Covington, Kentucky Buy and Hold from 2022
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $155,000
Cash invested: $8,000
Bought this and lived in it with my girlfriend for 9 months so I was able to put 3.5% down since I was planning to live there. Mortgage is $1,250 and currently renting it for $1,600. Took out a wall and replaced some bad carpet to make it more attractive to renters.
What made you interested in investing in this type of deal?
Wanted to secure a property in Cincinnati market before moving out of state to take advantage of growth potential I saw in the area.
How did you find this deal and how did you negotiate it?
Straight MLS - no negotiation required
How did you finance this deal?
3.5% down since I was living there. Used funds I saved.
Lessons learned? Challenges?
I have to replace the roof by next April. I submitted a wind claim to try and have my insurance company replace it for cheap but was denied and when I switched over to a Landlord Policy, the new insurance company (Travelers) inspected it and are forcing me to replace or else they will drop coverage. So, don't put claims in on something that may or may not get replaced if you know you are switching carriers in near term
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Kari Goetz is my realtor in NKY. She is amazing.