All Forum Posts by: Tim Burdette

Bump

All brick duplex in the Meadowthorpe Neighborhood of Lexington, KY.  Each unit is 3 bed 1.5 bath with one unit having a second living space making it larger than the other unit.  The smaller unit rents for $1020/month (lease up in January 2020) and the larger unit rents for $1200/month (lease up in August 2020).  The larger side also has unfinished attic space on the second floor that adjoins a bedroom.  This could be finished to add additional square footage to the unit (approx 200 sq feet).  Property also has a brick detached two car garage.

Last summer the kitchen was gutted and replaced on the smaller unit and the bathroom was redone.   The wood floors were redone as well.

Asking $265,000

Please message if interested. 

Yes they will work with you for rentals in that range.  Two of my rentals fall in that range and we have a great property manager for them.

I live in Lexington and wouldn’t buy in that area for my first investment property. It is transitioning but not that quickly. 

Aaron, I have a duplex in Lexington that I have been thinking about listing. 

Every rental I have already has a refrigerator.  I only offer washer/dryer in one of my units and that was because I was having trouble renting it.  As far as rent I'd go with what the area will support.  If it's $1000-$1100 then that's what it is.  The tenant will likely stay longer if the rent is appropriately priced.

Yes but you have to live in it

Check your county PVA website for the latest sale price.

Are the changes to the IRS Section 121 still included in the tax plan? For those who don't know this excludes gains on the sale of a primary residence that was lived in for 2 of 5 years. The tax plan released earlier stated the exclusion would only be given for residences owned for 5 of 8 years. I really hope this portion of the tax changes is removed from the plan.

I am looking at a rental that is listed for $37,500.  How low will a bank go on a mortgage?  I'd only be borrowing $30k.  Will I have trouble finding lenders for this small of a mortgage or will any lender be willing to do it?