area. I looked at properties there probably a year ago and was not happy with it, but things may have changed since then. It was touted as a possible "next Fountain Square", but it's actually quite bigger than FS, with less attractions (restaurants, shopping, etc), but the proximity to downtown makes it appealing. I wouldn't say that it's turned the corner yet, but there is potential. I know there's a couple other rehabs on that street as well.

I'm happy to put you in touch with a couple property management and inspection contacts as well. 

Hi @Vishal Gadhia! I'm an investor and agent in the Indianapolis area and would be happy to set up a time to talk with you about our market and what you're looking to accomplish. I'll PM you my contact info. If we don't happen to connect, have a great time in Indy this weekend!

Not to be the bearer of bad news, but I don't believe it would be possible wholesale these properties. There's a process in place that requires the purchaser to submit a complete scope of work on the property before they even accept a bid on it. Also, since any flipper can find these houses on their own by searching the website, it bears the question, why would they pay you a finders fee?

Hi @Terone Johnson! Welcome to BP. Don't let the fact that there's a lot of inventory available in an area fool you - it's typically available for a reason! Especially with the market being short on inventory as it is now. That doesn't mean there aren't deals to be had - you just have to be choosy and analyze, analyze, analyze. There are a great wealth of resources here to help with that.

I'm an agent and investor in the area and happy to answer any questions you have. 

Hi @Brad Swarm! The area you're talking about is a pretty wide swath of downtown, so it's hard to generalize. I know there's revitization going on in he Mapleton-Fall Creek area but it's still very street by street, so you really have to be sure of where the action is at. It doesn't make sense to buy in an area that's been completely untouched. I know someone has to be the first on the street, but I wouldn't suggest it as your first property.

I'm happy to give you some more information about the house you're looking at if given the address. I'm an agent and investor in the area and happy to help out if I can!

Hi @Sonya Hansell, thirding the other two posts above - you'll want to consult with an attorney. You can probably find a basic rental agreement online, but you'll want to make sure you have everything you can think of covered - who pays the utilities, who is responsible for lawncare and snow removal, what the expectation is on when the rent is due and the penalties for late payments, and so on. Any place there can be some discrepancy, you want to make sure you have things clearly stated in the lease agreement.

You also want to make sure you spend time with your tenant going over the agreement. Don't hand it to them and expect them to read it - they won't! You need go through it with them so they can't say they "didn't know" something later.

Hi @Phil Shaughnessy! Welcome to Indy and BP. I hope you find it a good fit personally and professionally. Learning by doing is a good start but don't overlook the wealth of information on this site. There are also local investor meetings (CIREIA and INREIA) once a month as well where you can network. There's a CIREIA meeting coming up on Thursday, if you can make it. Info is on their website (https://www.cireia.org) or through Meetup.com.

I'm an investor and agent in the area and happy to help you with any questions you have as well. Best of luck with the job search!

Following because I am looking for a CPA too. I know there's a firm in town that has a real estate division, but not sure of their rates.