Hi! Im a firefighter and small time investor in Louisville, KY and came across a property in the Portland are I believe can be converted into a 3 unit property. It will need a full rehab but I have $20K in Funds available as a loan and $5K in liquid assets.
My question is how do I go about finding a buyers agent on a $1000 property? I'll need to find information on leans and past due taxes as well but who can I find to help me with the transaction? Im new to real estate so I don't know who to contact!
Thank you in advance for your help! This is my first forum inquiry!
@Dillon M. Leonard how about a real estate attorney to draw up the contract? It will be more of a flat fee vs commission so there won’t be any lack of motivation. You should get a title company to handle the title search. The attorney can likely even recommend one for you. The county may be able to pull records to check for liens also. Just a few places to start.
Great recommendation! I think thats an excellent way to start! I appreciate you reaching out, Im just the little guy as a new 21 Y/O investor so everything helps.
@Dillon M. Leonard sure thing. Just be careful. Make sure you have a reputable contractor to help you estimate repairs properly. It might cost you a little bit to walk away if you do put it under contract but if it turns out to be wrong in DD it’s more expensive to not walk away. Best of luck.
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Be careful with those cheap properties in Portland.... you may have a lot more costs involved in fixing them than you think.... also check with the city..... I recently heard about a restriction the city was putting on homes in Louisville.... unless it is already a duplex or triplex they are restricting modifications.... SFH have to stay SFH and are not to be converted. If you find info to the contrary please let me know.... but as far as an agent goes..... I don't think it would be necessary you can have a title company run the property for liens and you can look on the cityâs website for back taxes
Update! I found a buyers agent who is a fellow firefighter. He did the research and confirmed that it was in fact $1000 W $20,000!!! in back taxes. HARD PASS! However I did find a $40000 property in a nice area needing a little remodeling, sold in 2007 for $64K so this is what I'm looking at now. THANK YOU ALL, you've been so helpful especially for my first entry and I will defiantly be an involved member to this community!
Regarding the single family bios out to duplex, I'll research and advise!
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