All Forum Posts by: J. Clark Baird

@Joel Kleyer

Do you mean Shelby Park and Smoketown?

@John Rooney

LLC's are not expensive at all. The formation costs are $40 and it only requires 1 update per year which is $15. If you're scared to spend money to do business then don't do business.

@Jordan Wysong

You will need an articles of operation to lay out the financial terms of the LCC ownership and the duties of the members. This document is NOT filed with the Ky Secretary of State.

@Francisco Alzuru

What part of Louisville? How many units?

So end of June we purchased a house that was in pretty rough shape in the Portland neighborhood of Louisville, Kentucky. The house has been foreclosed on and the seller was a bank.

We decided to buy the house because our primary contractor walked thru with us and liked it. We always bring our main contractor with us for initial viewings of properties. The interior was pretty rough. But the exterior was fairly good and the roof was good.

Because we were finishing another project we didn’t get started beginning

of August. We pretty much gutted the house. The ceiling had to be replaced in spots. The floor and subfloor needed work. We tore out walls and framed up a new bedroom turning it from a 2/1 to. 3/1.

Now we are almost done. Our goal is to hold and BRRRR the place. We paid $7,500 for the house. We are looking at about 13,000 in labor. Probably 6,000 in materials. This also includes a new HVAC/Furnace system being installed which cost me $500 in the box ;)

The goal is to reach an appraisal of $38,000. I would post pictures of the work and progress but the app doesn’t allow it (oddly).

Investment Info:

Single-family residence fix & flip investment in Louisville.

Purchase price: $136,000
Cash invested: $35,000

4 bedroom, 3.5 bathroom triplex is available for $200,000. With over 2,000 square feet, sitting on a gorgeous corner lot, this house is a deal. Features a master bedroom with master bath. Also has large unfinished basement for storage and a 2 car garage.

Renovations include:

New kitchen backsplash
New flooring (vinyl along with new carpet in the upstairs bedrooms)
New fixtures
New paint
New tile shower/bath
New vanities
New doors
New electrical
New HVAC
New landscaping

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

Purchased the house at well below market value and saw potential in the property based upon the size and layout.

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

Owner called me from my bandit sign. We had to resolve several issues: the house had been posted as a property bond in a criminal case, was in foreclosure and the owner demanded more money at the closing table.

How did you finance this deal?

Hard money.

How did you add value to the deal?

Rehabbed the property.

What was the outcome?

Just listed property (unknown outcome)

Lessons learned? Challenges?

Learned that I need to directly supervise my contractors, learned the steps needed in a rehab.

Investment Info:

Single-family residence fix & flip investment in Louisville.

Purchase price: $136,000
Cash invested: $35,000

4018 Landside Drive is officially ready to sell!! Located near Hikes Point, this beautiful 4 bedroom, 3.5 bathroom triplex is available for $200,000. With over 2,000 square feet, sitting on a gorgeous corner lot, this house is a deal. Features a master bedroom with master bath. Also has large unfinished basement for storage and a 2 car garage.

Renovations include:

New kitchen backsplash
New flooring (vinyl along with new carpet in the upstairs bedrooms)
New fixtures
New paint
New tile shower/bath
New vanities
New doors
New electrical
New HVAC
New landscaping and tree trimming

This house won’t last long! Call us if interested!

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

Purchased the house at well below market value and saw potential in the property based upon the size and layout.

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

Owner called me from my bandit sign. We had to resolve several issues: the house had been posted as a property bond in a criminal case, was in foreclosure and the owner demanded more money at the closing table.

How did you finance this deal?

Hard money.

How did you add value to the deal?

Rehabbed the property.

What was the outcome?

Just listed property (unknown outcome)

Lessons learned? Challenges?

Learned that I need to directly supervise my contractors, learned the steps needed in a rehab.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $55,000
Cash invested: $7,000

A camelback house that was completely rebuilt. Has a first floor master bedroom with walk in closet and master bath. A hallway bathroom on first floor. 2 bedrooms upstairs with full bath.

House has 2 new HVAC systems (1 for upstairs and 1 for downstairs). New water heater. New pergo and tile flooring. New roof. New windows. New vanities. Walk in tile shower. New cabinets. Tile countertop with backsplash. New concrete driveway. New carpet. New electrical. New fixtures.

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

The quality of the work done on the house and the fact that everything was brand new since it was a complete gut job.

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

Bought from someone I knew.

How did you finance this deal?

Traditional loan along with using other property as collateral.

How did you add value to the deal?

Finished the upstairs, including the 2 bedrooms and bathroom and finished installation of the upstairs HVAC.

What was the outcome?

A wonderful cash flow property.

@Jason James I’ve heard it’s a pain in the rear. Let’s grab coffee sometime, love to hear about your experiences in rehabs.

@Jason James Keep us updated how the Airbnb by Churchill Downs does.