Duplex in Indy - Reno complete....tenants needed ASAP

[Erin McLellan-Dawe]

After reno imageInvestment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $108,000
Cash invested: $70,000

Duplex near Woodruff Place in Indianapolis....our largest rehab yet and just starting out. We are hoping to have one side rented by mid-July 2020. We did not hit the target of mid-July but did complete one side by the end of August. Unfortunately, we are still looking for tenants. Any suggestions would be helpful. Our contractor did a great job and everyone who sees it says it's great.

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

The growing interest in down town and having multiple units in the same structure will cash flow nicely once tenants are placed. We also had a contractor we were familiar with to help us on this one.

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

We found the deal on Facebook marketplace via a wholesaler

How did you finance this deal?

Private money

How did you add value to the deal?

New floors, cabinets, paint, blinds, doors, locks, we also added a half bath to a unit that only had 1 bathroom on the 2nd floor. This wasn't a total gut put it was the largest remodel we have done so far.

What was the outcome?

We are still searching for tenants before we refinance.

Lessons learned? Challenges?

Need to line item with estimates during the initial walk through...more detail with our paperwork. Interview more property management companies.

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

We are still looking to complete our out-of-town investing team in Indianapolis. Please reach out if you or know someone interested in helping us grow our portfolio in Indianapolis.