Buy and Hold Deal Indianapolis

[Krystal Maldonado]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $49,500

Single family home purchased for $49,500 with long standing tenant in place. The property appraised for $61,000 providing equity on purchase.

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

I am interested in buy and hold properties on the east side of Indianapolis for cash flow.

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

This deal was on the MLS and I used Dawn at Whalen Realty to help us with negotiations and writing the deal. We negotiated based on the repairs needed on the property.

How did you finance this deal?

This deal is financed through a local credit union with a conventional mortgage

How did you add value to the deal?

There is a long standing tenant in place that we plan on keeping. We are adding value in small ways as opposed to a full rehab by upgrading things in the kitchen and bathroom. We will also update some things on the exterior of the home.

Lessons learned? Challenges?

What we learned is to shop around for mortgages and rates more than we did. Ask for investor friendly banking recommendations from other investors in your area. We had trouble securing traditional financing on a small loan amount and jumped on the first opportunity. I found a bank after that could have closed the deal on a 30 year mortgage as opposed to 15 which would have provided a stronger level of cashflow than we have now.

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

We worked with Dawn Whalen at Whalen Realty Group. I cannot stress enough how vital she has been to our success. She is organized, responsive, and extremely knowledgeable. Most importantly, she understands the needs of investors and is very patient while you find a deal that works for you. Anyone who is investing in Indiana needs to call Dawn. She is all over the state.