Property #2 - Indianapolis, 46202

[Jin Park]

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $138,500
Cash invested: $32,685

Type: Single Family Residence
Neighborhood Class: B
Rent: $1195
Square Footage: 1800
Bedrooms: 3
Bathroom: 1.0
Year Built: 1920

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

Rent to Retirement Turnkey Provider

How did you finance this deal?

HELOC

Lessons learned? Challenges?

Working with big insurance companies is difficult especially if your property was built prior to 1940. Big insurance companies like Allstate will require you to submit proof of CapEx repairs before they can increase your Dwelling Coverage that can cover your loan amount, which is typically required by your lender. Trying to close during the end of the year is also difficult due to holidays. Thanksgiving, Christmas, and New Years all happening during my closing slowed down the entire process.

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

Eric Winkler, Executive Investment Strategist for Rent to Retirement

Roberta Anderson, Senior Process for SecurityNational Mortgage Lender