All Forum Posts by: Lucy Bennet

⭐️Turnkey Short-Term Rental For Sale –Indianapolis, Indiana ⭐️
⭐️Located in the vibrant Fountain Square area| 3BR | 2BA | 1190 Sq Ft

$325,000 asking price

Own in the hottest area of Indianapolis with easy access to Irvington, Mass Ave, downtown Indianapolis and I- 65.

✅ 3 Bedrooms -2 upstairs +1 with ensuite bathroom on main floor

✅ 2 Full Bathrooms – luxurious finishes

✅ Dedicated parking for 2 cars

✅ Fully Furnished

✅ Great Reviews with Happy Guests

✅ Reliable Cleaning & Maintenance Team in Place

✅ Proven Rental Income (Contact me for details)

✅ Newly Remodeled in 2021 with new EVERYTHING!

✅ Built in 1900– perfect blend of cozy comfort and urban accessibility

✅ Close to Downtown Indy

✅ Great Location! Walking distance to downtown Fountain Square, nightlife, dining, and much more!

Whether you're looking for a great turnkey short term rental or a charming new home to call your own, this cozy gem in Indianapolis is ready for a new owner!

View the Airbnb listing here: 👀
see pics and Airbnb page here

Revenue for 2024 = $27,374. 

Revenue for 2023 = $22,080

Revenue for 2022 =$31,520 (began in March)

According to AirDNA, this property’s potential is $33,700 rev per year due to location.

(note: revenue was higher in 2023 as owners had more time to optimize and manage)

The owners live out of town and have been self-managing the property. They also use the property as their residence when visiting Indianapolis.

Because of their work commitments and the fact that they stay at the property during visits, they haven’t had the time to fully optimize its performance. However, with a professional and experienced property manager in place, and more availability on the calendar for guests, this property—given its prime location—has the potential to significantly surpass last year’s revenue.

Monthly Expenses:

Taxes =$530

Electric (AES)= $80/ave

Water/Trash (Citizens)=$100/ave

Lawn Care/Maintenance=$16/ave

Please send DM for more details.

I read Optimize My Airbnb by Danny Rusteen. It gave me so much helpful advice. My place was on a bad looking street with a drug dealer living next door and for a while there were people living in their car next to my place and then a guy living in his truck in the alley. It was not the best location and a lot of challenges. However, I continued to get raving 5 star reviews by following the advice in this book. My airbnb was a total success but I had try hard at first too.This book really helped me.

@Dave Foster THANK YOU!!

@Dave Foster one quick question, you mentioned above "And I can't count the number of times I've seen them deny a loan at the last minute because of this when people try to use primary residence money to complete a 1031 exchange."  Did you mean to say 'when people try to use 1031x to purchase a primary residence? I would not be using primary residence money but just the 1031 x money to buy a primary residence with carriage house and basement.  Just wanted to be sure I understand completely . Thanks

@Bill B. thanks so much. Yes, that part just dawned on me. The profit will be about $130k but the home price is $245k. So basically you are saying that I would have to contribute the value of $245k to the carriage house and basement(the basement will have a separate entrance and is a separate unit). The more I mull this over, the more I think it's not the best idea. And to throw another wrench in it, the separate entrance on the basement will not be put in until after we close. So they could easily say that the basement cannot count for the 1031 x as it is currently part of the house. 

@Lucas ThomasThanks so much! very helpful advice!

@Bruce Lynn thank you! this property IS in an LLC. does that change things?

@Lucas Thomas Thanks! That makes tons of sense and just the info I was looking for! I'm self employed as a house flipper and don't have a normal set salary to work with so I'll give this some thought based on what I'll think projected income will be. Thanks again.

I'll be selling my own investment property for $245k. I'm the agent representing both sides. My capital gains will be about $150k.

I'm thinking about raising my realtor fees (ie 10%-20%) in order to lower my capital gains reported.

So it would look like this:

Sale price= $245,000

Realtor Commissions= $24,500(at 10%) -My managing broker only charges me $500 for each transaction no matter how much the commission is so my splits will not change at all based on the percentage.

capital gains (figured after ALL selling costs including commissions noted above= $125,000

If I do not claim realtor commissions, my cap gains would be $150K. At a rate of 15% it would be a $3600 difference. not sure if it's even worth it but would love input. Is this a situation where it's all going to work out the same at the end? Or is this a good idea? 

More info: Also, I realize I can do a 1031X but currently that is not the route I want to go right now due to personal reasons. My realtor commissions get paid to my LLC which is an S-Corp so I pay myself a salary based on the total of the realtor fees and other flips I do throughout the year. I am able to write a lot of expenses off as I'm self employed.

I realize I need to seek help from my CPA but he is out of town. I realize you are not giving me financial advice. Just looking for some helpful insight here. Wondering if anyone has ever done this and can help me figure the details.

@Dave Foster Thanks for the input. This is probably the best advice I've heard from just about everyone I've been asking. I had a feeling this might cause problems at the last minute, which I absolutely cannot have, and everyone has been telling me to give it a shot and it will work out! But if I'm the one giving the shot, and will have to live with the consequences.I felt like everyone I had spoken to was just telling me what I wanted to hear but I simply cannot have this fall apart at the closing table and then my money tied up with the QI. Solid answers are the key--So thank you so much for the solid advice! Very very very much appreciated!