First Indy Rental Success

7 Replies

My first investment property purchase has been a learning experience, but overall a smooth process. This is our 2nd rental (accidental landlords when we moved back from Texas), but our first property that was bought as an investment. Got a great deal on a 2/1 thanks to @Brett Snodgrass and the SimpleWholesaling team. It is in a great rental neighborhood on the East side of Indy just outside the 465 loop. Rehab included new gutters, power wash outside, gravel driveway, shutters, vinyl plank flooring, blinds, attic insulation, plumbing leaks in the crawl, paint throughout, backsplash, among other things. With some help from friends and family we got the work done quickly. My wife and I will be managing ourselves and have the house rented to a nice young couple. Purchase+Reno totaled 32,000. Thank you to BP and the BP Community because this journey would have never started without the information and guidance provided here.

Rent: 750

Taxes: 68

Insurance: 36

Maintenance: 50

CapEx: 100

Vacancy: 45

Management: 75  If we ever decide to use one

Monthly Cashflow: 376 w/ management

After refinance: Monthly payment 222

Cashflow: 154 with no money into the deal

Before

After

Before

After

Before

After

Congrats!  Brett and Jaren and the entire team at Simple Wholesaling are great!

Yes, they were very easy and fast to work with. I hope to work with them again very soon.

@Kevin Wyn Thanks! Glad it worked out! The place looks awesome! Let us know when you are ready for your next one!

Congrats since you said no money in the deal I'm assuming this was all cash and the rehab you did forced enough appreciation that you'll be able to recover all of your $32k on the 70-75% LTV refinance? Basically a BRRRR?

@Brian Garrett That is correct, BRRRR. Purchase and rehab were cash with a private money loan. Upon refinance I will be able to pay back my investor in full and have no money out of pocket. All in all it will be a perfect start on my journey to financial freedom.

Originally posted by @Kevin Wyn :

@Brian Garrett That is correct, BRRRR. Purchase and rehab were cash with a private money loan. Upon refinance I will be able to pay back my investor in full and have no money out of pocket. All in all it will be a perfect start on my journey to financial freedom.

That's a home run deal keep it up!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here