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

    @Sara Peak thanks!

    What are the numbers if you don't mind sharing?

    [email protected]512-888-9122
    The Moorhead Team5139 Reviews
    WebsiteView Page
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  • Ted Clayton
    Renter · Matthews, NC · Member since 2011 · 29 posts · 3 votes
    8y

    Hi Jordan,

    Since this deal was owner financed how much approx did you have to come out of pocket. At the moment i don't have alot of cash and was trying to get a frame of reference.

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  • Tyler Blackwell
    Rental Property Investor · Olympia, WA · Member since 2010 · 127 posts · 76 votes
    8y

    @Jordan Moorhead Big congrats on your purchase! I'm looking to buy a larger multifamily in the coming months by marketing to owners (almost nothing on the market!). One question: you say that the owner preferred the financing versus the whole sale so as to avoid capital gains...I've heard that this is possible but how does it work exactly? I'd like to be able to "sell" the idea of seller financing to my prospects as well. Your perspective is appreciated :) 

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

    @Ted Clayton so far I'm into it for about $60k

    @Tyler Blackwell he won't avoid capital gains but he won't have to pay such a large lump sum at once. The higher the tax bracket the hire the capital gains tax is. This is just what we worked out though and I'd talk to your accountant about capital gains tax to learn more.

    [email protected]512-888-9122
    The Moorhead Team5139 Reviews
    WebsiteView Page
    0Reply
  • Ted Clayton
    Renter · Matthews, NC · Member since 2011 · 29 posts · 3 votes
    8y

    Jordan,

    Thank you for the reply. Keep up on the path to freedom man.

    0Reply
  • Rod Joseph
    Rental Property Investor · Alpharetta, Georgia (GA) · Member since 2016 · 145 posts · 68 votes
    8y
    Congrats,. I am looking to do the same.
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