All Forum Posts by: Kevin Hart

Investment Info:

Condo buy & hold investment in Louisville.

Purchase price: $84,000
Cash invested: $10,000

Bought a 2 bed 2 bath condo from a local wholesaler. Purchased for 84,000 using Hard Money. Renovated the unit for $10,000. Spent another $3,000 furnishing the unit. I list the unit on airbnb, vbro, and furnished finder geared toward traveling nurses. Due to Louisville regulations, this property has a minimum 30 day rental requirement.

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

through a local wholesaler

How did you finance this deal?

I used a local Hard Money Lender for initial purchase and rehab. Then I refinanced with a commercial lender to hold long term.

How did you add value to the deal?

I put about $10,000 of renovation into the property. New paint, flooring, miscellaneous plumbing & electrical repairs, and a deep clean. I then furnished the property.

What was the outcome?

It is rented out on Airbnb. It had its first 30 day booking within 3 days of going live and now is booked through May already.

https://airbnb.com/h/kycondo 

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

Worked with Annex Capital for my hard money loan

Investment Info:

Condo buy & hold investment in Louisville.

Purchase price: $84,000
Cash invested: $10,000

Bought a 2 bed 2 bath condo from a local wholesaler. Purchased for 84,000 using Hard Money. Renovated the unit for $10,000. Spent another $3,000 furnishing the unit. I list the unit on airbnb, vbro, and furnished finder geared toward traveling nurses. Due to Louisville regulations, this property has a minimum 30 day rental requirement. The property has its first booking within 3 days of going live and is now has multiple bookings already. Now that it has been rented and rehabbed, I am refinancing the property with a traditional bank to hold long term.

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

through a local wholesaler

How did you finance this deal?

I used a local Hard Money Lender

How did you add value to the deal?

I put about $10,000 of renovation into the property. New paint, flooring, miscellaneous plumbing & electrical repairs, and a deep clean. I then furnished the property.

What was the outcome?

It is rented out on Airbnb

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

Worked with Annex Capital for my hard money loan

@Dan Tripp Borders & Borders or Rounsavall Title

Both do a great job

Hey @Colin Wheeler, Happy to connect anytime. I am based in Louisville

@Troy Pacella just go with a commercial loan. Even before I had my 2 years of self employment tax returns I was able to get commercial loans. They look alot at the income potential of the property, not just your personal situation. 

awesome man. Congrats!

@CJ Mahan Hey CJ, I am investor and realtor in Louisville. Happy to connect anytime. 

@Greg McNee Hey Greg, I am an investment focused agent in Louisville. Happy to connect. I am also an investor myself. 

@Casey C. Hey Casey, I am a realtor and investor in Louisville, KY. Happy to chat anytime

@Wesley B Williams good job on getting this set up!