Sold the Porsche on Monday, bought a townhouse today

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Sold the Porsche on Monday, bought a townhouse today

Judd Campbell
Georgetown, KY · Member since 2014 · 179 posts · 55 votes
Quick turnaround on the money. Bought a 3/1 townhouse for 14.5k 1,080 square feet, needs a new bathroom and kitchen but the walls are great and electricity works well. Should rent for 650, I estimate it will need 10k in repairs.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
12y

@Judd Campbell 

@Account Closed 

Sold my crappy mid west rental and bought a Porsche... It does not talk back to me it does not call in the middle of the night it does not complain about toilets and her baby daddy !

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  • Ryan Craig
    Realtor · Nashville, TN · Member since 2014 · 148 posts · 46 votes
    12y
    Judd Campbell Congrats... Is this your first rental? As fun as a Porsche can be I think this is a good way to spend 14K!
    0Reply
  • Tony H.
    Santa Barbara, CA · Member since 2014 · 49 posts · 11 votes
    12y

    Jeez, what area do you live in?  Cant buy a closet here for under 200K.  And a 14K porsche - hmmm.  There's probably a reason it's not a 90K Porsche.  Maybe it's our areas - but these figures on houses and cars scare the hell out of me.  Hope it works out for you.  We need more areas like where you are it sounds like.  But there are some truly scary situations out there.  Again, good luck to you.

    0Reply
  • Judd Campbell
    OP
    Georgetown, KY · Member since 2014 · 179 posts · 55 votes
    12y
    Sold a 911 turbo, 45k, I can buy 2 more places. Central KY has some good deals these days Can't upload a pic from the app unfortunately.
    0Reply
  • Jean BolgerPro Member
    Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes
    12y

    Good choice! your rentals will replace that car for you soon enough, right?

    0Reply
  • Account Closed
    Investor · Honolulu, HI · Member since 2013 · 3k+ posts · 1k+ votes
    12y

    If I am assuming correctly that the townhouse is part of a HOA I would be very afraid of an association of owners of sub $20,000 housing in America.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    12y

    @Judd Campbell 

    @Account Closed 

    Sold my crappy mid west rental and bought a Porsche... It does not talk back to me it does not call in the middle of the night it does not complain about toilets and her baby daddy !

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    4Reply
  • Judd Campbell
    OP
    Georgetown, KY · Member since 2014 · 179 posts · 55 votes
    12y
    No HOA, the units next door apprise at 45k so I should have plenty of room for margin. Not a great area but it cash flows well!
    0Reply
  • Judd Campbell
    OP
    Georgetown, KY · Member since 2014 · 179 posts · 55 votes
    12y
    This is my 8th unit, hope to have 10 by the end of the year
    1Reply
  • Account Closed
    Investor · Honolulu, HI · Member since 2013 · 3k+ posts · 1k+ votes
    12y
    Originally posted by @Judd Campbell:

    Not a great area but it cash flows well!

    For now, sorry. 

    So $14,500 purchase plus $15,000 for the kitchen and $5,000 for the bath.  All in $34,500.  Apprise/appraisal value? $45,000   Selling cost $3-4,000. Holding costs?  Maybe $6,000 for the time and effort? 

    I would be very afraid of associating with neighbors with sub $50,000 housing.

    1Reply
  • Judd Campbell
    OP
    Georgetown, KY · Member since 2014 · 179 posts · 55 votes
    12y
    15k kitchen ? 5 k bathroom? I am not paying retail ! Low end section8. Used stuff, 50 dollar appliances are going in the place. This is a buy and hold for me, not a flip. This is a 2% deal all day long. I sold my Porsche to make Aston Martin money
    3Reply
  • Account Closed
    Investor · Honolulu, HI · Member since 2013 · 3k+ posts · 1k+ votes
    12y
    Originally posted by @Judd Campbell:

    15k kitchen ? 5 k bathroom? I am not paying retail !

    Low end section8. Used stuff, 50 dollar appliances are going in the place.
    This is a buy and hold for me, not a flip.
    This is a 2% deal all day long.

