453 Nussbaum Ave, Fort Wayne IN 46805

[Lee Akin]

Investment Info:

Single-family residence other investment.

Purchase price: $26,000
Cash invested: $26,000

This is a 2 BR, 1 BA, 901 SQFT home with a full basement and a 550 SQFT attic on a large 7,500 SQFT lot. There is a one car detached garage at the back of the property.
I'm an absentee owner that rented this home out for 11 years with a management company and now I'm in the process of renovating it.
When I'm done with the project in a few weeks, I would like to 1031 exchange it into another cash flow property possibly in Indianapolis IN, but I'm open to other active markets.

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

Price and cash flow

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

Found through a Realtor. This property was a Bank Repo.

How did you finance this deal?

Cash

How did you add value to the deal?

Rented property out for 11 years. Now in the process of renovating.

What was the outcome?

Currently renovating for a 1031 Exchange into another cash flow property when done in a few weeks. I'm looking for the next property.

Lessons learned? Challenges?

Did not manage the management companies that rented the property to be sure that they were maintaining it in good condition. Now the property has to be renovated after 11 years of ownership to catch up on deferred maintenance.

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

I worked with a realtor that is working on another pursuit and is not currently available.