There is not a lot on the books for Indiana gun laws. Basically, it is legal to sell or buy, if you are over the age of 18 and have never been convicted of a felony. This applies to rifles, pistols and handguns, however, it is illegal for anyone outside of those with federal licensing to sell, buy or own an automatic weapon.

Gun regulations in Indiana are not strict, but they are executed or enforced. It is illegal to sell to a minor under the age of 18. While carrying a rifle or shotgun is legal; to conceal or carry a handgun without a permit is illegal. There are specific regulations and stringent rules for concealing and carrying handguns. Permits and licensing are difficult to get outside of those in law enforcement.

Moreover, it is also illegal for anyone under the influence of drugs or alcohol to make one. Anyone wishing to purchase a firearm, must undergo a stringent background check. If denied the ability to purchase, the potential buyer is allowed to see the results of this background check.

There are no permits, licensing or registration for anyone over the age of 18 to own a handgun, rifle or shotgun. These may be kept in your own private property. They may be used in defense of your assets. However, lethal force is only acceptable in self defense of one’s lifetime and when there is no means of retreat.

Gun regulation is required by each state government. There are several states that have more strict regulations than Indiana gun laws including California, New York, Iowa and Minnesota. Firearm owners are restricted and subject to the laws within the state they are traveling. If you plan to travel outside of your state while carrying any type of firearm, you should be aware of each state’s regulations before traveling there.

Like many Midwestern counties that are highly populated, Indianapolis (Marion County) has suffered a tremendous blow from the recent economic downturn. Foreclosures still seem to be mounting, and considering the great difficulty of getting a mortgage in this state, it has truly become a buyer’s market-for those who have the funding. With short sales, discounts, and foreclosures popping up left and right, it’s a great time to invest in a property. But, as always with great business opportunities, this one comes with certain risks and caveats.

This past year, 24% of all houses sold in Indianapolis were foreclosures-pretty amazing. Even more impressive, 16% of all new listings were foreclosures. There is no shortage of cheap real estate to invest in right now. Total sales in Indianapolis have dropped about 6% from 2007, and sale prices have gone down about 4%. Due to the lower sale prices, homes tend to spend less time on the market (an average of 9 months, down from 11 previously).

All of these figures add up to one very sweet picture for the investor who has a bit of money to play with. Short sales and discounts are everywhere, and all prices tend to be a bit low, so you can get a real deal on some properties. The number of sales is down, which means there is far less competition in the buying market, making your job infinitely easier and less expensive. And the time it takes to resell your investment tends to be less than the previous.

But before you jump right in with both feet, cash in hand, you should be aware of the climate and attitude of some financial institutions during these foreclosures, and you must be prepared for the financial burden of owning of financial assets in a slow market. First, many banks and other lenders or previous owners are stripping these homes bare at foreclosure. I don’t mean taking couches and TV’s; some are taking everything-sinks, baths, doors, you name it. The point is, don’t get in line to buy a property that’s just walls and a roof unless that’s what you’re looking for. Further, don’t be fooled by the statistic telling you it will take less time to resell your home. That trend reflects the lower listing prices due to foreclosures. If you plan to profit, which of course you do, your listing price will not be quite so low, and you can expect to spend a longer time trying to sell.

So, it’s a buyer’s market in Indianapolis and a great opportunity to jump in when homes are cheap, but understand that you’re dealing with banks who want to get every penny back that they can from a lousy investment, and you’re more than likely dealing with a community that does not have as much disposable income as they are used to having. Get into it understanding these facts: if you have the money, you can get a piece of real estate very cheap right now, but it will probably be very difficult to flip in a timely manner for the kind of profit you might have seen ten years ago. Buyer’s market, but buyers beware!