First time buyer/wannabe investor

10 Replies

Hello to the Louisville, KY Bigger Pockets crew! My name is Shawn Spellman. My wife and I are relocating from the Cincinnati/Newport area to Louisville. We currently rent but are planning to buy a SF that we want to turn into our first rental property after a year of residence. We don't know the area but my wife has accepted a position at Baptist East so that location might be a factor. I have many questions as a newbie and would appreciate any advice y'all feel like giving.

1) Does anyone have a good portfolio lender? I'd like to have the ability to finance a property that might be under the 50,000 dollar threshold that I keep seeming to run into with lenders.

2) Does anyone have a good realtor that works extensively with investors and will really understand what my wife and I are trying to accomplish? Looking for a relationship that leads to being able to "rinse and repeat" this process. Not interested in someone trying to fleece the rookie.

3) Any areas or zip codes to avoid no matter what? We want to be safe and for our future tenants to have a safe home but we are not turned off by neighborhoods with a rough exterior.

Sorry about the long post. If you made it this far I thank you already. I'm looking for advice and the chance to build relationships. I hope to hear from some of y'all and hopefully be able to return the favor in the future. Thanks so much!

Shawn Spellman

Welcome Shawn! We have a pretty good group here in louisville. I'll message you privately with some answers.

1) River City Bank

2) Brett Kennedy

3) West end of Louisville

Also welcome! Feel free to reach out if you have more questions!

Welcome to BP!

Baptist East is in a great area.

1) River City

2) @Sean Williams

3) the west end is rough, but there are also plenty of other areas to avoid. There is crime, drugs, and danger in most metro cities you'll just have to look when you get here, it's not hard to see what areas to avoid

Hey Shawn,

Welcome to Louisville.  I am local Real Estate Investor/Broker with my own Real Estate Company.  I'd be happy to chat with your questions.  Will send you message.

Thanks

Drew

This post has been removed.

Your best approach should be to remain as a renter in your new area nd get a really good first hand feel for the market before you invest. Knowing your target area is essential and not something you can do with a few superficial conversations with people. Take the time to start off right.

Once there you may find that multi units are available and you can steer away from the riskier single family investing.

Originally posted by @David Heath :

@Robert Bergeron, 

Hi Robert,

I would like to attend your luncheon. 

Thanks

David

 Sounds great! See you there! 

I appreciate the replies from everyone. I'm looking to purchase a single family for my wife and I that can be turned into a rental within a year or so. I've run into several obstacles. I want to purchase a home for 50,000 or less. I'm finding that this seems to be more of a cash buyer's price range but I have found pre-approval for a loan under 50. The next obstacle I've found is getting a realtor to work with me on a purchase at this price. I've even sent a list of possible properties in numerous zip codes. Maybe these realtors are smart to shoot down these addresses. If y'all are familiar with these zips please let me know if I'm just looking in the wrong areas. I know that searching from 2 hours away is complicating matters.

Zips
40203
40208
40210
40211
40212
40214
40215
40216
40219
47150

As always, thanks for your time reading this post. Any feedback, even if it is that I'm a knucklehead, is welcome.

Shawn Spellman

47130, 47111 and 47129 is good as well

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