Updated almost 9 years ago on . Most recent reply
First deal in the books.
We closed on our first rental, in Louisville, KY, about a month ago. It's located in a central area, near downtown, that is a strong rental area. There does appear to a chance of some significant appreciation; some investors have been successful fixing and flipping some of the larger homes in the neighborhood. Regardless, it should prove to be a consistently cash flowing property.
In the purchasing process, we fell into a relationship with an agent/property manager who has become a mentor of sorts. This guy has been in the biz for 50 years and he is a wealth of information and resources. He pointed us to a lender that we wouldn't have reached out to otherwise. We financed with a 30 year conventional, and look forward to working with that lender in the future.
We are now dealing with unexpected/overlooked yard issues: A giant rotting tree that had to be removed; glass and garbage in the grass and ground covering; a dilapidated fence with carpenter ants; trees/weeds that have grown through chain link fencing; graffiti on a fence.
Even with all of those nuisances we hope to start advertising by November.
Lots of work, but very well worth it, thus far.
Most Popular Reply
Congrats on your first deal!!! I just returned from Louisville this past weekend- was there twice the past year and love it there! Went both times to do the Bourbon Trail from Louisville to Lexington- Bardstown and all over. Stayed at the Galt House Hotel again, ate at one of the best restaurants ever again too- Jeff Ruby's Steakhouse. The Louisville area seems to be growing and geared up for much more to come! Keep it going!