The Circle Investor Podcast

Episode 27 - Steve Lehman: The Unfiltered Truth From The Grumpy Real Estate Investor

Episode 27 of The Circle Investor Podcast features Steve Lehman, known as the Grumpy Real Estate Investor on Instagram, a Chicago-area transplant who moved to Indianapolis for love in 2010 and spent the next 15 years learning the city's neighborhoods from the inside-out.  Steve shares how he got his start flipping, wholesaling, and buying distressed properties alongside his former business partners, how he developed an encyclopedic knowledge of Indianapolis neighborhoods street by street, and why he eventually stepped away from traditional investing to focus on what he does best. This conversation is raw, real, and unlike most real estate podcast episodes, covers the psychology of squatters, the ethics of wholesaling, what property managers actually deal with, and why the investors and locals who stick around and do the work are always the ones left standing when the grand schemers leave town. EPISODE HIGHLIGHTS: * How Steve moved from Chicago to Indianapolis for love (and ultimately discovered a city 10 years behind the times with massive opportunity).  * Buying surplus tax sale properties at $25 to $600 during the post-2008 crash and learning the neighborhoods firsthand. * Why knowing the street (not just the zip code) is the only real competitive advantage in Indianapolis. * The origin of the Grumpy Real Estate Investor and why brutal honesty built him a following. * Real-life stories of rehabs gone bad (what they look like, why they happen, and why they're more disappointing than a fully distressed property). * The ethics of wholesaling and who he respects, and why virtual wholesalers are a special kind of problem.  * What property managers actually deal with and why Steve thinks it's one of the most thankless jobs in real estate. * Steve recalls squatter stories over his years of being a real estate authority in the state.  * Why treating people in distressed situations like human beings is the most effective strategy.  * The out-of-state investors and Ponzi schemers Steve watched come through Indianapolis and why the locals are always left holding the city together. * Why the day you think you know everything is the day you should walk away from real estate. Make sure you’re locked in for next week’s episode! We’re keeping the momentum going with more insights, real stories, and strategies to help you build your real estate business. Hit subscribe, tap the notification bell, and don’t miss what’s coming next. The Circle's Founder (Ryan Rominger) and Director of Operations (Stuart Smith) discuss what’s happening in the world of Real Estate Investing, Property Management, and running a small business based in Indianapolis. The show focuses on the Central Indiana real estate market, but also explores beyond the Hoosier state to gain intriguing insights in the world of business and real estate investing. We interview our favorite influential people from across Central Indiana (and beyond) to learn from the people having the biggest impact on our market. Do you have any questions, suggestions, or simply want to reach out? Contact us through this email address: Gmail = circleinvestorpod@gmail.com [circleinvestorpod@gmail.com]    Follow us on all of our socials: Facebook = www.facebook.com/thecircleinvestor/ [http://www.facebook.com/thecircleinvestor/]     Instagram = www.instagram.com/thecircleinvestor/ [http://www.instagram.com/thecircleinvestor/]      You can also check our our website for more information: Website = www.intriguepm.com   Upcoming Investor Meetups = www.intriguepm.com/thecircleindy#rsvp [http://www.intriguepm.com/thecircleindy#rsvp]

Course 10 - Your Renovation Guide: Spending Right To Add More Value

Spending money on a renovation doesn't automatically mean you'll get it back. This course walks through the renovations that actually move the needle on property value and the ones that quietly drain your budget without showing up at resale. From paint and flooring to kitchens, bathrooms, and curb appeal, you'll learn where to put your dollars, how to match your finishes to the market you're in, and how to avoid the common trap of over-customizing a property you're trying to sell or rent. Whether you're flipping, holding, or just buying smart as a homeowner, this course helps you renovate with an investor mindset. So, every dollar you spend is working toward a return. COURSE HIGHLIGHTS: * The five renovation categories that consistently deliver the highest ROI. * Why bad paint choices can hurt a property just as much as no paint at all. * How to choose flooring based on your strategy — flip, rental, or long-term hold. * Kitchen renovation: when a light refresh works and when you need to gut it. * Why "clean and durable" beats "fancy and over-customized" almost every time. * How to match your finish level to the neighborhood and why the comps set the ceiling. * Trends to avoid and why simple, neutral choices protect your resale value. * When layout changes make sense (and when they're just expensive and unnecessary). * How to think about renovations as a landlord and what actually justifies the spend. Make sure you’re locked in for next week’s episode! We’re keeping the momentum going with more insights, real stories, and strategies to help you build your real estate business. Hit subscribe, tap the notification bell, and don’t miss what’s coming next. The Circle's Founder (Ryan Rominger) and Director of Operations (Stuart Smith) delivers practical, structured, and experience-driven insights designed to help aspiring or seasoned investors and other real estate participants to thrive in this industry. This series of training courses focuses on real estate investing, property management, and small business operations. While grounded in the Central Indiana real estate market, the principles shared extend beyond the Hoosier state, staying true to the goal of equipping listeners and learners with actionable guidance and real-world insights they can apply immediately. Indianapolis Investor Map: https://earth.google.com/web/@39.82822064,-86.23642807,244.55852422a,143828.53126734d,35y,0h,0t,0r/data=CgRCAggBMikKJwolCiExMXo0Um9JalJtZk5IOHVYd0dvTXpDZ1hlNDZJbDRIU20gAjoDCgEwQgIIAEoICNqbm6sBEAE?_pxl=djoxLGM6YmZjZGJhMzg2MTY0MzAsYTox&authuser=0 [https://earth.google.com/web/@39.82822064,-86.23642807,244.55852422a,143828.53126734d,35y,0h,0t,0r/data=CgRCAggBMikKJwolCiExMXo0Um9JalJtZk5IOHVYd0dvTXpDZ1hlNDZJbDRIU20gAjoDCgEwQgIIAEoICNqbm6sBEAE?_pxl=djoxLGM6YmZjZGJhMzg2MTY0MzAsYTox&authuser=0]   Do you have any questions, suggestions, or simply want to reach out? Contact us through this email address: Gmail = circleinvestorpod@gmail.com [circleinvestorpod@gmail.com]   Follow us on all of our socials: Facebook = www.facebook.com/thecircleinvestor/ [http://www.facebook.com/thecircleinvestor/]  Instagram = www.instagram.com/thecircleinvestor/ [http://www.instagram.com/thecircleinvestor/]   You can also check our our website for more information: Website = www.intriguepm.com [http://www.intriguepm.com]  Upcoming Investor Meetups = www.intriguepm.com/thecircleindy [http://www.intriguepm.com/thecircleindy]

