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Old 04-03-2007, 11:45 AM
 
19 posts, read 58,168 times
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Hello,

My friends and I have started an LLC to buy properties and fix them up for sale in the Indy area. We haven't purchased a home yet, but looking mostly into HUDs and Bank Owned.

Does anybody have any insight to the market for these activities in Indy? Any good areas? We are not looking to make tons and tons of money, just $10,000 (minimum) per flip and over time build up capital. We are looking for houses in the $80K-$100K range.

What experiences do you have? I understand that this isn't the hottest area for this, but it's where we are starting regardless. Any insight to your experiences would be interesting and valuable.

Thank you!
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Old 04-03-2007, 12:36 PM
 
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Hello,
Sorry I couldn't help you on this topic, but I wanted to wish you the best of luck. My wife and I are relocating to Indiana soon and plan on doing the same type of thing.

Best,
Don
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Old 04-03-2007, 01:46 PM
 
19 posts, read 58,168 times
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Good luck to you, too!

One great thing about Indy: the price of homes are cheap. So, you can have many rentals if you can't sell the home. The foreclosure rate in Indy is astronomical, so the rental market should rise.
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Old 04-03-2007, 03:23 PM
 
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everthing I read about the Indy rental market shows a very soft market due to an over-supply situation.
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Old 04-04-2007, 07:05 AM
 
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I would consider walking a bunch of areas to see how the neighbors take care of their properties. The east side has a bad rep but from block to block there are huge differences. Also near east and those areas in and around Irvington are massively different.

Consider the schools and townships since you will get better $$ with a better school.

Stay away from the vinyl villages, but you already know that. What you are looking for is distinctive that needs renovation. Irvington should be ripe. Check out the different community development groups. There are some very active ones here that are also developing properties and may have info or at least send you to upgrading neighborhoods.
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Old 04-04-2007, 10:59 AM
 
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Quote:
Originally Posted by Southside Shrek View Post
everthing I read about the Indy rental market shows a very soft market due to an over-supply situation.
Yes, I've noticed that too. That's why we are looking very carefully for underpriced homes in good areas.
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Old 04-04-2007, 11:01 AM
 
19 posts, read 58,168 times
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Quote:
Originally Posted by sweetana3 View Post
I would consider walking a bunch of areas to see how the neighbors take care of their properties. The east side has a bad rep but from block to block there are huge differences. Also near east and those areas in and around Irvington are massively different.

Consider the schools and townships since you will get better $$ with a better school.

Stay away from the vinyl villages, but you already know that. What you are looking for is distinctive that needs renovation. Irvington should be ripe. Check out the different community development groups. There are some very active ones here that are also developing properties and may have info or at least send you to upgrading neighborhoods.

I agree. We are looking at a bank owned home right now that is distinctive and older. It will need a good amount of work, but the area seems very nice with kept up houses and yards. Hopefully, we can get started soon!

Do you flip houses in Indy? Do you have any advice to a "first time flipper" in Indy?
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Old 04-04-2007, 03:00 PM
 
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Lord no. While I can appreciate the work, been there and done that. I am the one right now who wants to buy a fully renovated home where someone else, preferably the homeowner, has done all the hard work. The waiting for the contractors, dealing with problems, etc. is not something I want to waste my time on.

All I want to do is write the check.

There is a lot of risk out there and I want to sleep at night peacefully.

Once my hubby saw the TV program where the couple found the asbestos and ended up with only the studs left, it was never going to be for him either.

We sold our Chambers stove to a young man who is doing some renovations and then renting out houses in South Broadripple. I forgot to mention south Broadripple, but I dont think there will be many HUD or otherwise foreclosed on homes. You get the area of both Broad Ripple and Meridian Kessler near the houses.
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Old 04-05-2007, 08:43 AM
 
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South Broadripple would be a great area, but I think its way out of our price range at this early point in this venture. If we can have success in flipping a couple houses and build up some capital, I would love to invest in the area for rentals or potential flips. That is a great area. And close to Butler, nightlife, and resturants.
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Old 04-10-2007, 09:12 AM
 
19 posts, read 58,168 times
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Any more news on this topic? Would love more advice...
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