First investment property

[Oscar Lopez]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Louisville.

Purchase price: $280,000

Six bedroom, three bathroom triplex in Old Louisville.

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

As first time investors, we were looking for a turn key multifamily property in an ideal area of town. This met that interest and with the added bonus of possibly converting into a str in the future.

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

This property was originally listed at 310,000 when we first saw it. After about three week, we revisited the property at a newly lowered price of 299,000. We were able to negotiate the price down to 280,000 with 2500 in closing cost.

How did you finance this deal?

We obtained a conventional loan for this deal.

How did you add value to the deal?

That is to be determined so I will keep you folks posted in the new journey.

What was the outcome?

We obtained the property.

Lessons learned? Challenges?

A huge lesson learned on day one, communicate with the previous owner to see when the utilities will be turned off. I found out that the water was turned off after we closed on the property. Communication is key

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

We worked with Jennifer Burke (Burke Realty Co) and Deborah Allred (Union Home Mortgage). They were amazing.