Duplex investment close to IU campus

[Chris Clark]

Investment Info:

Single-family residence buy & hold investment in Bloomington.

Purchase price: $138,000
Cash invested: $60,000

This is a duplex that I purchased in 2001 to start my real estate portfolio. It needed a full gut rehab, but it is 1 block from IU Bloomington campus.

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

Value added from purchase price with renovation.
Duplex
1 Block from Indiana University

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

Real estate broker

How did you finance this deal?

Traditional 30 year fixed

How did you add value to the deal?

Price negotiation and sweat equity rehab

What was the outcome?

My best cash flow maker still to date

Lessons learned? Challenges?

A full reno is a large undertaking with lots of hidden issues/costs. Do not underestimate this type of project in any way. Find someone who has done this before and either partner with them or use them as a mentor.

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

No