Thanks Joshua. I feel very fortunate to have found this site so thanks for all your hard work on it. It really is quite amazing.
So yeah, I would love to be investing much closer to home. Thing is, I live in NYC and we all know how obnoxious the market is here. Even the surrounding areas are overvalued. Also, I don't have a car, so my local range is limited by public transportation. Such is the life of a New Yorker.
I like Indianapolis for several reasons, first among them is the cash-flow opportunities. My strategy is pretty simple. Buy a lot of little rental properties that throw off a couple hundred in cash-flow every month to spread my risk out, and then use the income off of those properties to leverage into more/larger properties. Initially I think buying wholesale turnkey properties is my best bet, get some experience with those, and then get more creative from there. As for financing, I'm really trying to locate deals with seller financing. I have cash too, so there may be cases when I purchase outright too.
I'd also like to diversify across economic levels. Like most of us, I'm interested in solid blue-collar middle class tenants, but i'd also like to have some yuppie hipsters and section 8 folks as well (not so into ghettos, tho).
Kansas City also looks interesting to me. Don't know much about it yet, but I've heard of good things happening there so I'm going to check it out. Even though i'm sure it comes with its share of headaches, ultimately I like the idea of being geographically diversified.
That's it in a nutshell. Start small and take it from there.
Cheers!
Originally posted by Joshua Dorkin:
Welcome aboard, Josh. We definitely love to hear complements like the ones you've thrown out, so thanks!
I'm also curious about Indianapolis. While there are absolutely great deals there, there are also many in your backyard. Wouldn't you rather be investing closer to home?
It sounds like your strategy is to locate the turn-key properties and have someone manage these for you. Is that the long term plan as well?
Fill us in a bit more.
Thanks again for your excitement, and I look forward to chatting it up with you here on the site.
Best, Josh
