First Apartment Building!
31 Replies
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Jordan Moorhead Real Estate Agent from Minneapolis, Minnesota
posted 6 months agoJust 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!
Holly Williams Investor from Brooklyn, NY
replied 6 months agoJordan congratulations to you!
Mitul Rana Investor from Philadelphia, Pennsylvania
replied 6 months agoCongrats, Jordan!!! All the best to you
Daniel Sitler Investor from Chicago, Illinois
replied 6 months agoCongratulations Jordan! Do you have an exit strategy in mind (sell, refinance)?
Alex Shaughnessy Real Estate Investor from Spring Valley, California
replied 6 months agocongrats. can we get some numbers on it?
Jordan Moorhead Real Estate Agent from Minneapolis, Minnesota
replied 6 months ago@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.
Michael Le Syndicator from Humble, Texas
replied 6 months agoCongrats 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 :)
Michael Badin Professional from Southampton, Pennsylvania
replied 6 months agoCongratulations, 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!
Christy Browning Real Estate Investor from Denver, Colorado
replied 6 months agoCongratulations, 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?
Micah Mcarthur Real Estate Investor from Louisville, Ky
replied 6 months agocongratulations. 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?
Jordan Moorhead Real Estate Agent from Minneapolis, Minnesota
replied 6 months ago@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.
Mike Dymski Investor from Greenville, South Carolina
replied 6 months agoCongrats. What are the numbers?
Charles M. from Minneapolis, Minnesota
replied 6 months ago@Jordan Moorhead Congratulations to your 1st apartment purchase!
Joe LaFleur from Orlando, Florida
replied 6 months agoCongratulations on the most important deal of your life, the first one. I am sure there many more to come.
David Carbajal from Chino, California
replied 6 months agoCongratulations!!!!!
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?
Kathy Stutler Real Estate Agent from Walton, Kentucky
replied 6 months agoCongratulations! Now the first one is done. Welcome to owning real estate in Kentucky.
Ericka Grant Investor from Atlanta, Georgia
replied 6 months agoCongrats!!!
Brandon Ingegneri Entrepreneur from Providence, Rhode Island
replied 6 months agoNicely done
Jake Hilden Real Estate Agent from Minneapolis, Minnesota
replied 6 months agoThat’s awesome. Congratulations!
Charles Heyligen from Bluffton, South Carolina
replied 6 months agoCongrats @Jordan Moorhead !
What terms did you manage to get for your Owner finance? (Amortization, Balloon payment?, %, DP....)
Scott S. Investor from Minnetonka, Minnesota
replied 6 months ago@Jordan Moorhead Congrats! Those sound like good first property numbers. It will be fun to see you add more to your portfolio!
Jordan Moorhead Real Estate Agent from Minneapolis, Minnesota
replied 6 months ago@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 Heyligen it's just for 3 years, 30 year amortization, 15% down payment, 6% rate.
Devin Best from Crestwood, Kentucky
replied 6 months agoCongratulations man! Working on my first one right now!
Sara Peak Investor from Louisville, Kentucky
replied 6 months agoHello! 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.
Jordan Moorhead Real Estate Agent from Minneapolis, Minnesota
replied 6 months ago@Sara Peak that’s great to hear! Where is yours?
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