All Forum Posts by: Patrick B.

@Erin Carpenter Congrats on your lucrative condo deal. I have no doubt you can find some solid opportunities here in Indianapolis. Let me know if you have any questions that I can help with. @Ryan Mullin @Brett Snodgrass @Ben G. are knowledgeable and active, full timers here in the area; you might be well served to reach out to them, too. Cheers.

@Cherese Bailey I've not invested there personally but I would skip it. Too much crime. Too much drug activity. I would anticipate difficulty in attracting a quality tenant and in limiting tenant turnover. I'd consider it a "D" area and would instead seek out a "C" asset elsewhere which might cost 10% - 25% more but would be a better overall investment. 

@Henry Offiah Welcome aboard. I really like your strategy. Indianapolis seems to have fewer duplexes than many other midwestern cities so it will likely take some patience and persistence but can definitely be done. If you haven't already, I would sit down with a knowledgeable mortgage professional and walk through your situation. A concrete, real pre-approval isn't likely necessary at this early stage but it'd be helpful for you to know where you stand. How much you can afford; how much of a down payment; etc. Then I would start looking at deals. Running numbers and analyzing deals will only help you become more and more proficient at spotting terrific investments, even if you don't anticipate making real offers at this time. If you've not already done so, check out the FHA 203K loan product as a possibility as well. Could open the door to some potential purchases that you'd otherwise not consider.

@Manish Sharma Nail down your numbers and plug them into the BP rental property calculator, if you haven't already. 

https://www.biggerpockets.com/buy-and-hold-calculator

@Jen Harwood I second that. I used Indy Pro Inspection when I bought and was happy with the service.

@Ronald Cova Perhaps fellow BP member Jynell Berkshire could assist or at least point you in the right direction.

http://berkshirelawllc.com/

@Nadav Segal Folks have provided some feedback in your other thread. 

https://www.biggerpockets.com/forums/223/topics/49...

@Joel A. AmeriFirst Home Mortgage has offices in Fishers, Avon, Greenwood, etc. I saw them at a home show with a kiosk set up for their 203K loan product. Ruoff Home Mortgage is local and I've seen their 203K loan product advertised. HUD has a search page where you can enter your search criteria and find 203K lenders ... https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist

@Jonathan Huff Welcome to Indianapolis. Glad to hear you've enjoyed it here. Do you have any specific investing goals or an idea as to what you would like to do once you are ready to jump in? Fix and flip? Buy and hold? Commercial? Syndication? Again, welcome. 

@Nadav Segal I like Irvington but would stay off of Emerson, 10th, and Washington streets and get something back in the neighborhood on a quieter street. 

I think you could do well in Little Flower, particularly in the eastern half of the neighborhood, but would stay off of 16th, Emerson, and 10th. 

I've heard of people doing well in Eagledale but I'm not as familiar with that area. 

I think Riverside would be more of a challenge in terms of attracting a quality tenant and avoiding turnover. 

If investing in Windsor Park, I would aim to be in the southwest end of the neighborhood, away from Rural and south of the park.

Mapleton Fall Creek: Reach out to the Mapleton Fall Creek Development Corporation. It is a non profit and might have some insight into opportunities there. 

I don't know much about Garfield Park or Beech Grove. Cheers.