1280 W 29th St Short Term Rental (Transitional Housing.)

[David Toney]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $118,000
Cash invested: $30,000

This is a single family property this is rented by the room. The entire house is furnished with all utilities included. Fully occupied currently, we are grossing $600 per week or $2400 per month roughly.

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

This property is close to the down town, near a bus line, and fit the business model.

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

This property was sourced through networking and word of mouth.

How did you finance this deal?

This project was funded through assistance from a local hard money company that has been funding

How did you add value to the deal?

We took over a project that had stalled due to lack of funding to continue rehab. We finished remaining incomplete items and correct those items done incorrectly.

What was the outcome?

Renting this property by the room, as we do all our rentals, this has been a phenomenal experience and it continues to be one of our best income producing properties in Indy with little turnover. By providing this a quality product with managed expectations and professional management oversite, this property continues to cash flow well and consistently.

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

We worked with Rich Graham of REI Premier Real Estate Services and George Hemphill of Keller WIlliams to complete and close this project.