All Forum Posts by: Mark Abbott

Investment Info:

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

Purchase price: $14,500
Cash invested: $25,000

Duplex in 40211 that I bought at forclosure auction

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

Had to start somewhere

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

Forclosure Auction, i outbid other buyers

How did you finance this deal?

Cash

How did you add value to the deal?

added to new HVAC units and updated some of the electric. added cabinets and remodled kitchen in downstairs unit.

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

No

About a year later and Duplex that I bought at Foreclosure has been rented out to two sisters both with children and is cash flowing nicely the sfh that i bought from the landbank in Louisville is done and also rented out, also bought another property and working on buying my 4th house in Louisville hopefully closing this next week.

i own 3 properties in the area already and if you screen well its usually ok.

Yes and sometimes you can talk to the banks representative that is at the auction and work a deal

But do your homework on houses that may interest you as some of them are in bad shape.

Hi Daryl, check out foreclosure auctions, it’s how I got started.   Www.jeffcomm.org

So update, the duplex has been finished for a month and both units are rented out.  The sfh is being remodeled now and hopefully done before winter.

i own a house in Russels and one in Portland and i worry more about the house in Portland, would have not said that 15 years ago.

I just started in the area and there are alot of houses available with the city finally getting a little involved.  If you do invest you might want to make sure you keep the properties clean or the fines can add up.

Paid over 2/3rds the appraisal value so should be ok