Episode #35 - Deal fo the week - Lexington, KY

TL;DR

A discussion about a real estate deal in Lexington, Kentucky, with details on the property's unit mix, rents, expenses, and potential value add opportunities.

Transcript

Oh welcome to the learn from us podcast we're broadcasting all over the world we're here in Paul's basement mom's basement and we mom have a sandwich here she's making meatloaf and we are here talking about real estate and others of such I am here with the wonderful illustrious Andrew thank you I didn't add as many chips to his introduction last ti... Read More

Key Insights

• 🇦🇪 The property has a good unit mix, with a mix of one-bedroom and two-bedroom units.
• 👪 The average rent of $682 provides potential for rent increases through value add renovations.
• 💦 The property has already undergone a water conversion, creating additional income through individually metered water usage.
• 🫢 The expenses per unit are relatively high at $4,700, potentially due to individual tenant gas payments.
• 👾 The property offers ample parking space and has a well-maintained exterior with patios for each unit.
• 🔪 The property was built in the 70s and may require some updates in the kitchens and bathrooms.
• 🪜 The asking price for the property is between $3.62 million and $4 million, with potential for negotiation and value-add opportunities.

Questions & Answers

Q: What is the unit mix of the property?

The property has 18 one-bedroom units and 65 two-bedroom units.

Q: What is the average rent for the units?

The average rent for the units is $682.

Q: Are there any potential value add opportunities?

Yes, the hosts discuss the potential to increase rents through renovations in the kitchens and bathrooms.

Q: Can you explain the water conversion mentioned in the podcast?

The property has been individually metered for water, allowing the landlord to collect money from tenants based on their usage, resulting in additional income.

Summary & Key Takeaways

• The podcast hosts discuss a real estate deal in Lexington, Kentucky, with 92 units and a mix of 18 one-bedrooms and 65 two-bedrooms.

• The average rent for the units is $682, with potential for rent increases through value add renovations.

• The property has a good unit mix, although the kitchens and bathrooms could use some improvements.