All Forum Posts by: Mark Jones

@michael 

@Michael Shea  We manage property in Indianapolis.  If I can answer any questions for you, feel free to reach out.  

I saw the name Paul Flynn in an investor Facebook group, but I have not personally worked with him.  You would need to do your due diligence.

@Nick Giulioni would be a good resource for you.  He also lived in California and now invests in Indianapolis, and helps others do so as well.

Good luck!  

Hi Ryan!  I am an investor in Indianapolis.  I have owned property here since 1996.  I also own a property management company.  Happy to discuss the Indy market with you in regards to multifamily.  We own and manage several multi unit properties.  Feel free to reach out with any questions.  

Hi Cansu, yes the west side can be spotty, but there are certain areas that are getting better and better, and spreading out one street at a time.  It will be really important to connect with a team that knows this area well.  If you have the ability to drive around yourself to learn it, I would highly recommend doing that.  If you are out of town, then again, definitely team up with people that know the area well.  There are some opportunities west of the river, south of Washington street with the development going on there with the Indy 11 new stadium and Elanco's new headquarters, we should see some growth here.  Eagledale is another area on the west side where you can still make numbers work, with less crime.  I am watching Haughville myself.  I think this is becoming more street by street even though it's a small area.  My staff is a great resource for this area as they are dealing with our tenants and owners in this area every day.  Feel free to reach out if I can answer any further questions for you.  Best of luck.

My wife has been a mortgage broker for over 30 years. I think the 203K loan is mainly for renovations, and not for building a home from the ground up. If you are planning on living in 1 of the units, you could do this with a 203K loan for a home that is already existing and needs a renovation. It can be a small renovation or a really large one. FHA is only for owner occupied, you can't do this financing if you are not going to live in one of the units. There are plenty of multi family homes that need work. That is a great way to buy right now, because you do the work and you get the sweat equity. Feel free to reach out if I can answer any other questions for you on this type of project. It can be a challenge since you are a new investor. Learning the ropes of investing along with a renovation project can be a lot. It will be really important that you have a good team beside you that you trust.

I know the Indianapolis market well.  Have been investing here for over 25 years.  Happy to be a resource if you are thinking about the Indy area.  

Numbers now have to be registered and they are being more regulated, so hopefully that will help in the next 6 months or so.  

We have also worked with Chapman and Repulic if you want to add them to your list!  

what are their other fees when they are the agent and the PM?  Since all of your eggs are in 1 basket, I would make sure the company is reputable.  Talk to people that are currently working wht them and are having a good experience.