Duplex Renovation Purchased in Meridian-Kessler Indianapolis, IN

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Duplex Renovation Purchased in Meridian-Kessler Indianapolis, IN

Tyler LingleBusiness Member
Real Estate Consultant · Indianapolis, IN · Member since 2021 · 440 posts · 292 votes

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $330,000
Cash invested: $360,000

A cash (silent) partner and I are buying this duplex, flipping it to an ARV of $460,000 then doing a cash out refi or selling it for a profit. If we rent it we are targeting $1700-1800 / side. Our mortgage at the moment is around $2100 including taxes and insurance, this would obviously go up if we do refinance.

What made you interested in investing in this type of deal?

The location is A+ and near where I live.

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

Broker, friend connection.

How did you finance this deal?

My partner brought the 25% downpayment.

[email protected]
Roots Realty Co. 562 Reviews
WebsiteView Page
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Most Popular Reply

John Jacobs
Indianapolis, IN · Member since 2012 · 74 posts · 22 votes
1y

@Tyler Lingle

Tyler--congratulations on the purchase.  I know exactly where this duplex is---in Broad Ripple over by Mama Corolla's and the Liter House.

John Jacobs Real Estate Investor and Private Money Lender  Indianapolis, IN

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  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y
    Quote from @Tyler Lingle:

    Investment Info:

    Small multi-family (2-4 units) fix & flip investment.

    Purchase price: $330,000
    Cash invested: $360,000

    A cash (silent) partner and I are buying this duplex, flipping it to an ARV of $460,000 then doing a cash out refi or selling it for a profit. If we rent it we are targeting $1700-1800 / side. Our mortgage at the moment is around $2100 including taxes and insurance, this would obviously go up if we do refinance.

    What made you interested in investing in this type of deal?

    The location is A+ and near where I live.

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

    Broker, friend connection.

    How did you finance this deal?

    My partner brought the 25% downpayment.

     Hey @Tyler Lingle! How much do you expect to spend on the rehab on this?

    [email protected]
    0Reply
  • Tyler LingleBusiness Member
    OP
    Real Estate Consultant · Indianapolis, IN · Member since 2021 · 440 posts · 292 votes
    1y
    Quote from @Jaycee Greene:
    Quote from @Tyler Lingle:

    Investment Info:

    Small multi-family (2-4 units) fix & flip investment.

    Purchase price: $330,000
    Cash invested: $360,000

    A cash (silent) partner and I are buying this duplex, flipping it to an ARV of $460,000 then doing a cash out refi or selling it for a profit. If we rent it we are targeting $1700-1800 / side. Our mortgage at the moment is around $2100 including taxes and insurance, this would obviously go up if we do refinance.

    What made you interested in investing in this type of deal?

    The location is A+ and near where I live.

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

    Broker, friend connection.

    How did you finance this deal?

    My partner brought the 25% downpayment.

     Hey @Tyler Lingle! How much do you expect to spend on the rehab on this?

     Hi @Jaycee Greene, I have a contractor starting now with SOW for $60K-ish. Mostly all cosmetic including exterior. Probably needs a new roof within 2 years so that's on top... 

    [email protected]
    Roots Realty Co. 562 Reviews
    WebsiteView Page
    0Reply
  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y
    Quote from @Tyler Lingle:
    Quote from @Jaycee Greene:
    Quote from @Tyler Lingle:

    Investment Info:

    Small multi-family (2-4 units) fix & flip investment.

    Purchase price: $330,000
    Cash invested: $360,000

    A cash (silent) partner and I are buying this duplex, flipping it to an ARV of $460,000 then doing a cash out refi or selling it for a profit. If we rent it we are targeting $1700-1800 / side. Our mortgage at the moment is around $2100 including taxes and insurance, this would obviously go up if we do refinance.

    What made you interested in investing in this type of deal?

    The location is A+ and near where I live.

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

    Broker, friend connection.

    How did you finance this deal?

