Indianapolis Fix n Flip

[Jaron Walling]

Investment Info:

Single-family residence fix & flip investment in Indianapolis.

Purchase price: $75,000
Cash invested: $25,000

This distressed property was purchased as a flip and required a complete renovation. We completed 75% of the work and hired contractors for the big ticket items. I may hold for 12 months due to the COVID-19 panic and tax saving benefits.

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

The property has upside and old charm. The kitchen could be opened to the living room. This gives a wonderful sight line through the house.

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

Off market deal negotiated privately with the seller.

How did you finance this deal?

Cash

How did you add value to the deal?

Created an open concept for the kitchen and repaired/ remodeled everything.

What was the outcome?

This property looks good with a mix of old and new charm.

Lessons learned? Challenges?

The project took longer than planned and we went over budget by $5K. The roof had a small leak and bathroom sub-floor was trashed. I plan to utilize more experienced contractors in the future.

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

Cade Masonry
Elbert Construction
Garage Doors of Indianapolis