Indianapolis Project: Seeking Advice

[Evan Manship]

Hey BP,

I have a current project that I am actively working on and seeking advice from the BP community. My twin brother and I co-own a multi-family property free and clear. We were planning on utilizing an FHA 203k loan to bring the property into rentable shape. However, the contractor quotes we got plus the mortgage insurance we would be paying is too much risk to take as young investors.

However, we think that if we can field a private investment from an individual (hopefully a contractor), we could cut out the upcharge that our contractor has been quoting and avoid the PMI payment altogether.

Ideally, I would love share the cash flows with the investing member in equal share of our contribution to the project. Each unit would easily fetch $1,000/mo and most likely around $1,200.

About the property:

4 units (separate entrances)

1,500-1700 square feet/unit

2 2-bedroom units

2 3-bedroom units

Near north side of Indianapolis

Advice, contractors, potential interested deal-making parties are all welcome to the conversation.