All Forum Posts by: Ray J.

Congrats! Brave man to take that leap to quit your job and go full-time!  

Gary is a great place to invest, but I wouldn't recommend starting here as a beginner unless you're from here or from close by. Do some unfamiliar people start here and succeed? Of course, but I just don't think it's the easiest market to understand for an outsider, and a lot of them fail because they only see price. But they don't understand the city Block by Block. Even a lot of seasoned investors who are not familiar with Gary fail. But if you're up for the challenge, you can make out big. You should definitely visit first and come to a local REIA meeting. There are several of them around. I'm a part of one of them called NICIA.org, part of which focuses specifically on Gary, so come visit and DM me if you have questions.

Like previously said, Gary is block by block.  If you find a decent property on a nice looking block, you'll most likely be good. Great cash flow. When tenants move out, I can't keep my properties vacant even if I tried to.  Just like anywhere, make sure your screening process is on point. As far as entire areas of Gary that are mostly good, I like the Calumet Township and Miller areas. The rest is block by block. I've tried and continue to try to find property in East Chicago, but it never makes sense in comparison.  It might just be my luck, but all the buildings in East Chicago that I look into are super raggedy and it makes no sense when I can just buy one in Gary for the same price that needs little work if any, but commands the same rent.  I almost bought a triplex in East Chicago once that looked decent, but my inspection team found the hidden raggediness that had been covered up to sell.  I've personally never been attracted to Hammond, but I hear it's a great rental market as well.  Crown Point is good if you find good multi units.  It could be expensive, but it all depends on your goals.  Lake Station & New Chicago depend on the area.  Lots of run down areas and lots of good areas.  Unlike Gary, it's more neighborhood based rather than block based.  Merrillville and Hobart are just OK in my opinion.  Not bad, not great, in general.  Of course, in ANY city/town, it's possible to find a few home run deals, so I just keep my eyes open everywhere around here.

 Hi. With prices increasing, there are less 20k deals, unless you want to do full rehabs. The method is doable depending on the house you find, but IMO 15k for a full rehab is pushing it. For those who can do it, great! A lot of people are moving into Gary, that's why rent has increased drastically recently. For us, it's almost impossible to keep a unit vacant. 

I'm interested. Can you send details? 

We haven't personally had any section 8 tenants yet, but the people I know who do section 8 haven't had any problems out of the ordinary. Of course, they have to do periodic inspections and they sometimes have to wait a while for the first month's rent. After that, mostly smooth sailing because they have good screening systems. 

Did you sell it yet? 

Call your bank and explain the situation.

Raines Insurance Group (broker)

https://insurancebyraines.com/