Jason Royer Rehab Deal

 

Jason Royer Rehab Deal

RAMS Investing in , IN
Jason Royer with Jason and Dustin Royer

This was our first venture into the up and coming area of Fountain Square. This area has hit market highs and continues to soar. This was a duplex that we bought to convert into a single family home. After some thought, we researched and decided to apply for a re-plat of the property and get some variances in order to split the properties and sell off each side as attached homes.

Rehab Details

Property City: Indianapolis
Property State: IN
Purchase Price: $35,000
Repair Costs $206,000
Holding Costs: $20,249
Sale Price: $403,000

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Case Study

How did you find and structure the financing of this deal?

Another mastery student brought the deal to us and we did a JV deal with them. We used private investor funds for the purchase and rehab.


Provide a summary of the repairs and improvements you made to the property.

This property was in disrepair. We tore everything to the studs. Since we were splitting the property, we had to put extra drywall layers on the shared walls. We then put 2 new kitchens in, 2 full baths, and 2 half baths. We also added an attached garage. The garage was split so that each property had a 1 car garage. We had to put in all new wiring, plumbing, windows, roof, exterior siding, etc. Anything you can dream of replacing was replaced.


How did you find a buyer for the property if you sold it?

We used our Real Estate Brokerage, Red Oak Real Estate Group to list and sell both sides of the property.


What are some of the major lessons learned that you would like to share with other students that they can learn from?

You have to really think through every possibility that there could be for your properties. If we would have changed this into a single family home, our renovation costs would have been less than what we spent, but not much. We would have still had to do almost everything we did. A single family home that large may have been able to sell for $300,000. We split it and spent a little more money and sold one side for $210,000 and the other for $193,000. Just make sure you turn all stones over. You never know what you will find under there. In this case, we went out on a limb and tested the waters on something and it paid off very well.


Shout Outs & Testimonials

They always make us keep our heads high and push us to be the best we can be. P.S. It wouldn't allow me to attach two documents, so I only attached a HUD for one side of this sale. If you need to have the other side that shows the other sale price, just let me know and I'll get it to you. I'm sure you need that stuff as backup.




Before & After Photos