Land Acquisition in Hot Indianapolis Neighborhood

[Aaron Laster]

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $2,000

This property is a vacant lot that is zoned residential. As revitalization continues to spread throughout this near downtown neighborhood, my plan is to find a financial partner to fund the construction of a modern modular home.

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

Already own properties in the neighborhood and realized that I could not lose with a purchase price of $2,000.

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

Was talking to the owner of a property next to one of my rental properties and he stated that he would like to start liquidating some of his portfolio in the near future. I asked if he had any that he'd currently be interested in selling and he said only vacant land. Next, I asked where was it located and what was his asking price. After being told that it was 2 streets over from my first rental property and he was only asking for $2,000, I told him that I could close in as little as 3 days.

How did you finance this deal?

Income from other real estate investments.

How did you add value to the deal?

I haven't added value yet but the comps in the area for similar properties have sold for as much as 4 times the amount that I purchased it for