100yr Old Shotgun Style Home Renovation
Investment Info:
Single-family residence buy & hold investment in Indianapolis.
Purchase price: $27,000
Cash invested: $68,000
Completed a large scale renovation on this 100 year old Shotgun style home in Stringtown, just west of IUPUI. This project saw significant damages to the foundation & framing that had to be repaired, as well learning the process of working through all of the permits required in this area of town. Overall, a few road bumps along the way, but lessons well learned.
What made you interested in investing in this type of deal?
Strong area with upcoming potential, plus I always like a fixer upper :)
How did you find this deal and how did you negotiate it?
Found it on the MLS.
How did you finance this deal?
About 20% of the deal came from private money lenders, and the remaining amount came from utilizing my own funds, as well as credit cards to pay contractors & purchase supplies.
How did you add value to the deal?
Completed a full renovation on this house & redesigned the layout to accommodate two bedrooms.
What was the outcome?
Held onto this property as a short term rental.
Lessons learned? Challenges?
Underestimated the framing & foundation costs, as well as my first attempts to work as my own GC for aspects early on in the project were challenging. Had to get rid of some contractors early on in the process, and ultimately should have focused on speed & efficiency over trying to hit my budget. I had to slow down progress as I was forced to do work on the house when funds were short.
