New Investor Lexington KY

7 Replies

Just getting started in the Lexington KY area. I have been looking at several options to get started on my first rental. Hard money lender, 15 year 30 year loans and borrow from a federal TSP loan(401k). Still trying to figure out the best option. Reading and learning as much as I can but wanting to get my feet wet as soon as possible.

Hey Matt,

I'm from the ashland area and just getting started as well. I've bought 1 3unit, 1 2unit, and 1 SFR all with in the last year. The first deal made me quite literally sick to my stomach, but the last one was much easier as I became more comfortable with.

I personally used my savings for the downpayment on my first property.  After that I started saving the cash flow and using the equity left in the property to continue to expand.  I am now in the process of purchasing a 4unit using nothing out of my own pocket and still cash flowing well.  

I also figured out early to start with the smaller community banks.  Not the larger national banks, as they have much more strict guidelines.

Good luck and happy hunting!

Welcome to RE investing! The Lexington REIA is named Lexington Wealth Builders. They usually meet on the first Wednesday of the month at Awesome INC! on Main St in downtown Lexington. Here's some links for them, I highly suggest checking them out!

-Joe

Welcome Matt,

I own a number of properties in Lexington, feel free to hit me up with any questions. As far as "still deciding" I recommend going and just talking to lenders in town. Tell them what you want to do and see what their requirements are and/or what they offer. No sense in looking in the windows when the door is open.

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