All Forum Posts by: David Hunt

I have about 5 years Interior Trim carpentry experience. I also have a network of qualified contractors. Estimated cost for total project is 40k. Electrical is mostly ok just needs rewired upstairs. We dont think an architect is needed here. Just reframe and drywall and paint. Demo and cleaning will be done by myself and wife. Im estimating 25-30k in profit after closing. 

IMO that's a bit overpriced for the area. That being said I know there are some great historic houses over there. 

Indianapolis and its suburbs are thriving and Ive seen an increase in property value and rent prices. I grew up here and I may be new to investing but I have always been interested in real estate and watched our market. 

So, I have come across an investment opportunity with a property that recently caught fire. Before the fire, the house was completely remodeled. The fire was upstairs and I would estimate 20% of the house was affected. It is a 4 bedroom 2.5 bath and in an area where alot of big single family homes are converted to multi family apartments. The list price is 20k and ARV is 115k with comps in the area from 100k - 137k. The market area is somewhat thriving but there has been a few houses not selling. My plan, is to obtain the property through a hard money loan, restore fire damage, convert to a double consisting of 2 2bed 1bath apartments, and sell to an investor that is a landlord. Do any experienced investors have an opinion on whether this is a good or bad idea?

Have you tried double closing?