This past weekend I took a group of investors to Indianapolis to go property scouting. Since I have property there and wanted to go deeper into my knowledge of the area I thought it was a perfect time to show people what I do when I investigate a new area to invest in. 2 students from my real estate investing class and 2 people who are on my investor list spent 2 full days looking at property. So my team, my husband, me and 4 students saw close to 30 properties. We made offers on 3 and missed out on 2 that were under contract while we were there. When you see a deal you have to move fast.
One student got his offer accepted day 2. He bought a house for $75,000 that has current rents of $750 and once that term expires will easily rent it for $900. Maybe in 1050. His net income will be $300 now and $538 per month next year. His investment is $15,000 down and $5000 in closing costs.
His personal goal is to have $5000 in passive income by 2024 which is 5 years from now. I don’t think it will take him that long but it’s a goal. At this pace, he needs 10 properties that yield this ~ $500 per month.
The other 2 students are still waiting on seller answer.
Now that is a success!
