Closing Tuesday. Deals can be found.
Closing on a duplex on the northside of Indy. It needs around 35k in reno, but will be a good buy and hold property. I still think the market is hot and difficult to lock up good deals, but the deals can be found. This popped up on the MLS and I knew what it was from the listing. It was already 35k under value, partly due to having under performing tenant rents on a month to month lease. It needed work and the seller investing company wanted to sell it fast. I knew it was a rental unicorn, 3 br 2ba per side with a garage. I locked it up on contract for full asking (keep in mind asking was 35k under ARV). Inspection found everything we thought including knob and tube wiring, mold, and insulation issues.
I wanted to confirm that patience pays off and deals do show up, but not often. Learn the market and be ever vigilant. I had almost given up finding anything by the end of the year. Know what you're buying and be prepared for the worst. My inspector wasn't even sure if it was worth buying until I told him the price.
Details available if anyone is interested. I'll be documenting everything better this time. Landlord intro letter and cash for keys to follow soon. Happy Holidays.
Jeremy Johnson
Indyvestment Group
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So true @Jeremy Johnson . It requires turning over a lot of stones to find a deal and even more important is to know what a good deal looks like when you find it. Looks like you found a good deal, congrats!
I've found this to be the case in the multifamily world as well in Indy. Sure, prices are higher than they were last year and some assets are asking very frothy evaluations, but there are still deals out there. We closed on a 165 unit stabilized multifamily with a value add component in a nice pocket on the east side near Lawrence back in September for essentially a 7% cap with huge upside potential.