Fix and midterm rental in NW Indiana

[Tricia Koning]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $100,000
Cash invested: $35,000

Purchased this 2/1 house that was very well cared for, however, I still ended up spending $$ for improvements, new bath tile, a/c, quartz, garage door. I was able to spec some different finishes with the GC, departing from their standard gray walls and vinyl floors and white everything. I'm very pleased with the overall look combining new and refurbished pieces. Furnishing and finishing the details took 3x longer than I thought, and very satisfied that I received a mid term rental inquiry for traveling nurse and subsequent booking within 1 week of posting!

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

This was my 2nd deal and I decided that I wanted to try a furnished home for the midterm rental strategy. Luckily, I was able to start a winter 3 month lease within a week of posting on Furnished Finder.

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

MLS and I acted as my own RE agent.

How did you finance this deal?

cash

What was the outcome?

mid term rental

Lessons learned? Challenges?

GC thought he didn't need a permit because we were only do surface improvements, but the city still shut us down for 2 weeks since the GC was removing the vanity. I would suggest to tape the scope of work on the walls, as the GC missed a few details. I usually have more luck finding local help and contractors/handymen on the local FB page. It's a very good idea to be kind to people/contractors and let them know you appreciate their skills and hardwork.

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

Tricia Koning, Coldwell Banker agent in IL, IN, MI