[From 2023] Turnkey, already rented first investment property in West End, Louisville

[Ben Penwell]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $130,000
Cash invested: $48,000

First investment property, turn key and already rented.
This helped me learn a ton, built my team, and set me up for my second deal, which I'm requiring to be better than my first.

Here's my numbers: https://www.instantlyanalyze.com/product/instantlyreport/share/b354a5b3-808e-4f70-8675-7313016ac051

What made you interested in investing in this type of deal?

Turnkey deal covering the mortgage in the first month.

How did you find this deal and how did you negotiate it?

On Zillow, through my agent.

How did you finance this deal?

30% down using conventional

How did you add value to the deal?

I didn't... there was some differed maintenance, so I put another $7k into it.

What was the outcome?

A roughly breakeven deal after significant tax and insurance increases.
Insurance is going down a bit in August, but yeah this deal wasn't that great after budgeting.

I'm positioned perfectly for a refinance whenever rates hit 4% to get more cashflow or pull money out for my next deal.

Lessons learned? Challenges?

There's a lot to learn for future deals:
- Buy something you can add value
- My first PM sucked and it took over a year to raise rents. Thankfully they got absorbed by another PM company who is much better.
- I didn't have any contractors I used for this deal. Next deal I need to learn the contractor part of investing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yeah, my agent is Amy Kastan: https://www.homepagerealty.com/agents/amy-kastan/
My current PM, who is great, is Property Management of Louisville: https://www.pmofl.com/