Episode 26 - Alec Neu and John Hornbuckle: The Guys Solving Indianapolis's Housing Crisis (One Duplex at a Time)

This week’s episode features Alec Neu and John Hornbuckle of NEU Real Estate Group. This development company is reshaping the multifamily landscape in downtown Indianapolis for having built and sold nearly 200 new-construction duplexes and quadplexes in just two and a half years, and now setting their sights on Fort Wayne and Muncie. They pull back the curtain on how NEU identified a massive gap in Indianapolis's housing inventory, a city starved of new multifamily products for decades, and built an entire business around filling it. This conversation also goes deep on Indianapolis's workforce housing crisis, the rise of mid-term rentals as a smarter strategy for investors, what today's tenants actually expect compared to five years ago, and what it takes to work hand in hand with city governments to solve housing shortages at scale. EPISODE HIGHLIGHTS: * How NEU Real Estate Group has built and sold nearly 200 new-construction duplexes and quadplexes since 2022. * Why Indianapolis has been starved of new multifamily inventory for decades and why that created an enormous opportunity. * The three core metrics Neu uses before acquiring any land parcel. * How they evaluate 50 to 100 properties a week to buy two to three land parcels. * Why Indianapolis offers investors both cash flow and appreciation. * The workforce housing crisis facing Indianapolis and surrounding markets. * Expanding into Fort Wayne and partnering directly with the city of Muncie on free land. * The rise of mid-term rentals and why it bridges the gap between short-term headaches and long-term stagnation. * How tenant expectations for finishes and quality have completely shifted since 2018. * The creative leasing tech and no-show fees Intrigue uses to reduce friction and fill units faster. * What it really takes to work with city governments (the red tape, the inspectors, and the rewards).  * Why Indianapolis is still undervalued — and what $28 billion in economic development means for the future. Make sure you’re locked in for next week’s episode! We’re keeping the momentum going with more insights, real stories, and strategies to help you build your real estate business. Hit subscribe, tap the notification bell, and don’t miss what’s coming next. The Circle's Founder (Ryan Rominger) and Director of Operations (Stuart Smith) discuss what’s happening in the world of Real Estate Investing, Property Management, and running a small business based in Indianapolis. The show focuses on the Central Indiana real estate market, but also explores beyond the Hoosier state to gain intriguing insights in the world of business and real estate investing. We interview our favorite influential people from across Central Indiana (and beyond) to learn from the people having the biggest impact on our market. Do you have any questions, suggestions, or simply want to reach out? Contact us through this email address: Gmail = circleinvestorpod@gmail.com   Follow us on all of our socials: Facebook = www.facebook.com/thecircleinvestor/    Instagram = www.instagram.com/thecircleinvestor/     You can also check our our website for more information: Website = www.intriguepm.com   Upcoming Investor Meetups = www.intriguepm.com/thecircleindy [http://www.intriguepm.com/thecircleindy]

