First Buy and Hold in Indy

First Buy and Hold in Indy

Real Estate Agent · Carmel, IN · Member since 2016 · 24 posts · 9 votes

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $34,900
Cash invested: $26,000

Base Hit. First BRRRR in Indy

How did you find this deal and how did you negotiate it?

Wholesaler in Indy

How did you finance this deal?

Private money and Refi

How did you add value to the deal?

Floors, paint, kitchen, appliances, bathroom.

What was the outcome?

Base hit. Had to leave about $8k in the deal.

Lessons learned? Challenges?

Don't forget to calculate the correct closing costs into your numbers. Don't go over your MAO

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  • Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    5y

    Nice!. What was the rent and ARV?

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y

    @Brooks Rothschild thanks for sharing!

  • Real Estate Agent · St Petersburg, FL · Member since 2014 · 116 posts · 38 votes
    5y

    @Brooks Rothschild sounds like a solid deal.

    How soon after purchase did you end up refinancing?

  • Real Estate Agent · Carmel, IN · Member since 2016 · 24 posts · 9 votes
    5y
    Originally posted by @Caleb Brown:

    Nice!. What was the rent and ARV?

    Appraised for $75,000 rented at $725

  • Real Estate Agent · Carmel, IN · Member since 2016 · 24 posts · 9 votes
    5y
    Originally posted by @Alexi Schreier:

    @Brooks Rothschild sounds like a solid deal.

    How soon after purchase did you end up refinancing?

    Bought in October. Finished rent ready rehab finished November. Rented end of November. Refi Finished January.

  • Real Estate Agent · St Petersburg, FL · Member since 2014 · 116 posts · 38 votes
    5y

    @Brooks Rothschild Very nice! How were you able to get around the typical 6 month seasoning period?

  • Josh C.Pro Member
    Property Manager · Indianapolis, IN · Member since 2010 · 1k+ posts · 1k+ votes
    5y

    What’s a Rothschild doing buying a 34k house? Thought you guys were trillionaires?

    Just kidding, that’s a solid deal. Good luck out here.

  • Real Estate Agent · Carmel, IN · Member since 2016 · 24 posts · 9 votes
    3y
    Quote from @Caleb Brown:

    Nice!. What was the rent and ARV?


    ARV: $75,000

    Current Rent: $850

  • Real Estate Agent · Carmel, IN · Member since 2016 · 24 posts · 9 votes
    3y
    Quote from @Josh C.:

    What’s a Rothschild doing buying a 34k house? Thought you guys were trillionaires?

    Just kidding, that’s a solid deal. Good luck out here.


     I get that a lot. Wish I were related. Still haven't seen a dime of that money.

  • Real Estate Agent · Carmel, IN · Member since 2016 · 24 posts · 9 votes
    3y
    Quote from @Alexi Schreier:

    @Brooks Rothschild Very nice! How were you able to get around the typical 6 month seasoning period?


     Lender didn't require seasoning. 

  • Flipper/Rehabber · Indianapolis, IN · Member since 2015 · 28 posts · 21 votes
    3y

    Hey Brooks, happy to see this property is still treating you well! Looking forward to our next project soon!

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