All Forum Posts by: Emmy K.

@Sasha Litvinov what part of louisville Is your office located? Do you have or do you write  leases for multifamily units? Thanks for all of the helpful information, greatly appreciated.

Anne Schultz has been very helpful to us but not cheap. 

$195/hour.

 I cant post her contact info but google her for more info.

Good luck!

I agree on getting a real, experienced appraiser if possible and or to have this one completed and you study the comps as well.

I have once been able to appeal an appraisal and submit my own comps to no avail-- this was however very different as it was a SFH purchase.

I also agree that you could use it as negotiating power. In my experience in KY you may have to change lenders to have a new appraisal and new appraiser which will likely cost you the amount of money you've already paid if not any more.

Talk to your portfolio lender and see if this appraiser can finish what he started and use it to negotiate with the seller OR see if lender will allow another appraiser. 

Your lender should have experience with this and I imagine they don't want the deal to fall apart either. 

Don't panic, you're under contract and still in the drivers seat, I believe. Good luck, keep us updated!

I agree with Jeremy-- establish criteria, network, research. 

I would add-- talk to a commercial lender. David Buchannan with Republic Bank or Mark George with First Capital of Kentucky are great in Louisville if you don't already have a lender. Then you'll have concrete numbers for cash flow, etc.

We purchased a multifamily in 40206 last year because it was close to home and met our criteria. We currently self manage so being close to home was critical. Do you plan to hire a management company or manage yourself? If management company I would interview extensively and add costs accordingly. The west end may be okay with a management company but there's a lot of turn over and added owner expenses IMO. I know the numbers look too good to be true. .kdre

There are occasionally local meet ups here in louisville that are great for networking.

Do your homework, don't waiver on your criteria and good luck! Bigger pockets is a spectacular resource-- dig in!

@Account Closed it's about a $900k property when improvements are complete and market rents are reached ($800/ unit= $9600/month). We are targeting to be there in a year. I sure hope it's a good investment !! It's in a great neighborhood just plenty of differed maintenance and below market rents. I'll let you know where we are in a year :)

@Jennifer Dean I'm also a residential real

Estate agent :) I wanted to be aggressive and offer "as-is" and regret it a bit today, all in all I still think we made a good investment.

Good luck!! 

We just purchased a 12 plex for $675,000 with $7700+- rent totals. We financed with a bank so I can't speak to the owner financing piece/ lien on current property.

Our monthly expenses: are $3000 mortgage, $700 taxes, $350 insurance $650+- water and electric. $4700 in expenses, $7700 in rent sounds good--- but we have been negative--- some months our expenses have been more like $12,000!! We knew the first year would be tough but keep you eyes open!

Since you already have properties I'm sure you have done due diligence. With that being said, do your due diligence!!! 

This was our first purchase and we are thrilled about it. However 6 months in we are no where close to a positive cash flow. We will be in another year, I hope. We knew we had major expenses (roofs, decks etc.) but we should have negotiated repairs better IMO. Don't feel like you can't negotiate. The Seller obviously wants to Sell, just don't get in over your head! 

You have more experience than we do, just wanted to share since the numbers are somewhat similar. Negotiate for yourself and good luck!!

This is our first year owning property but we have been happy with Susan Lemley with Grover-Grewling. She was our CPA prior to purchasing property and has been very helpful since our purchase in June. She has property of her own and is very savvy IMO. Located in St. Matthews so convenient for us.

Curious to hear other recommendations. Good luck! 

@Austin H. thank you, 123 Landlord is one I haven't heard of, researching now!

@Justin R. thank you so much, this is incrediblly helpful!