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Updated almost 6 years ago,
1 bedroom/1 bathroom condo with loft used for long term rental
Investment Info:
Other buy & hold investment in Louisville.
This is a 1 bedroom condo with a loft area that we use as for long term rentals.
What made you interested in investing in this type of deal?
This was a great deal in a great complex which is also in a very popular are of Louisville, Ky.
How did you find this deal and how did you negotiate it?
We found the deal online and allowed the selling agent to represent us as well, and then told her that she needed to sell our low ball offer to her client in order to get the deal done. Since she knew she was now getting a bigger commission, the selling agent pushed our offer to her seller and we got the deal done a great price.
How did you finance this deal?
We financed this deal with a 5 year ARM loan and 20% down. We intend to pay off the remaining amount of the loan prior to the adjustment period.
How did you add value to the deal?
We have had to do very little to this property. We pay a $120 HOA fee monthly and the property management company has done an excellent job maintaining the grounds and the buildings.
What was the outcome?
We receive premium rent for this property and have very little maintenance or headache.
Lessons learned? Challenges?
Do not allow your tenants to use your washer and dryer. Make them purchase their own if you have hookups in the unit like we do.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Barrett Goff with Family Realty in Louisville, KY!