All Forum Posts by: Mark Jones

Nice job!  Thanks for sharing.

You are right on the cusp of Emerson Heights and Christian Park and as stated above, it does change street by street! I think the better the renovation, the higher the rent. I just drove through this area last week. It's great to see the amount of improvement that is going on, but it does vary quite a bit. Even the neighbors you have around you, and what those housese look like can make a difference. Your management company has boots on the ground and will be a better resource than rentometer. I like to run it through 2-3 automated rent analysis. It's very interesting how even those will be different. But your management company knowing the exact location will be your best bet. If you do decide to take it STR, I would make sure your mgmt company has a lot of experience with that as well. A completely different animal as far as the estimated income and the day to day management of it. Good luck!

20% down would be 100K sales price.  That is still possible in Indy.  Going to be a class C area, but could possibly cash flow.  

Sounds great!  Can't wait to listen.  Thanks for sharing your valuable experience for Indy Investors!  

Turn key may be a good option for you, just make sure you do a ton of homework on who you are partnering with.  We have seen a lot of investors get into major trouble purchasing a home from out of state that they never saw, thinking it was completed and rented when it was not.  

I work with a lot of investors from California.  If you are interested in Indianapolis, check out the Indianapolis Out of State Investors Facebook Group.  You will learn a lot about this area from that group!  

You don't want to buy the property in the LLC. You will want to buy it in your name and then you can quit claim it over to an LLC when you rent it out for liability purposes. With a Conventional type loan, you can't buy it in an LLC. Has to be in your individual names. Not a bad idea to quit claim it over once you rent it out however. Great way to start investing! I did the same thing. Bought a double with an FHA loan putting 3.5% down. Lived in one side and rented out the other. Did lots of work to both sides. Had it as a rental for about 20 years and then recently renovated it again and sold it as two separate units. One of my biggest success stories!

Buy the property in your own name and then quit claim it into the LLC after closing. This is a simple form that the title company can do for you and record it. That way you don't have to get a commercial loan. You are going to have better terms with a Conventional investment loan if you can put 20-25% down.

We have a handful of investors that would be interested in this, including me!  I'll DM you.