Flip in Little Flower Indianapolis
Hey awesome Indy people! I recently purchased a rental property on the near East side in Little Flower. There's a vacant property across the street listed as a rent to buy from Rainbow Realty but they are open to cash offers. Exterior of the house is fine but I saw the interior of the property and it probably needs torn down to the studs. It’s a small 2 bedroom though so that would keep the cost of the flip from becoming too astronomical. 2 questions: how do you mitigate risk when purchasing a property like this? Do any of you bring a contractor to the property to get a better idea of repairs? My 2nd question as far as financing is concerned, would it be better to do hard money or a personal loan to finance the flip? Given the neighborhood, size, and condition of the property, I wouldn’t offer more than 10k so I’m not sure I’d even be able to find a hard money lender for around 50k.