Duplex near the University of Louisville

[Barrett Goff]

Investment Info:

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

3 bedroom/2 bathroom duplex near a college campus.

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

I wanted to start investing in multi-family properties and also wanted to start investing near college campuses.

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

The seller was a mutual friend who no longer wanted to be a landlord so we were able to negotiate an offer market deal and I still included my realtor commission!

How did you finance this deal?

I financed it as a multi-family investment property so we had to put down 25% and got a conventional loan.

How did you add value to the deal?

We already repaired the roof upon closing, patched some drywall spots and plan to replace the HVAC unit once the current tenants move out.

What was the outcome?

We purchased the property with tenants already living there and it has been a great property so far. We plan to hold this property long term and hopefully the area will continue to increase in value being on a college campus.

Lessons learned? Challenges?

So far so good, just be careful working with friends and family because you don't want to ruin relationships or hurt someone's feelings over penny pinching. We got a good deal and the seller was accommodating, but we almost pushed it too far on the repair requests.

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!