Overview:
This is my first out of state property. For the last few years I have been thinking about investing in other markets. Utah has seen a lot of appreciation and home prices are pretty high. So I started looking at few different markets and settled on Indianapolis (it still took me about 2 years (fear) to pull the trigger). I decided on Indy for a few reason’s.
1- I was able to build a good team (people I wanted to work with).
2- I went out to visit and look around and really liked it. I thought to myself I would live here and it felt good.
3- Cost vs Return seemed to be good.
Numbers On This Deal:
Purchase Price- $57,500
Rehab- $15,000
ARV – $100,000
Rents- $950-1000
Things I Learn:
Have a good team in place (people you trust).
Update:
The day before we were about to rent it to someone for $975 a month. We decided to sell and roll this over into a different project. After about 20-30 days on the market we went under contract for $99,000.
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