All Forum Posts by: Gloria N Gear

Hi @Ryder Payne, GREAT GOALS!!! I am going to PM the contact info of a guy on my team here in Indianapolis that did just that. He saved half of all of his paychecks from the time he was 16. He moved to Indy after he graduated from college when he was 21 and bought a house on an FHA loan and house hacked it. He is just about ready to purchase his second one this month. During the time when he was saving and finishing college, he picked a property every single day and analyzed it for practice, so that when he was ready to buy, he knew exactly what he needed to do when he bought it. You can do this -- be intentional!

Hi Jonah,  I would love to join your team.  Indianapolis is a great place to invest.  Happy to hop on a call with you to discuss.  I have been an OOS agent for 8 years and am an investor myself.  For wholesalers, there are 5 major wholesalers in town (and hundreds of mom & pop wholesalers).  Simple Wholesaling is my favorite - Terry Young is who you need to talk to.  For lenders, start with @Jared Shore Mamba mortgage - he can help with both DSCR and HML. Contractors - I have few I can recommend, but that is a rotating industry - if you find a good one, hold on to him and keep him busy. I also have lists of property managers, inspectors, title companies, etc. I will PM you my info so we can get in touch.

I'm in Indianapolis!!  I can tell you have started research -- all great neighborhoods.  Some of those areas may be a little more than cosmetic flips at that price point.  I would love to hop on a call and discuss and possibly give you some ideas for other neighborhoods.  I will PM you.

Indianapolis has consistently been in the top 10 places to invest for years now.  The market is very steady -- 5-7% year over year (expect for the few crazy years after pandemic), job grown is exceptional -- I just read an article that was predicting 9% growth this year.  It is a very diverse corporate world, so if one industry is not going well, there are half a dozen other that are.  (pharmeceuticals, distribution, manufacturing, tech, medical are among the top sectors). Cost of living is very affordable -- property taxes - 2% for landlords.  Median sales price is $300,000, but still plenty of rental properties selling under $200,000.

I have been helping OOS investors in Indianapolis for 8 years now and have done 9 properties myself.  Would be happy to have a conversation with anyone seeking more information.

Hi Joseph, I am an investor in Indianapolis and also help out of state investors to learn the areas.  I think Indy is a great diversity of communities and properties, so anything you would like should be here.  I will PM you.

Hi William,

I live and invest in Indy (I am on the west side).  I think we have the best advantage because we are where many of the investors want to be and we can drive the neighborhoods ourselves and know where the transitioning areas are.  Would love to meet up with you for coffee and share.

Your last question made me think about my own properties.  I very much have a long term play and "don't care" about the cash flow immediately, but obviously I don't want them to negative.  I have 7 LTR right now and most of them net about $200-$300 a month.

My first property I got 5 years ago for $120K, rents were $1250 at the time.  It is now worth $220K, I make $1850 a month, but I always have a positive cash flow. (I have $80K left on mortgage)

My newest property, I bought this year for $125K, I put $60K into it but with a HML, so cash out of pocket was about $20K, I just refinanced it and am putting up for rent for $1800, my PITI is $1600. (So if you look at it that I bought it for $125K and it makes $1800, that hits the 1% rule. If you look at my out of pocket costs the first year, it really doesn't. But again, if you just look at the monthly expenses, I am making $200 a month)

Sorry to go down a rabbit trail, but that question was interesting to me.

I think that it is all a balance and if you want the immediate return or long term return.  (I am in Indianapolis by the way).

Hi Alyssa, I am in Indianapolis and can help you out with insights there, but your area is totally on my bucket list at least to visit.  I have a friend in Tacoma and then a nephew that lives east of Seattle.  I would love to hop on a call and discuss the different areas of Indianapolis and what would work for your strategy.  Or I have some lady investor friends that are doing awesome with mid-term rentals -- would that work for all the corporations in your areas?

I am always up for coffee!!!  There are so many great local coffee shops in Indy to try, that is just a bonus.  As far as meetups, CIREIA is a great group - I am going to another investor meetup next Wednesday that I will PM you details.  You will find that there is a good network of investors in Indy that are willing to help out.

@Jake Knight is the expert for the Indianapolis area - he has been doing property management for year.  Do reach out to him.  

I self manage my few properties and have not had any issues at all with the City of Indianapolis. My LLC is registered obviously, then I received a form in the mail once the property was recorded after purchase. Property taxes are 2% instead of 1% for landlords as a general rule (some districts may be slightly higher). I personally feel landlording in Indianapolis is pretty easy as far as restrictions go.

(If you are out of state, you may seriously consider using a good property manager because of screening tenants, vandalism, squatting, and various other reasons -- they do protect your investment).