Newbie from Louisville, KY Area

23 Replies

Good morning! My name is Alex Prestigiacomo and my girlfriend and I currently live in Jeffersonville, IN. I'm 26 years old and looking to BRRRR our first property in the Louisville, KY or Southern, IN area. I work in Louisville, KY in automotive sales and through a little bit of luck and hard work I've been able to pay off all of my debt and save money for a downpayment on a property.

My goal is to find a 2-4 unit property that needs mostly cosmetic repair (floors, paint, landscaping). Ideally, I’m searching for something that can cash flow and provide cash on cash return of at least 10%. I’m still very new to this so I’m not sure how realistic my goals are.

I am however looking forward to learning more and finally getting involved in the local real estate community!

Thanks, 

Alex

Congrats on paying off all your debt, that is huge! I've got a few multifamily units coming up, but not sure they are an exact fit! I might have a good duplex on W Chestnut that might fit the bill! I'll reach out to my client. 

Hey @Alex Prestigiacomo,

Welcome to BP! I'm a huge fan of this tight-knit community and BP's content (books, podcasts YouTube channels etc.) is some of the best around. As far as investing, I did something similar to what you're looking to do. I purchased a 4-plex in Old Louisville in November 2018 which I'm currently "house-hacking". It's been a great experience thus far and I plan on using the same strategy to purchase my next property in the coming months.

Have you attended any local real estate investor meet-up groups to establish relationships with local investors? If not, I highly encourage you to do so. One of the most popular groups, R.E.I.A (Real Estate Investor Association) has chapters in most major cities. Our local chapter has over 250 members, many of whom are extremely active in the market and have a wealth of knowledge they're willing to share.

Also, @Luke Neubauer and I run a free real estate investor meet up group that meets the last Wednesday of every month at the "Manhattan Project" restaurant. As part of the meetup, you get a chance to interact with like-minded real estate investors and listen to engaging speakers who talk about topics related to real estate investing. Next month (1/29/2020), we will host a panel of lawyers who will address legal questions related to their area of expertise. The lawyers in attendance will include:

1) Nicole Willet Jones - Estate Attorney
2) Stuart Alexander - Business Attorney
3) Anne Sholtz - Eviction Attorney
4) Jenny Fields - Closing Attorney

It should be a great event with lots of lively discussions. Hopefully, you can make it out!

All the best,

@Alex Prestigiacomo congrats and your goals seem doable. You will be investing in the best areas in the country for REI. Downside is you will be competing against others that are trying to do the same so knowing your market is critical. If it is a good deal you will need to jump in immediately. Good luck with all your future REI ventures!

@Alex Prestigiacomo welcome and congrats on getting ready to buy your first property. it took me 4 years to finally take the leap and buy my first property. The 1st one is always the hardest. Get out and network with all the active folks you see on BP and KREIA and you'll find a dealer sooner than later. 

@Jackie Comitino I pretty much listened to every podcast and read as many real estate books as possible for years. Then did alot of networking with other investors here on BP and local wholesales so i could find deals. then it got to the point where i didnt like my day job so i knew i had to make a move or stop talking about it. i set myself a 90 day goal to find a property and once i bought that first one, it really took off. then 6 months later, im 6 properties in and left my day job. Buying your first property is like getting a huge burden off your back. Wholesalers, realtors, and other investors start to take you alot more serious which brings in a ton more opportunities for good deals. 

Originally posted by @Alex Prestigiacomo :

Good morning! My name is Alex Prestigiacomo and my girlfriend and I currently live in Jeffersonville, IN. I'm 26 years old and looking to BRRRR our first property in the Louisville, KY or Southern, IN area. I work in Louisville, KY in automotive sales and through a little bit of luck and hard work I've been able to pay off all of my debt and save money for a downpayment on a property.

My goal is to find a 2-4 unit property that needs mostly cosmetic repair (floors, paint, landscaping). Ideally, I’m searching for something that can cash flow and provide cash on cash return of at least 10%. I’m still very new to this so I’m not sure how realistic my goals are.

I am however looking forward to learning more and finally getting involved in the local real estate community!

Thanks, 

Alex

 Welcome aboard Alex.

Sounds like you're off to a great start! I don't get up to Louisville much but I would definitely be interested in investing up there as I'm close by in Lexington. Our first property goals are pretty similar. Are you looking to house hack this first one?

@James Wilcox Hey, James! You're the first person from Lexington I've seen around the forum, but I haven't been on here very long yet. How long have you been investing in Lexington? Do you think there is good opportunity here locally?

Originally posted by @Sam Moher :

@Kevin Hart Does KREIA have a website? Are members primarily based in Louisville?

Hi Sam, on the board at KREIA. We have a website, google KREIA. Mostly locals, some Southern Indiana and E-Town people as well! Lots of good content and even better networking! 

Originally posted by @Sam Moher :

@Rob Bergeron I’ll definitely check the website out this evening after work. Thanks! I’d definitely be willing to come to any meetups depending on the day and time.

 I go to about four or five per week and I can create a lunch group if you'd like! Let me know! 

Interesting, I'm in Jeffersonville right now for a family Christmas party later this evening. I grew up in Jeffersonville/Utica area and have one SF property that is in Utica. 

Utica is an interesting area. When the East End bridge opened up several years ago, land prices and home prices skyrocketed. I took advantage of that and sold my brick ranch style home that I purchased for 100k in 2003, and sold it for 245k this summer. 

Prices around here have certainly gone up since I moved a few years back. The New Albany area would be a very good rental area, as is Old Clarksville. 

The problem with rentals in southern Indiana is the property taxes. The taxes north of the river an much higher than in Louisville plus the structure of paying taxes a year in arrears. If I sell my Jeffersonville rental today I still have 2019 taxes that have to be paid.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you