Broad Ripple Airbnb Flip

[James J Canull]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $290,000
Cash invested: $100,000
Sale price: $549,000

4 Bedroom 2 bath house bought from an estate in a great Broad Ripple location. I knew the sale side would have good homeowner or Airbnb potential with the location.

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

The size of the home. I was able to finish the attic and basement making it a 6 bed 3 bath home. It also had commercial potential as well as an amazing Airbnb location

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

I had been watching the home for a while. It was sitting because it was way over-priced and they wanted to sell it as a package with the house they owned next door. When they finally split them into two separate sales I jumped on it.

How did you finance this deal?

private lender

How did you add value to the deal?

I finished the attic, basement and remodeled interior and exterior

What was the outcome?

I had multiple offers, and a couple from Chile purchased it to move in for a couple years and convert to an Airbnb.

Lessons learned? Challenges?

I ended up adding a couple items to my checklist in the middle of the flip. I ended up replacing a tar roof on front because it looked too shabby after the full rehab. I should have just figured that in from the beginning. It wasn't a big cost, but it stalled some work

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

just me on both ends