Louisville Rental Property
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $36,000
Cash invested: $10,000
2BR 1BA SFR with 2 car detached garage.
What made you interested in investing in this type of deal?
I saw potential in the area.
How did you find this deal and how did you negotiate it?
Worked with agent from First Saturday. Made initial offer and then revised offer lower after inspection.
How did you finance this deal?
Loan from Republic bank.
How did you add value to the deal?
Replaced the electrical panel, new furnace, replaced garage door on garage. Painted interior and got it rent ready.
What was the outcome?
Long term rental brought enough cash flow to pay for a new roof in 2023. It has appreciated in value.
Lessons learned? Challenges?
I was prepared for the project to be challenging to turn around. I hired a management company to find a tenant and manage, but in hindsight sight should have managed it directly myself. I have another property in CA that I manage directly, and I save the management fee.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Agent was Greg Virgin from First Saturday
Republic Bank