All Forum Posts by: Account Closed

@Dominic Schroeder Thanks! Are you planning on house hacking it once you do find it?

I tried to add myself with your form. No luck yet. Will msg you with what I'm interested in here in Louisville. 

This is in the Iroquois/Southland Park area.

What are your plans once you're out of savings mode? Let me know if I can help any!

Welcone and good luck to you!

Hi all!

Thought I'd share my story and hope it would inspire someone else to go for it like so many of the stories here inspired me.

My interest began when I was in college learning to be an xray tech. I read blogs and listened to podcasts. When I got out of school, I saved until I was ready to buy my first property. I found a mortgage broker and awesome realtor with a construction background. After about a year of searching, one failed offer, and countless viewings, I found something that would work on the MLS.

I had 3 goals going into the purchase:

1.) Stop renting, and buy something

2.) Have the rent coming in pay the mortgage

3.) Learn about property ownership and tenant management

I'd say those 3 goals have been accomplished!

Details

List price: $94,900

Bought: $92,000

Downpayment/closing costs out of pocket: $16,700

Seller cash back at closing (for repairs, prorated rent, deposit from tenant): $1,408.07

Repairs: ~$950 (received $1000 back from seller for repairs not done by him)

Bed/bath: 2br/1ba on each side

Market rent: $600 per side

Actual rent: $550/mo until May 2017

The previous seller was house hacking the duplex himself. He had already placed a tenant in the side he wasn't living in and would leave one side vacant upon selling. Closing took a while! I had everything in place but my lender was slowww and it was a busy time. My offer went in on 6/20/16 and was accepted a day later (maybe offered too much, but the seller had back to back showings when I looked at it so I wanted to be aggressive). Inspection was completed 6/29, seller made a few repairs, I did an inspection of the repairs and we closed 8/8/16.

After closing, I did some plumbing work that the inspection turned up, and repaired a kitchen light. It has been smooth sailing since then. The inherited tenant has been great so far! He pays every month, is respectful, and quiet. I hope to renew his lease in May, then bring the rent up the following year.

Now on to pics:

From here, I'd love to do a flip so I can get some more experience rehabbing + save up for another buy and hold. I hope this inspires someone to get out there and make it happen!

This is awesome! Would've loved to have joined in but saw the post too late.

Congrats! On to the next!

Speaking of HUD... have you heard about the grant they're awarding the Russell neighborhood? This property is fairly close, do you already invest in Russell?

Hey! Thanks for sharing! I'm looking at purchasing a HUD home here in Louisville also. It is great to see someone else doing it too!

Congrats on the deal!

Monitoring this thread... I hope this gets off the ground!