All Forum Posts by: Anastasia Gamino

 If we see more opportunities, we would love to keep flipping in Fortville, McCordsville, etc (new northern suburbs).... You are right there is so much development in this area.  I would love to get a value add Multifamily in this area as well!

My main partner is my husband and he manages our projects.  Prior to real estate, he had no construction background.  It's been a learning curve for sure!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $87,500
Cash invested: $128,000

Buy: Purchase Price 87,500

Rehab: Renovation Budget 40,000

Refinance: ARV 160,000 LTV 80%. Pullout 128,000 with 5.5%- Local Bank

Rent: 1300

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

We wanted to keep our money working for us!

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

local wholesaler

How did you finance this deal?

BRRRR and flip money

How did you add value to the deal?

We have put in all new mechanicals, wiring, and we will have very little Cap Ex for a long time!

What was the outcome?

We are in the process of finishing up the renovation and starting the preliminary loan process.

Renovation will hopefully be done in less than 2 weeks!

Lessons learned? Challenges?

Less cash flow with higher rates, but we can refinance later down the road. It still cash flows a couple hundred buck!

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

Nuparadox

Investment Info:

Single-family residence fix & flip investment in Fortville.

Purchase price: $52,000
Cash invested: $140,000
Sale price: $217,000

Total Gut Rehab Flip

Purchase Price 52,000

Renovation Costs 90,000

Realtor Fees & Closing Costs: 8,000

Buyer Concessions: 5,0000

Total Profit: Over 60,000

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

It was a steal for Fortville which is a growing northern suburb in Indianapolis close to Fishers.

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

We bought it from a local wholesaler.

How did you finance this deal?

We used money from our past BRRRR deals.

How did you add value to the deal?

We did a total gut rehab and made the house brand new!

What was the outcome?

Total 60k in profit

Lessons learned? Challenges?

Pulling permits and additional inspections will drag out the rehab process....we were lucky because the market was going up! We definitely got better with estimating renovation costs with this deal since we did everything!

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

Nuparadox
Flat Fee Realtor- Liberty Real Estate

Investment Info:

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

Purchase price: $146,000
Cash invested: $44,000

Our latest Duplex!
Paid cash to beat out the competition , but will be using delayed financing.

Welcome to the BP community! Yes, you will be paying more for houses right now than 2 years ago and the market is super competitive. However, the interest rates are super affordable and I'm not betting on home prices going down in Indy anytime soon, but they might stabilize and stop increasing so rapidly. I'm not sure the areas that you are looking.  I personally would keep looking, and if you are currently renting(rents are also going up in Indy too), there is a good chance that your mortgage would still be cheaper than your rent. Definitely run the numbers using the BP rent calculator something similar to see if the numbers would make sense as a rental in a year or two.  I would personally get the first house with a loan, and start saving for a second down payment and reserves.  Then, later you could pay if off with the saving if you decided that would be best.  If you have 6 months of reserves for each rental this might make you both sleep better at night.  As far as investing in a worse area,  I definitely would try to stay in an area you are comfortable living and renting in the future.  However, if you are thinking of A versus B neighborhoods and are still comfortable this could be worth considering.  Good luck and yes, I got addicted to real esate just like you with podcasts and books!  

Jared Shore Finance of America has a few different loan products for investors.  He would be a great person to contact.

@Justin Goodin- I should be more specific. I went to a meetup once and we looked at a deal that someone in the group had already purchased. We went through their spreadsheets already created, but in small groups we had to come up with an offer price using the simple formula NOI/CAP RATE=Offer price. This was really helpful to me and many others,and it allowed the group to share out why they came up with different offer prices and their thought process behind it(specifially led to a conversation about compressing cap rates). The exercise led to great conversations. Yes, I agree underwriting MF is a complex task but if you are doing a piece of of it only...I think it could be helpful for all and lead to small group discussions.

Analyzing real deals(or recent deals) in a small group and group, and maybe have a monthly Q&A or problem of practice(investing)

@Peyton Carroll Love this!  It looks like you are in Indy!  We should meet up sometime!