    My partner brought the 25% downpayment.

     Hey @Tyler Lingle! How much do you expect to spend on the rehab on this?

     Hi @Jaycee Greene, I have a contractor starting now with SOW for $60K-ish. Mostly all cosmetic including exterior. Probably needs a new roof within 2 years so that's on top... 

     @Tyler Lingle How are you getting the PITI to $2,100 with a 75% LTV? Even if you're paying cash for the rehab, I'm still coming up with PITI in the $3,100 range.

    [email protected]
    0Reply
  • John Jacobs
    Indianapolis, IN · Member since 2012 · 74 posts · 22 votes
    1y

    @Tyler Lingle

    Tyler--congratulations on the purchase.  I know exactly where this duplex is---in Broad Ripple over by Mama Corolla's and the Liter House.

    John Jacobs Real Estate Investor and Private Money Lender  Indianapolis, IN

    1Reply
  • Tyler LingleBusiness Member
    OP
    Real Estate Consultant · Indianapolis, IN · Member since 2021 · 440 posts · 292 votes
    1y
    Quote from @Jaycee Greene:
    Quote from @Tyler Lingle:
    Quote from @Jaycee Greene:
    Quote from @Tyler Lingle:

    Investment Info:

    Small multi-family (2-4 units) fix & flip investment.

    Purchase price: $330,000
    Cash invested: $360,000

    A cash (silent) partner and I are buying this duplex, flipping it to an ARV of $460,000 then doing a cash out refi or selling it for a profit. If we rent it we are targeting $1700-1800 / side. Our mortgage at the moment is around $2100 including taxes and insurance, this would obviously go up if we do refinance.

    What made you interested in investing in this type of deal?

    The location is A+ and near where I live.

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

    Broker, friend connection.

    How did you finance this deal?

    My partner brought the 25% downpayment.

     Hey @Tyler Lingle! How much do you expect to spend on the rehab on this?

     Hi @Jaycee Greene, I have a contractor starting now with SOW for $60K-ish. Mostly all cosmetic including exterior. Probably needs a new roof within 2 years so that's on top... 

     @Tyler Lingle How are you getting the PITI to $2,100 with a 75% LTV? Even if you're paying cash for the rehab, I'm still coming up with PITI in the $3,100 range.


     Sorry P&I. 30% down actually. Thank for call out...

    [email protected]
    Roots Realty Co. 562 Reviews
    WebsiteView Page
    0Reply
  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y
    Quote from @Tyler Lingle:
    Quote from @Jaycee Greene:
    Quote from @Tyler Lingle:
    Quote from @Jaycee Greene:
    Quote from @Tyler Lingle:

    Investment Info:

    Small multi-family (2-4 units) fix & flip investment.

    Purchase price: $330,000
    Cash invested: $360,000

    A cash (silent) partner and I are buying this duplex, flipping it to an ARV of $460,000 then doing a cash out refi or selling it for a profit. If we rent it we are targeting $1700-1800 / side. Our mortgage at the moment is around $2100 including taxes and insurance, this would obviously go up if we do refinance.

    What made you interested in investing in this type of deal?

    The location is A+ and near where I live.

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

    Broker, friend connection.

    How did you finance this deal?

    My partner brought the 25% downpayment.

     Hey @Tyler Lingle! How much do you expect to spend on the rehab on this?

     Hi @Jaycee Greene, I have a contractor starting now with SOW for $60K-ish. Mostly all cosmetic including exterior. Probably needs a new roof within 2 years so that's on top... 

     @Tyler Lingle How are you getting the PITI to $2,100 with a 75% LTV? Even if you're paying cash for the rehab, I'm still coming up with PITI in the $3,100 range.


     Sorry P&I. 30% down actually. Thank for call out...


    OK, that makes much more sense...so, if you can get an ARV of $460k, then I suspect you can pull out around $53k once the property is "seasoned" (see image)

    [email protected]
    0Reply
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