    I sold my Porsche to make Aston Martin money

    Who's doing the work?  That's where the money is.  Might as well put in something a little nice as it costs the same to put in a crap vanity.

    You make me feel like such a one percenter. LOL

    Either way I am only $10,000 over your estimate.  You'll still be investing the same amount of time doing a $7.500 remodel and a $2,500 bath.  Even for a crap remodel I think I'm on the low side at $20,000.

    0Reply
  • Judd Campbell
    OP
    Georgetown, KY · Member since 2014 · 179 posts · 55 votes
    12y
    Myself and a guy that works go 8 bucks an hour is going to be doing the work. 10 k is not a rounding error on a 14.5k acquisition. I need to be quite sure it is not a 20 k rehab
    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    12y

    @Judd Campbell 

      At the end of the day its not about cars. althought they are nice its about equity and cash flow.. when you want to step up to big boy territory you get into airplanes... Or boats..

    cars are just something we need .. when you really make it you fly or float

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    JLH Capital Partners51 Review
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    0Reply
  • Gautam Venkatesan
    Investor · Dallas, TX · Member since 2013 · 619 posts · 128 votes
    12y

    Good stuff @Judd Campbell 

    0Reply
  • Art Frasik
    Investor · Middletown, OH · Member since 2014 · 31 posts · 3 votes
    12y

    Congratulations on your new Invethment! Yay! Go You! Keep up the good work!

    0Reply
  • Account Closed
    Investor · Honolulu, HI · Member since 2013 · 3k+ posts · 1k+ votes
    12y

    @Jay Hinrichs Mr. Highnrich.  Nope, I think I'm a 98 percenter......by choice!??     LOL.  

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    12y

    @Account Closed 

      Mr. Bowling I have never been called that in all my years.. common slang for me is:

    Jay bird.

    JJ penies  

    J man

    but Never the use of my last name I will cherish that thought.

    45 days until I am at Nauru towers.. Hoping you will be in town

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
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    0Reply
  • Rolanda Eldridge
    Investor/Realtor · Hoover, AL · Member since 2010 · 1k+ posts · 459 votes
    12y

    @Judd Campbell ...good deal, keep working it!

    0Reply
  • Jordan Vires
    Investor · London, KY · Member since 2014 · 53 posts · 8 votes
    12y

    @Judd Campbell

    Congrats on your purchase! 

    What area in KY did you purchase? 

    I live in London. 

    Jordan

    0Reply
  • Account Closed
    Investor · Waynesville, NC · Member since 2014 · 408 posts · 121 votes
    12y

    Congrats @Judd Campbell 

    Building up the cash flow is a great idea!  Get enough of that and that Aston Martin will be a reality.

    0Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    12y
    Originally posted by @Judd Campbell:

    Quick turnaround on the money. Bought a 3/1 townhouse for 14.5k 1,080 square feet, needs a new bathroom and kitchen but the walls are great and electricity works well.
    Should rent for 650, I estimate it will need 10k in repairs.

    Well done Judd,

    Those numbers look very decent.

    What class of area?

    I also sold a gold BMW in 2011 to kick start my Real Estate venture.

    One of my better decisions that's for sure.

    Plenty of time for the toys in the future hehe

    Thanks

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    0Reply
  • Kendall T.
    Real Estate Investor · Fort Pierce, FL · Member since 2014 · 132 posts · 57 votes
    12y

    Congratulations, smart choice!

    0Reply
  • Micheal Rieves
    Investor · Omaha, NE · Member since 2014 · 56 posts · 2 votes
    12y

    @Judd Campbell 

    Congratulations Judd on your latest purchase! 

    0Reply
  • Judd Campbell
    OP
    Georgetown, KY · Member since 2014 · 179 posts · 55 votes
    12y
    Lexington, near downtown. Class C area. Maybe D. But doing my part to make it a solid C!
    0Reply
  • Judd Campbell
    OP
    Georgetown, KY · Member since 2014 · 179 posts · 55 votes
    12y
    0Reply
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