All Forum Posts by: John Rankin

 Not that I know of. The map is great however it is a few years old and neighborhoods have evolved. Sterling White who I believe created the map is actually in the process of updating it so hopefully we get an updated version in the near future.

All good neighborhoods Drew. What I've found is that Indianapolis can really be street by street. Good areas can have good streets a block away from areas you might want to avoid and rougher neighborhoods can have a few streets that are starting to see improvement. Just underlines the importance of a good team!

@Manny Awasom I would say most of the B neighborhoods are on the outskirts of the city. You can find some pockets in the city like Irvington or Broad Ripple. Then there are a handful of C neighborhoods that have potential. I would recommend checking out this podcast from Simple Wholesaling where they have some local experts dive in to some of the different neighborhoods and why they make sense for investors. I think there are about 5 different videos all together that go over different parts of the city. 

https://www.youtube.com/watch?v=xqhDooo6H6U

I'm in the middle of piecing together my "boots on the ground" team.

Hey Manny, I'm in almost the exact same boat as you. Newbie out of state investor but mainly focusing on SFH in Indianapolis. I've done a lot of research on the different neighborhoods so let me know if I can share any of my recent experiences with you.

Welcome to the community Christy. I'm a new investor in Indy as well but from out of state and have done quite a bit of research in the past few months. I would start by saying make sure you train your analyzing muscle. Once you know how to properly analyze a deal then you will know exactly what to look for. There are a lot of investors in the community who have been very successful investing in the lower class neighborhoods, so as long as you hire a good property manager you can be pretty hands-off while cash flowing monthly. Also given the current market if you see a property in an area you like but higher than what you want to pay, if it's been sitting for a while don't be afraid to make a low offer. You may be pleasantly surprised at what the seller will actually accept given their circumstances. Please reach out if you have any other questions :)

One thing to note @Richard Covarrubias is that tenants typically stay in duplexes for shorter durations than they would a SFH. Just means you might want to increase your vacancy % and maintenance expenses for turns. Also there are some duplexes where owners pay for some of the utilities. Check to see if the utilities are all separately metered.

Trying to better understand your calculations vs what Peter laid out in his. Difference in purchase price between $140k and $95k is pretty big. Do you mind detailing your rough expenses? 

Appreciate the insight @Wren Martin Forging relationships is definitely important. Didn't know that conventional lenders don't treat flip income as real money but the strategy of creating an entity and then paying yourself definitely makes sense. Thank you!!

Thanks @Jeremy Bourgeois I'm specifically looking for cash out refinance as I have the cash to purchase and rehab the property.

I am self-employed and show very little income on my tax returns. But my credit is great and I have sufficient savings. To qualify for loans should I look at deducting less expenses to show more income going forward?

Also would flipping be a good way to supplement income specifically for the purpose of showing more income in the hopes of better qualifying for lending? Any thoughts specific to qualifying for lending when income is low, close to nothing, or irregular would be greatly appreciated.