My 2nd investment

[Rachel Strothman]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $79,900
Cash invested: $79,900

Cosmetic distress. Needs updating. Just purchased May 2023. Nearly finished. Needs minor plumbing repair, paint, carpet then ready to rent. Should be done by end of August.

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

Was looking to purchase in this area. I grew up on this side of Indy and wanted to invest in the area. The property only needed minor repairs (in comparison to my previous endeavors....lol) and was at a great price for the condition and area.

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

Found on market with an agent

How did you finance this deal?

Cash

How did you add value to the deal?

Updating with LVP, newer finishes, updated hardware, plumbing and bathroom, fresh paint, landscaping.

What was the outcome?

Still renovating. Expected finish by end of August 2023

Lessons learned? Challenges?

I have found that you only get better in this game by sticking your neck out. I lost 4 deals between my last and this one because I was not aggressive enough. I under bid and dealt with an inexperienced agent. Pro-Tip: only work with investor friendly/experienced agents preferably agents who invest themselves.

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

Yes! Corey Dawkins. He is an amazing agent who had my best business interest in mind throughout this deal. He was there for anything I needed at any time. He and his wife are also investors.