First Apartment Building!

Multi-Family and Apartment Investing
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First Apartment Building!

Jordan MoorheadBusiness Member
Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
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!
[email protected]512-888-9122
The Moorhead Team5140 Reviews
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26Reply
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Most Popular Reply

Sara Peak
Investor · Louisville, KY · Member since 2017 · 32 posts · 19 votes
8y
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.
6Reply
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  • Holly Williams
    Rental Property Investor · New York City · Member since 2014 · 208 posts · 271 votes
    8y

    Jordan congratulations to you!

    1Reply
  • Account Closed
    Investor · Philadelphia, PA · Member since 2016 · 25 posts · 10 votes
    8y

    Congrats, Jordan!!! All the best to you

    1Reply
  • Daniel Sitler
    Investor · Chicago, IL · Member since 2011 · 51 posts · 16 votes
    8y

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

    1Reply
  • Alex ShaughnessyPro Member
    Real Estate Investor · Spring Valley, CA · Member since 2016 · 288 posts · 98 votes
    8y

    congrats. can we get some numbers on it?

    1Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y

    @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.

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
    WebsiteView Page
    2Reply
  • Michael Le
    Developer · Houston, TX · Member since 2015 · 1k+ posts · 1k+ votes
    8y

    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 :)

    2Reply
  • Michael Badin
    Rental Property Investor · Apex, NC · Member since 2015 · 197 posts · 102 votes
    8y

    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! 

    1Reply
  • Christy Browning
    Real Estate Investor · Denver, CO · Member since 2017 · 31 posts · 19 votes
    8y

    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?

    1Reply
  • Micah Mcarthur
    Real Estate Investor · Louisville, KY · Member since 2017 · 56 posts · 39 votes
    8y

    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?

    1Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y

    @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.

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
    WebsiteView Page
    2Reply
  • Mike Dymski
    Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
    8y

    Congrats.  What are the numbers?

    1Reply
  • Charles M.
    Minneapolis, MN · Member since 2017 · 22 posts · 13 votes
    8y

    @Jordan Moorhead  Congratulations to your 1st apartment purchase!

    1Reply
  • Joe LaFleur
    Orlando, FL · Member since 2015 · 24 posts · 19 votes
    8y
    Congratulations on the most important deal of your life, the first one. I am sure there many more to come.
    2Reply
  • David Carbajal
    Developer · Chino, CA · Member since 2015 · 37 posts · 6 votes
    8y
    Congratulations!!!!! 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?
    1Reply
  • Kathy Stutler
    Real Estate Agent · Walton, KY · Member since 2014 · 6 posts · 4 votes
    8y

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

    3Reply
  • Ericka G.
    Investor · Atlanta, GA · Member since 2015 · 366 posts · 283 votes
    8y
    Congrats!!!
    2Reply
  • Brandon Ingegneri
    Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes
    8y
    Nicely done
    1Reply
  • Jake Hilden
    Realtor · Minneapolis, MN · Member since 2017 · 47 posts · 30 votes
    8y
    That’s awesome. Congratulations!
    1Reply
  • Charles H.Pro Member
    Rental Property Investor · Orlando, FL · Member since 2017 · 94 posts · 39 votes
    8y

    Congrats @Jordan Moorhead! 

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

    1Reply
  • Scott S.
    Investor · Minnetonka, MN · Member since 2016 · 123 posts · 86 votes
    8y

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

    1Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y

    @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.

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
    WebsiteView Page
    1Reply
  • Devin Best
    Crestwood, KY · Member since 2016 · 7 posts · 6 votes
    8y
    Congratulations man! Working on my first one right now!
    2Reply
  • Sara Peak
    Investor · Louisville, KY · Member since 2017 · 32 posts · 19 votes
    8y
    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.
    6Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y
    Sara Peak that’s great to hear! Where is yours?
    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
    WebsiteView Page
    0Reply
  • Sara Peak
    Investor · Louisville, KY · Member since 2017 · 32 posts · 19 votes
    8y
    Jordan Moorhead it's in Frankfort. About 35-40 mins outside of Louisville. Best of luck to you!
    2Reply
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