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Welcome to Target Market Insights. A podcast to help real estate investors navigate neighborhoods through the lens of local experts. In each episode, we speak to local specialists to learn about their market, useful tips, and the latest trends and developments. This show is designed to help you with the insights you need to win your target market.

Jan 19, 2021

Spencer Gray did his first real estate deal out of high school and was hooked. He started investing on the side and went all-in on commercial real estate investing in 2015. He founded two firms, one for active investing and another for passive investing, Gray Capital and Gray Properties. Spencer is based in Indianapolis, IN, and focused on value-add deals before pivoting his approach.


When looking at a market, Spencer focuses on population and job growth. He loves the Indy market and shares why he prefers the fact that the market flies under the radar. In fact, he says he prefers markets that have strong fundamentals without the competitiveness that bids up values and prices in popular multifamily markets like Phoenix, Atlanta, and Raleigh-Durham. 


In this episode, Spencer shares his criteria for selecting markets, finding deals, and operating his assets. He shares why value-add deals are so competitive and why he has more appeal for newer, core plus apartments. He also talks about his newsletter, Gray Report, which aggregates industry news and keeps his investors informed.


Partner: Text: “EQRP” to 72000 and receive a special eQRP report on taking control of your retirement money


Key Insights to Select Strong Markets that Fly Under the Radar


  • First real estate deal right out of High School
  • Building two companies: Gray Capital for active investing and Gray Properties for passive investing
  • How Spencer is using the synergy between his two companies for a smart investment strategy
  • The benefits of the Indianapolis real estate market vs. other markets
  • How Spencer analyzes markets for optimum investment success


We try to identify markets that are growing, that check all of your demographic boxes, but are flying under the radar and not on the top of competitors list. 


  • Significance of Indianapolis submarkets and how they relate to the macro MSA
  • What to look for in submarkets


The 3 elements that Spencer analyzes when looking at a deal and/or market 


  • The Market (right demographic trends)
  • The Market Fundamentals (Can you buy and achieve your return metrics)
  • What’s the Story on the Market and Deal (Executing your business plan)



  • How to understand and tell the story of a potential property investment 
  • Why Spencer created an investor newsletter and why investors love it
  • Other factors to consider when evaluating a new real estate investment opportunity


We won’t choose a market that has peaked with flat growth, we are looking at a market that has sustainable growth for years into the future.


  • The importance of understanding your property management logistics
  • Why Spencer focuses on Core Plus assets vs. value add assets 


Partner: Download our Sample Deal Package


Bullseye Round: 


Apparent Failure:

My first real estate deal in high school was a failure on ROI, but it showed me that real estate was a possible option.


Digital Resource:

Webinar Jam (webinar platform)


Most Recommended Book:

Never Split the Difference (Chris Voss)


Daily Habit:

Workout, 20-minute steam, and meditation 


Wish I Knew When I Was Starting Out:

Networking is key


Curious About:

Inflation vs. deflation and where the US will go 


Best Place to Grab a Bite in Indianapolis, IN

St. Elmo’s Steakhouse



Contact Spencer:

Gray Capital, LLC