All Forum Posts by: Brandon Boyd

I agree it is a little high, but this was where the market was at last year. Unfortunately, I won't be able to refinance for 2 years due to new job. I would love to get my interest rate down to the low 4s.

Oh wow! You are just south of me. I probably drive past your house 3x a week. Fantastic area for investing. Congrats on finding something in that area! So many exciting things happening so close to you. Are you looking for any new properties currently? 

Investment Info:

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

Purchase price: $128,500
Cash invested: $22,000

House-hacking to live rent free in Indianapolis, IN! Will eventually become a BRRRR in the near future! Purchased at $128.5k, and is now worth $170k, and potentially more once we add a half bath to each side.

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

My wife and I were paying $1050 a month for a 1bed|1bath apartment. We were moving back to Indianapolis, and the idea of owning our own property and being paid to live in it was extremely exciting to us.

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

My wife and I found it on the MLS. It was under market value, so we put in an escalation clause, sight-unseen. We closed at $128,500.

How did you finance this deal?

Chris France with Centier Bank. We did a 5% down conventional loan, with 4.75% interest rate. Our original lender fell through, so we had to scramble to save the deal. Fortunately, Chris is a pro and helped us make it to closing.

How did you add value to the deal?

Rehabbed the basement, updated both kitchens and baths, and painted interior.

What was the outcome?

Value went from $128k purchase price to $170k ARV. Our current cashflow is $275 a month. Once we move out, we will be at 1.8% (just under the 2% rule!).

My wife and I now are BEING PAID to live in a 3bed|1bath, 2000+ sq ft house! It has probably been best financial decision we ever made.

Lessons learned? Challenges?

Dont trust the inspection report! Make sure you have professionals come out to check for things like mold, foundation damage, as well as making sure the AC units and water heaters work! Our original budget was $14,000, including closing costs, but replacing 2 ac units and 2 high efficiency water heaters put us over $22k.

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

Lenders: Chris France - Centier Bank | Matt Davis - Caliber Home Loans
Agents: Ryan Boyd - Plat Collective | Me - The Home Team (eXp Realty)

Thank you Ola! We were very blessed to find such a great home/investment! We're looking forward to adding many more in the future.

Thank you very much! And not at all. I found my duplex in the Mapleton Fall Creek neighborhood. I'd say it's a little bit higher end ($100k+ market) for a fixer upper. It's definitely an up and coming, so there is lots of appreciation happening right now. However, there are some cheaper markets on the east side of Indianapolis, and new growth is happening all over the place. Lots of opportunities. Are you currently working with a realtor or investor team?

If you have any other questions, feel free to send me a pm!

Hey Emily! Congrats on the move to Chicago. Indianapolis is definitely an easier market to find deals in than Illinois. I'll send you an email. Feel free to ask me any questions you'd like! I'm actually a realtor working with investors now, helping them find properties here locally.

And I found my deal on the MLS. I'm downtown Indianapolis in the Mapleton Fall Creek area, but work many more locations down here.

Thanks Zach! That's actually where I bought my duplex, and am currently living! Didn't expect that I'd have a BP friend as a neighbor! 

That's fantastic, bro! Are you thinking multi-family or flipping a single family home? 

Investment Info:

Multi-family residence buy & hold investment in Indianapolis.

Purchase price: $128,500
Cash invested: $22,000

This was a long-distance real estate deal, as my wife and I were renting in Orlando, FL when we had our offer accepted on this duplex in Indianapolis, IN. We had a realtor do a video walk-through, and submitted an offer. We are currently renting one half for $1125/mo to some young college grads, and living on the other side! Living rent-free is life changing!

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

My wife and I were moving back to Indiana, and needed a place to live. After listening to the BP podcast, we decided to buy a duplex so that we could live in one side and rent out the other. We went from paying $1050/mo renting 1 bed | 1 bath apartment (infested with cockroaches!), to living in a 3 bed | 1 bath that is making us $300 a month!

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

After looking at over 100+ houses online, this one popped up for $125k and we put in an offer sight unseen. It definitely needed some work, but we knew it had great potential. So, we put in an offer with an escalating clause. We closed the deal at $128,500.

How did you finance this deal?

Through Centier Bank with Chris France. Conventional 5% down loan. Our interest rate was 4.75%.

How did you add value to the deal?

At closing it instantly re-appraised to $136k. The seller needed money quick! We did light rehab work in both kitchens. The biggest unexpected cost was having to replace both water heaters and AC units, which brought our all-in total from $14k to $22k. Currently, our duplex is currently worth $170k and rising, as our neighborhood is quickly flipping.