After purchasing 91 homes in 2017, Indianapolis home-buying firm Parrot Home Buyers, a division of Parrot Property Management LLC, plans to scale its operation to 150 homes in 2018.
Parrot Home Buyers specializes in investment properties, purchased in the $20,000 to $60,000 range and often needing rehabilitation. Urban neighborhoods such as Martindale-Brightwood, Riverside and Mapleton Fall Creek make up the bulk of Parrot’s acquisitions.
Most of Parrot’s homes will be rehabilitated and kept in Parrot’s private equity fund or sold through an intermediary to individual and corporate investors as turn-key rental properties. Due to high rent to price ratios, low cost of living and a friendly regulatory environment, Indianapolis is a destination for real estate investors worldwide.
“Rehabilitating and renting these distressed assets reduces blight, keeps them on the tax rolls, and produces a profit for the investor. It’s a win-win scenario” said Isaac Barrow, Chief Operating Officer of Parrot Property Management LLC. “The influx of investment capital we’re seeing flow into Indianapolis real estate is ultimately good for everyone – the seller of the property, the vendors involved in the transaction, the neighborhood where the formerly distressed property is located, and the city of Indianapolis as a whole. We’re proud to be a part of that.”
Parrot Property Management LLC is a local, family owned business based in Indianapolis. Its members have been active in the local real estate industry since late 2014. In addition to buying and selling investment properties, services provided include property management, leasing and acquisition consulting. Parrot’s goal is to provide safe, clean and affordable housing to renters while serving as a trusted local partner to their investors.