First Indy Rental Success

[Kevin Wyn]

My first investment property purchase has been a learning experience, but overall a smooth process. This is our 2nd rental (accidental landlords when we moved back from Texas), but our first property that was bought as an investment. Got a great deal on a 2/1 thanks to @Brett Snodgrass and the SimpleWholesaling team. It is in a great rental neighborhood on the East side of Indy just outside the 465 loop. Rehab included new gutters, power wash outside, gravel driveway, shutters, vinyl plank flooring, blinds, attic insulation, plumbing leaks in the crawl, paint throughout, backsplash, among other things. With some help from friends and family we got the work done quickly. My wife and I will be managing ourselves and have the house rented to a nice young couple. Purchase+Reno totaled 32,000. Thank you to BP and the BP Community because this journey would have never started without the information and guidance provided here.

Rent: 750

Taxes: 68

Insurance: 36

Maintenance: 50

CapEx: 100

Vacancy: 45

Management: 75  If we ever decide to use one

Monthly Cashflow: 376 w/ management

After refinance: Monthly payment 222

Cashflow: 154 with no money into the deal

Before

After

Before

After

Before

After

[Kevin Wyn]

@Brian Garrett That is correct, BRRRR. Purchase and rehab were cash with a private money loan. Upon refinance I will be able to pay back my investor in full and have no money out of pocket. All in all it will be a perfect start on my journey to financial freedom.