All Forum Posts by: Trace Wilson

My question back to you would be how big do you want to grow and how quickly do you want to scale it? Questions like this are hard to answer unless you can get an idea of your goal first. Is your goal for a certain dollar amount in cashflow, is it to flip properties and reinvest those profits into rentals? I'd first recommend thinking about that more.

I'll give you an example of something I'd recommend to someone looking to start in their 20s that's just looking to get started and start building up some cashflow. You could house hack hop (buy a duplex to house hack, the next year buy another and live in that one, next year buy another and live in that one, etc.). Depending on the market you could have your mortgage paid for or mostly paid for and save that extra money with the purpose of reinvesting it later. Then you're also slowly building up cashflow as you move out and rent out the space you were living in. 

@Aaron W Cary You can BRRRR using loans but they won't be traditional bank loans, you'd need to get a hard money loan or something similar. Another thing you could think about is paying cash up to $80k for the purchase price and then getting a loan for rehab costs.

You also mentioned ARV, if you can find a good realtor in the area you're looking, they could help you with finding the comps for estimating your ARV. Depending on the area, you can sometimes get sold prices from Zillow/realtor.com/etc. but some MLS systems don't show sale price to those sites so you'd need to find a realtor that can see those sold prices and either have them pull comps or have them set you up with their IDX feed to see those.

@Samuel O Medunoye There are lots of great markets to invest in, but it does depend on what you are looking for. I’m going to assume you are looking for high cashflow opportunities with little management required from you since you are out of state. As already suggested, student rentals like in West Lafayette or Bloomington will have more turnover, but if you connect with a good PM they’ll take care of that and renting by room can increase cashflow significantly. If you’re looking for very little management, I’d probably not recommend short term rentals but I am saying that based on an assumption. Generally in the Lafayette area, contractors are crazy busy so it can be difficult to get them to show up so an out of state flip will be time intensive just trying to find contractors.

What are your goals? What is it that this first deal will provide for you? That way the community will be able to give you more specific advise on cities. 

Hey Paul, if you are considering Lafayette as one of your potential markets I'd love to talk with you more about that. I am a realtor in Lafayette so I may be able to help if you are interested. Please reach out if you have any questions and I will do my best to help!

There was a REIA before COVID, but I tried reaching out to the organizer, J.B. Farrell, a couple months back through the Meetup app and didn't get a response. Katie Jewell has held a few meetups in West Lafayette and posted them on BP so you can try reaching out to her and see if she has anything planned coming up.

@Justin Polston That sounds interesting and I would like to hear more about it if you don't mind. I'll message you with some of my questions.

@Nina Hayden I'm not super familiar with the Noblesville area specifically, but if it's like some of the surrounding areas then it likely has a lot of older properties that would make good BRRRRs or flips. I'm happy to look into that area more though, so let's connect and I can try to find some deals in that area and see what you think.

@Logan Splinter Thanks for the advice, I will definitely have to do some searching for FB groups and REIAs in the area.

I'm a new real estate investor in Indiana but don't have enough money yet for my own down-payment on an investment property. What are some suggestions for finding a partner? I know the Midwest is a good area for long distance investors but I'm not sure how to network and find people interested in long distance investing. Does anyone have any suggestions on where to start building a network for potential partners?