Originally posted by @Mike D'Arrigo:
@Lei Z. I think you've made a good decision by selecting Indianapolis as your starting point. I just want to make sure you have the right expectations on forcing equity though. I don't know how you define a light/cosmetic rehab but generally, I light rehab isn't going to create equity if all it is is sprucing it up with paint and carpet. To really create equity, you're usually looking at making much more improvements.
Hi Mike, for the sake of clarity for us newbies just breaking into the real estate investing world (particularly in Indy), would you be willing to specify the variety of improvements that are commonly necessary to create equity in the sort of properties OP is interested in? While I anticipate more work will need to be committed to rehabbing any house under a $50k valuation, is it often that full-scale gut-jobs or highly expensive renovations should be expected? Thanks in advance for offering your expertise.
