I am new to REI and am researching different markets to get into. I'm currently looking at multi family long term rentals. One of the markets I'm looking at is Lexington KY. I grew up there a long time ago, however I still have lots of fiends and connections there. I feel like it is an up and coming and high desired area to live. Does anyone know much about Lexington or Kentucky in general, as far are REI is concerned? Taxes, laws, growth ect.
I live here in Lexington. The demand is high and the supply is highly limited by the urban service boundary. The USB is a boundary that the city government laid out to where you can't build past it to protect the beautiful surrounding horse farms. It's to limit "urban sprawl". With that said, it's very hard to find inventory, but if you can, you're set good whether it's a rental or a flip.
Hi @Luke Metzker - welcome to BiggerPockets. I'm incredibly biased, but I love Lexington! I think the city (and select surrounding towns) are certainly poised for growth!
I live here in Lexington. The demand is high and the supply is highly limited by the urban service boundary. The USB is a boundary that the city government laid out to where you can't build past it to protect the beautiful surrounding horse farms. It's to limit "urban sprawl". With that said, it's very hard to find inventory, but if you can, you're set good whether it's a rental or a flip.
@Luke Metzker I am a wholesaler and rental property investor in Lexington and can say @Zac P. hit the nail on the head. In Lexington the population is growing but there is hardly any new inventory coming online due to the USB, this is causing a lot of growth to spread to the surrounding cities such as Nicholasville, Georgetown, Versailles, etc. Overall I would say Lexington is a great market for the long term but the deals are hard to come by.