Single Family Rental in Louisville

[Jordan Moorhead]

Investment Info:

Single-family residence buy & hold investment in Louisville.

Purchase price: $85,000
Cash invested: $90,000

Contributors:
Steve Moorhead

We bought this after losing the offer on it the first time. Supposedly a "hedge fund" bought it and decided they didn't want it. When we looked at it again the appliances were gone and it had been painted. That's it and we bought it for $5000 less than we offered the first time. We financed 100% of this purchase through a private lender. Shortly after closing a neighbor called the sign we place in the front yard after closing and said the house was being broken into!

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

#18 in the last year just like it!

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

The MLS and through an agent. We paid the agent's commission and let the listing agent keep everything.

How did you finance this deal?

100% of the money came through a private lender

How did you add value to the deal?

We will be doing a moderate full rehab

What was the outcome?

Not done yet but it will be a good rental!

Lessons learned? Challenges?

Our biggest challenge is to continue to find deals. We've learned not to split hairs over a few thousand and that's how we got this one.

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

Steve Moorhead