I continue to be flabbergasted at the local politicians who pass all these tenant friendly laws creating mounds of paperwork with a myriad of details and are surprised by why there are more evictions.

Yeah, I wanted my first property to be fairly turnkey mainly to learn some of the processes, build connections with local contractors, and mainly build confidence/momentum for future deals.

In this industry, people know people very quickly and reputation is everything-- when working alongside others on their financial futures/supporting local economies, truth is the hallmark of success.

Make sure the space meets local building codes and safety standards.Market Research: Research rental prices in your area to determine how much you can charge for the basement apartment.

I wanted to see if there was anyone local to Purdue University that is involved buying or selling real estate.I am an electrician with backgrounds in mechanics and control systems(more information in my profile) and id be more than happy to share my skills in return for mentorship or just to network.Otherwise I was wondering if there are investors in this area (Tippacanoe and surrounding) that could shed some light on this area regarding how difficult it may be or areas to stay away from. 

It was not producing a return that justified the effort and this was a purchase made prior to the recent rate hikes and the crazy appreciation from 2012 to 2022 (so its return was better than if the property was purchased today).I do believe a local investor should do better than an OOS investor, but it starts with accurate/realistic under writing.  

I reached out to a local bank that knew the property, and asked for the commercial lending department. 

Contacted local DSCR loan officer and was told the best rates would be 7.325% with 30% down and that’s with two points.

absolutely there are things that are specific to your area that he would recommend to attend your local reia but over all he give a immense amount of info from day one to the end so to speak.  

Just search for that term, get plugged into local real estate groups in your area, and seek out training or an instructor on that subject.