First Apartment Building!

31 Replies

Just bought my first small apartment building in Louisville, Ky!

It’s a 6 unit, brick building with slanted roofs. 4 two bed two bath and two one bed one bath.

The deal was owner financed and found through a realtor. I’ve hired a PM company to help get it turned around and managed correctly.

This has been a goal for a while and I’m excited to get into more!

Congrats, Jordan!!! All the best to you

Congratulations Jordan! Do you have an exit strategy in mind (sell, refinance)?

congrats. can we get some numbers on it?

@Daniel Sitler I'll refinance in the next year or so and try to pull most of my money out. It needs about $15k worth of work and will be in much better shape. The plan is to fix it up and slightly raise the rents.

@Alex Shaughnessy purchase price was $320k, after I get it stabilized it'll pull in roughly $5000 a month and cashflow a little over $1000. I'm not going to pull nay cash out for the first year to build up a reserve.

Congrats to you, @Jordan Moorhead . A very good first step of many to come. Keep an eye on that PM company. Your job is not done by any means :)

Congratulations, I agree with Michael Le. You mentioned the property needed some work.  Who is going to be overseeing that?  If it is your PM company make sure they understand what level of remodel you have in mind so they don't go over the top with it.  Congrats again! 

Congratulations, this is awesome! Good for you. This type of investment is what I am looking to make next. Any tips on your experience obtaining owner financing?

congratulations.   Did you build up to this, or is this your first rental?    

I would like to purchase something similar in the next couple of years.

What area of town is it in?

@Michael Badin @Michael Le I was actually just over there with him going over everything. He manages/owns several in the area so they know what needs to be done. I'll approve anything before work starts and am getting two other bids.

@Micah Mcarthur this was my second. First is a duplex in Minneapolis that I househack. It's in 40218 right by the Bellarmine building.

@Christy Browning all I had to do was ask. He understood that he wanted to avoid all of the capital gains hitting in one year and was up for it. He offered interest only but I chose to do P&I.

Congrats.  What are the numbers?

Congratulations on the most important deal of your life, the first one. I am sure there many more to come.

I hope to make my first soon as well!!
I am just stuck on trying to figure out where!!!!?...

How did you end up in or narrow in on Louisville, Kentucky?

Congratulations! Now the first one is done. Welcome to owning real estate in Kentucky. 

That’s awesome. Congratulations!

Congrats @Jordan Moorhead

What terms did you manage to get for your Owner finance? (Amortization, Balloon payment?, %, DP....) 

@Jordan Moorhead Congrats! Those sound like good first property numbers. It will be fun to see you add more to your portfolio!

@Mike Dymski $5000 gross, $320k purchase price, around $1000 cashflow with property management.

@David Carbajal I grew up here, father is a realtor here and have lots of friends in everything real estate related. 

@Charles H. it's just for 3 years, 30 year amortization, 15% down payment, 6% rate.

Congratulations man! Working on my first one right now!

Hello! This is funny to hear. I'm a new investor in Louisville KY and about to close on my first apartment--- a 6 plex also!!! Congrats.

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