Indianapolis Opportunity Zone Investment
Good evening BP Community,
My partner & I recently signed a purchase agreement and made our first payment towards a portfolio of 3 properties, all at the same corner in one of the top designated Opportunity Zones in Indianapolis (46218). The package consists of a 3,000+ sq ft church, a 912 sq. ft. 2 bed 1 bath home, and an 8,000+ sq. ft. vacant lot.
We have discussed and written down the best exit strategies for us, that makes a lot of sense financially, but we'd like to maximize the benefits of the tax code added on December 22, 2017, and would like the help of the BiggerPockets Community to do so. Our top exit strategy is to sell the commercial property (church) to a small business owner to come in and receive the benefits of an Opportunity Zone, use the capital gains from that property to make minor improvements to the small house to sell as a turnkey rental property, and lastly use the capital gains from that property to enter a partnership with a developer to develop affordable apartments on the vacant lot.
Please feel free to leave any comments or feedback and don't hesitate to reach out to me in regards to real estate in Indianapolis.