Bough My First House!!

4 Replies

Hey Everyone, I just closed today on my first house...a 2 bed 1.5 bath in Broadripple Indianapolis. The house was originally a 2 bed 1 bath, but a 350 sq ft addition was put on (with the half bath). Here a couple of things that I have thought about doing to it... 1) Converting the half bath to a full and making the addition a 'master suite'. I would then consider living there and renting out the other two rooms for a couple of years to roommates. 2) There is a 700 sq ft garage/workshop (not connected) in the back. It already has plumbing for a sink and water hooked up. I have thought of converting this to a studio to rent out (or maybe rent the house and live back there). 3) Leave it all as is...update for $3000 paint and stuff and just rent the house. I got the house for $115k and as is would rent for $1300. Updated, it should rent for $1600-$1700. A studio in the back should rent for $600-$800 depending on how it was finished. Thoughts?! How best to approach this?! Thanks, Andy

@Andy Wayne First off, congratulations for taking action! 

Post pics and also tell us:

* Why you chose Broadripple for your first investment property

* How you sourced the property

Sounds like your plan is coming together nicely!

Congratulations! I picked up my first rental in Indy two months ago.  Before you think about converting and renting out the garage make sure that it would be ok with the city codes. 

Ken

What would the cost of renovating the studio so you could rent it for 600.00??  You would have to put a small kitchen ( sink and undercounter refrigerator, microwave and counter top)  and a bathroom in it.   

Sounds like you have to do at least the painting of the house and how much more would it cost to "update" it? Converting the half bath to a full bath in that master suite might not work too well but then again I have not seen the layout.

It sounds like it will cash flow well.

Indy is a great place to invest.

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