Turned 105k package purchase into 245k in value

[Justin Polston]

I'd like to post some real messy stories every once in awhile where I ended up being the buyer, and how the deal came to fruition.

So as an indianapolis broker, property manager, and investor, sometimes my mind is BLOWN. I try to make sales for clients, but sometimes the product can appear so "messy" that the sale appears equally so. (Mind blown meaning, usually the messy deals are the best ones in my opinion, because the opportunities are harder to see!)

You investors out there, in analysis paralysis, unsure when to pull the trigger or not even sure where the trigger is, I want to talk to you! Don't be afraid to jump into your dream of passive income, fun flips, and being a professional number cruncher.

This one is more technical maybe versus messy?

Deal was $75k for 2 SFRs on one lot. Story goes, a garage on the rear of the property was converted into living space back in the early 80s. It is a ranch style, 3/1 on a slab. Separate electric. Total size near .6 acres. It was essentially rent ready. So we marketed and rented for $1130 a month. ✔️

Front house was in heavy disrepair, not at all rent ready, stuck in the 70s with a terrible layout to boot. So $35k in rehab and we have a pretty good 3/1 home that's nice enough to flip (but we are in buy and hold mode). Rented ✔️ to someone relocating from Mississippi, $1100 instead of $1200 a month was agreed upon as we still have some spring clean up to do and he'd have to deal with some inconveniences.

Have $105k all in hard money against it, ready to refi out. That's the messy part right? 2 SFRs on one lot...what would you have done? Because so far it is a home run right?

[Rene Owczarski]

@Justin Polston Additional Dwelling Unit. Sometimes also known as a mother-in-law suite (if it's in your basement.)