First time buyer here who would love input from experienced investors in Louisville. I am planning to move to Louisville this year and would like to live in the Old Louisville Neighborhood. Thinking of purchasing a tri-plex or larger multi-family. I would live in one unit and rent the others out. Long term goal is to have positive cash flow. Willing to make improvements to the property. I love historic homes and the neighborhood, hence my interest in this area. Any advice on buying one of these types of properties in Old Louisville and the tenants in this neighborhood? Also any thoughts on growth for this neighborhood?
Real Estate Agent · Louisville, KY · Member since 2017 · 1k+ posts · 1k+ votes
7y
I like the potential equity in Old Louisville properties. You need to be aware of the neighborhood restrictions in regards to painting, windows, gutters, etc. They also limit your ability to convert single family to multifamily. We try to buy close by due to the lack of restrictions.
Investor · Louisville, KY · Member since 2011 · 1k+ posts · 1k+ votes
7y
@Megan Gleeson - about 90% of our rental portfolio is in Old Louisville and I've got almost 10 years of experience buying/owning there. Your desired approach is a good one and I wish I had done that starting out instead of flipping houses. Old Louisville is an awesome neighborhood to live in and invest! Growth over past 10 years has been surprisingly solid and it's gone from a marginal (i.e. semi-seedy) neighborhood to a very vibrant one. While there are plenty of crappy properties/tenants still around, many of them have been snapped up and fixed up in recent years.
Feel free to PM me if you have any specific questions I can help with!
Thank you so much for your response @Michael Seeker!! I will PM you shortly for sure, and would love your input. I'm pleased your feelings about the neighborhood are the same as my impressions. :)
Real Estate Agent · Louisville, KY · Member since 2017 · 1k+ posts · 1k+ votes
7y
I like the potential equity in Old Louisville properties. You need to be aware of the neighborhood restrictions in regards to painting, windows, gutters, etc. They also limit your ability to convert single family to multifamily. We try to buy close by due to the lack of restrictions.
Rental Property Investor · Louisville, KY · Member since 2019 · 8 posts · 3 votes
7y
@Megan Gleeson my wife and I live in Old Louisville (single family home that we own) and love it! The architecture is amazing and we have so many great friends here. We are looking for small single family homes outside Old Louisville, but only because we think that is a better way for us to start out. Would be thrilled to chat with you about the neighborhood if that is at all helpful. We'd be thrilled to have more good landlords in the neighborhood. We have a few too many landlords who do not take care of their properties or their tenants (and property management companies that are the same).
Real Estate Agent · Louisville, KY · Member since 2016 · 183 posts · 188 votes
7y
Hey Megan,
I just bought a 4-plex in Old Louisville in November and My girlfriend and I are living in one of the units while we rent out the others. It's been a great so far and we really love the neighborhood. One piece of advice that I'll share is to make sure you have enough money in reserves prior to buying the property. These older homes tend to have deferred maintenance which can lead to larger upfront renovation costs. We've renovated two of the units and came across a few problems areas that slowed our renovation efforts and increased material and labor costs. Keep this in mind as you negotiate with the seller. It may help you to get more in the way of concessions at closing. Otherwise, I'm glad we pulled the trigger on the property and I'll be looking for other investment properties in the area soon. If you have any other questions as you go through the process of purchasing your multi-family, feel free to PM me. Also, I'm organizing a BiggerPockets meet up later this month at the Manhattan Project on Frankfort Ave. We want to create an environment where aspiring, beginning and full-time real estate investors can get together and share ideas about real estate investment.
Also, I'm organizing a BiggerPockets meet up later this month at the Manhattan Project on Frankfort Ave. We want to create an environment where aspiring, beginning and full-time real estate investors can get together and share ideas about real estate investment.
Why not meet at one of the bars/restaurants in Old Louisville?
Thanks @Raphael Collazo, I appreciate your input! Sure I will pm you........A meet up sounds great. I have not moved yet to Louisville and am still in LA. I would love to join in once I get there. :)
Also, I'm organizing a BiggerPockets meet up later this month at the Manhattan Project on Frankfort Ave. We want to create an environment where aspiring, beginning and full-time real estate investors can get together and share ideas about real estate investment.
Why not meet at one of the bars/restaurants in Old Louisville?
My friend knows the owner of the Manhattan Project and he agreed to let us use the back area of his restaurant free of charge. It's a huge space with seating and a full bar. I think it will be a great space to host the event.
Real Estate Agent · Louisville, KY · Member since 2016 · 183 posts · 188 votes
7y
Hey guys,
Today is the big day! Just a reminder, the event will be held at The Manhattan Project on Frankfort Ave from 6:30 - 8:30 pm. I look forward to meeting you all tonight!