Recent Investment in the University Heights neighborhood

[Geoff Nielson]

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $101,000
Cash invested: $50,000

A SFH in the University Heights neighborhood of Indianapolis, Indiana. The home is a 2br 1ba and 1265 sq ft. The home was originally built in 1933, but has undergone a few different renovations over the years. The home needs a few heavy repairs to be rent-ready.

What made you interested in investing in this type of deal?

The idea is to do a modified house hack. My daughter attends University of Indianapolis and rather than paying her rent to live in someone else's apartment, we purchased the home to save the rent and also to have a roommate live with her and cover the mortgage and insurance.

How did you find this deal and how did you negotiate it?

MLS - negotiated directly through agents

How did you finance this deal?

Most of the funding is coming from cash. Will refi with a cash-out refi when all repairs are done

How did you add value to the deal?

Enlarged bedroom #1, replaced all flooring, install new HVAC system (install central rather than use window units), replace dilapidated siding, install fencing and exterior curb appeal.

What was the outcome?

Still working on it

Lessons learned? Challenges?

Foundation is critical to review before doing anything else!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agents were lousy, I would not recommend.