Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 2 years ago,

User Stats

1
Posts
1
Votes
Andrea Coughtry
1
Votes |
1
Posts

Historic 11-Plex Downtown Lexington.

Andrea Coughtry
Posted

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $675,000

Multi-family property in downtown Lexington , next to Transylvania University! Built by civil war soldier and prominent businessman, Charles Brent, this historic mansion was converted into apartments 50 years ago.11 Units: 1-2bed/1bath, 5-1bed/1bath, 5-Studio

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

First historic property. The location next to the Transy university made it ideal. In addition I knew a large student center was coming across the street driving up equity.

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

Myself, I am an agent and it was on the MLS.

How did you finance this deal?

Conv 25% down and commsiion rolled into downpayment.

How did you add value to the deal?

Renovated every unit took the RR from about $3500/Month to $9K current

What was the outcome?

Great hold valued over $900,000K

Lessons learned? Challenges?

Historic overlay can make renovations challenging. Older homes are more costly to update.

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

I self represented.

Loading replies...