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Updated almost 2 years ago,
Historic 11-Plex Downtown Lexington.
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.