Course 9 - Financing Your First (Or Next) Investment

This course breaks down the financing landscape for real estate investors. We explained conventional loans, DSCR loans, hard money and private money lending so you can understand not just how each one works, but which one fits your strategy. You'll learn how financing structure directly impacts your cash flow, what lenders are really charging beyond the interest rate, and how to match the right loan type to the right deal before you ever make an offer. Whether you're buying your first investment property or looking to scale, understanding your financing options is one of the most important foundations you can build. COURSE HIGHLIGHTS: * Why the wrong financing structure can sink an otherwise good deal. * How conventional loans work and who they're best suited for. * What a DSCR loan is and why it's a go-to option for investors without W2 income. * Explaining why hard money loans make sense and highlighting points to watch out for. * How private money works and why it can be one of the most flexible tools in your arsenal. * Matching the right loan type to your strategy: buy and hold, flip, or BRRRR. * The list of hidden costs most investors miss. * How to get pre-approved and what proof of financing actually looks like to a seller. Make sure you’re locked in for next week’s episode! We’re keeping the momentum going with more insights, real stories, and strategies to help you build your real estate business. Hit subscribe, tap the notification bell, and don’t miss what’s coming next. The Circle's Founder (Ryan Rominger) and Director of Operations (Stuart Smith) delivers practical, structured, and experience-driven insights designed to help aspiring or seasoned investors and other real estate participants to thrive in this industry. This series of training courses focuses on real estate investing, property management, and small business operations. While grounded in the Central Indiana real estate market, the principles shared extend beyond the Hoosier state, staying true to the goal of equipping listeners and learners with actionable guidance and real-world insights they can apply immediately. Indianapolis Investor Map: https://earth.google.com/web/@39.82822064,-86.23642807,244.55852422a,143828.53126734d,35y,0h,0t,0r/data=CgRCAggBMikKJwolCiExMXo0Um9JalJtZk5IOHVYd0dvTXpDZ1hlNDZJbDRIU20gAjoDCgEwQgIIAEoICNqbm6sBEAE?_pxl=djoxLGM6YmZjZGJhMzg2MTY0MzAsYTox&authuser=0 [https://earth.google.com/web/@39.82822064,-86.23642807,244.55852422a,143828.53126734d,35y,0h,0t,0r/data=CgRCAggBMikKJwolCiExMXo0Um9JalJtZk5IOHVYd0dvTXpDZ1hlNDZJbDRIU20gAjoDCgEwQgIIAEoICNqbm6sBEAE?_pxl=djoxLGM6YmZjZGJhMzg2MTY0MzAsYTox&authuser=0]    Do you have any questions, suggestions, or simply want to reach out? Contact us through this email address: Gmail = circleinvestorpod@gmail.com [circleinvestorpod@gmail.com]   Follow us on all of our socials: Facebook = www.facebook.com/thecircleinvestor/ [http://www.facebook.com/thecircleinvestor/]   Instagram = www.instagram.com/thecircleinvestor/ [http://www.instagram.com/thecircleinvestor/]   You can also check our our website for more information: Website = www.intriguepm.com [http://www.intriguepm.com]   Upcoming Investor Meetups = www.intriguepm.com/thecircleindy [http://www.intriguepm.com/thecircleindy]

Episode 25 - Ryan Boyd: What Really Happens When Tenants Stop Paying

Episode 25 of The Circle Investor Podcast features Ryan Boyd, Indianapolis real estate agent, investor, and world traveler, sharing how he built a career in real estate by finding his niche early, leveraging his own investment experience to attract clients, and developing a reputation as one of the sharpest listing agents and renovation advisors in the Indianapolis market. He opens up on how he stumbled into real estate investing before ever becoming an agent (by using a BRRRR deal on Bigger Pockets to jumpstart an entire client base). From working with out-of-state investors because he looked too young to sell houses, to now leading a team and offering a unique renovation-plus-listing service, Ryan's journey is one of constantly evolving and doubling down on what works. EPISODE HIGHLIGHTS: * How Ryan grew up traveling the US in a van and where his love of travel really started. * The travel hacks, credit card stacks, and point strategies that fund his trips around the world. * How he used a BRRRR deal and Bigger Pockets to build his first investor clientele. * Why he started by working with out-of-state investors. * The renovation-plus-listing service that sets him apart from other agents in the market. * Why knowing your buyer market by neighborhood is the difference between selling fast and sitting. * How to navigate sellers who won't take your advice (and when to let go). * The value of in-person networking over online recommendations as your career grows. * Why social media success and business success follow the exact same playbook. * Bali, Dubai, the Seychelles, and the Emirates business class flight for two that cost $500. * Property management horror stories (including one that got very hairy very fast). Make sure you’re locked in for next week’s episode! We’re keeping the momentum going with more insights, real stories, and strategies to help you build your real estate business. Hit subscribe, tap the notification bell, and don’t miss what’s coming next. The Circle's Founder (Ryan Rominger) and Director of Operations (Stuart Smith) discuss what’s happening in the world of Real Estate Investing, Property Management, and running a small business based in Indianapolis. The show focuses on the Central Indiana real estate market, but also explores beyond the Hoosier state to gain intriguing insights in the world of business and real estate investing. We interview our favorite influential people from across Central Indiana (and beyond) to learn from the people having the biggest impact on our market. Do you have any questions, suggestions, or simply want to reach out? Contact us through this email address: Gmail = circleinvestorpod@gmail.com   Follow us on all of our socials: Facebook = www.facebook.com/thecircleinvestor/    Instagram = www.instagram.com/thecircleinvestor/    You can also check our our website for more information: Website = www.intriguepm.com  Upcoming Investor Meetups = www.intriguepm.com/thecircleindy [http://www.intriguepm.com/thecircleindy]