All Forum Posts by: Luka Bryant

Indy is a good market. I would reach out to realtors and local investors to have boots on the ground. 

Go visit and stay for a while to get an idea of the neighborhoods, highways, amenities etc...

Indianapolis has some pretty good options it seems. Areas around Carson Heights in the southern part of the city look solid from a future gentrification perspective, it's right next to the university too. Also got some solid cash-flowing options around there. The 14% Cash on cash one needs a bit of work, but the 7% one on N Capitol Avenue just had a nice price cut and seems pretty turnkey by the pictures.

Not an Indy investor, but I am an agent and here is my two cents. Luka, your nest egg opens a lot of options for you. Especially outside of Cali. You will need to put down at least 15% if not 20% on the property since it's an investment. But you can likely use rent to help you qualify for the loan. Markets like Indianapolis have low enough prices that this is definitely doable for you. Best advice, interview several people for each role as you build your local team: agent, lender, contractor, maybe someone who is boots on the ground, property manager. Make sure if you are putting down roughly $50-70k after down payment and fees, that you still have reserves for vacancy, unexpected repairs, etc. Some suggest 3 months, 6 months or even 1 year. Or just plan on setting aside portion of your income for potential issues if your reserves is too small. Best of luck sir.

That's a good post by Travis.

If I'd be US based I'd look to what you are doing in Cleveland OH or Augusta GA. That's perhaps because I just researched those two for my own sake. But Eastern US is not gonna benefit you. Like the others, I'd say Mid-West or somewhere where you can pick up cheap property. My recommendation is numbeo.com, checking prices and yields. You don't need to go that far, so maybe AZ or another closeby state, and not rural. Check where the lender you intend to use lends in advance. Some Mid-West states can be more difficult. Beware of too high fees, particularly in origination and junk costs. Best of luck.

I wish I had the forward looking wherewithal to get into investing at age 22! I think, as mentioned above a small SFH value add is a solid play. Or a small multi-family (what our team specializes in) is very possible in the midwest.

I would just be cognizant of not exhausting your savings because while cash flow can be found, there are ongoing costs associated with investment properties and you don't want one major maintenance issue to wipe you out!

Sounds like you are in a really good spot to start investing!  My team and I are investor-friendly agents in Indianapolis who have worked with a high number of out of state investors and we would be happy yo help you find a property. Inventory is low right now as I'm sure you are aware of, but there are still some deals out there. For a first time investment I think there would be no problem with more of a buy and hold single family and use it for LTRs. Cash flow will be a bit more difficult to find right now, but multifamily mid-term rentals would be a good option if you can make it work. I have a few properties in mind that would match your criteria right now. If you would like more information or want to chat, just let me know and we can make it happen!

I would suggest house hacking locally to get started and then branch out into out of state. Happy to point you in the right direction with any questions

Hey @Luka Bryant! Great work to post these questions and get things started. Regardless where you look or what you do, the most important thing is to just simply take action.  Do not get caught up trying to find the perfect deal or perfect market; your first 1-3 investment properties is working with a smart real estate agent/investor to guide you in making smart purchases, but really get you over the first hurdles of taking steps.

Being in LA, I would figure doing a house hack would be difficult with prices and location, but if you choose that route think about going in on the loan with a friend and house hack it together being able to combine incomes and liguidity.  I will DM you with more thoughts, but you got this!

@Luka Bryant
I think the best way to get started is with a value-add single-family. It's something smaller, 1 tenant to manage, and will be cheaper than a duplex. I personally got started in real estate by buying a value add single-family.