Who has interest in Kentucky?
Investor · Lexington, KY · Member since 2021 · 17 posts · 12 votes
Who has interest in Kentucky?
Most Popular Reply
James WilcoxBusiness Member
Real Estate Agent · Bowling Green KY ~ Lexington, KY · Member since 2015 · 1k+ posts · 602 votesQuote from @Celli Mowery:
As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points? Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. Kentucky should have been expanded into their calculations. Too many people are sleeping on this.
Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. Most notably, Mt Vernon, Berea, London & Corbin all along the I-75 corridor. The Rockcastle Megasite is an example of a site ready property & is only 20 minutes north of London. https://dataispower.org/rockcastle-mega-site/. The site is just south of Lexington, another market desperately in need of rentals but higher points of entry.
A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.
While smaller towns in Kentucky often have lower price points, which means less capital is required, there are limitations to the profitability of these markets. The price-to-rent ratios are generally unfavorable, and a shortage of skilled tradespeople and reliable property management can hinder the success of buy-and-hold rental investments. For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.
REI James w/ eXp Realty54 Reviews
31 Replies
- 1ySam McCormackBusiness MemberReal Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
Would love to talk more about KY! Lexington and NKY!
Sam McCormack Realtor - 1yRemington LymanBusiness MemberReal Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
Quote from @Celli Mowery:
As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points? Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. Kentucky should have been expanded into their calculations. Too many people are sleeping on this.
Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. Most notably, Mt Vernon, Berea, London & Corbin all along the I-75 corridor. The Rockcastle Megasite is an example of a site ready property & is only 20 minutes north of London. https://dataispower.org/rockcastle-mega-site/. The site is just south of Lexington, another market desperately in need of rentals but higher points of entry.
A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.
I believe it's due to the limited number of agents and investors from that location on this site.
- 1yJames WilcoxBusiness MemberReal Estate Agent · Bowling Green KY ~ Lexington, KY · Member since 2015 · 1k+ posts · 602 votes
Quote from @Celli Mowery:
As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points? Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. Kentucky should have been expanded into their calculations. Too many people are sleeping on this.
Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. Most notably, Mt Vernon, Berea, London & Corbin all along the I-75 corridor. The Rockcastle Megasite is an example of a site ready property & is only 20 minutes north of London. https://dataispower.org/rockcastle-mega-site/. The site is just south of Lexington, another market desperately in need of rentals but higher points of entry.
A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.
While smaller towns in Kentucky often have lower price points, which means less capital is required, there are limitations to the profitability of these markets. The price-to-rent ratios are generally unfavorable, and a shortage of skilled tradespeople and reliable property management can hinder the success of buy-and-hold rental investments. For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.
REI James w/ eXp Realty54 Reviews - Investor · Lexington, KY · Member since 2021 · 17 posts · 12 votes1y
Hi James
interesting message -I know I’ve seen your name often on the Bluegrass Investors Group
I have spent the last 5 years investing in London and while some of the concerns you mentioned did exist when we started I’m finding we haven’t had issues with tradesmen coming from Lexington & Richmond for us in recent years. We also have some great crews locally that have done well for us.
I’ve found interest blowing up for rentals in the market and the lower rents we once saw have risen significantly in the last 3 years. Berea is extremely difficult for renters to find low price points and they’ve pushed themselves deeper into Eastern KY while Lexington commuters come into southern Madison county and beyond as they did into Jessamine county. I see a lot of new construction in Richmond and Berea as I travel from Lex nearly every day
im excited to see how the mega site in Mt Vernon and Richmond grow these areas
What surrounding areas of Lexington are you seeing more activity?
Quote from @James Wilcox:
Quote from @Celli Mowery:
As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points? Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. Kentucky should have been expanded into their calculations. Too many people are sleeping on this.
Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. Most notably, Mt Vernon, Berea, London & Corbin all along the I-75 corridor. The Rockcastle Megasite is an example of a site ready property & is only 20 minutes north of London. https://dataispower.org/rockcastle-mega-site/. The site is just south of Lexington, another market desperately in need of rentals but higher points of entry.
A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.
While smaller towns in Kentucky often have lower price points, which means less capital is required, there are limitations to the profitability of these markets. The price-to-rent ratios are generally unfavorable, and a shortage of skilled tradespeople and reliable property management can hinder the success of buy-and-hold rental investments. For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.
- 1yDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
@Celli Mowery looked at several properties on Zillow in Mt Vernon, not seeing anything attractive.
Also, only a single rental!
All the cheap properties are MAJOR fixer-uppers with no Rent Zestimates - probably because there are not enough rental data points.
This one is priced at $135k with only $1,152 Rent Zestimate. How well will it cashflow?
https://www.zillow.com/homedetails/75-Fish-St-Mount-Vernon-K...
Logical Property Management4.9458 Reviews - Investor · Lexington, KY · Member since 2021 · 17 posts · 12 votes1y
Hi Drew
i met with a woman today looking for a rental
She is considering a $2000 mo lease from a friend for a comparable size home to this in north London
I have another tenant who isn’t ready to settle down also looking for a rental. This is a little big for him but he’s looking at $1200
2 bedrooms but could easily transition to Mt Vernon (disabled vet no pets)
Curious how you measure cash flow? What makes a deal attractive to you? For everyone it’s different which is why I ask. Is your order cash flow first, appreciation second? How do you judge what deal works best for you? Quote from @Drew Sygit:
@Celli Mowery looked at several properties on Zillow in Mt Vernon, not seeing anything attractive.
Also, only a single rental!
All the cheap properties are MAJOR fixer-uppers with no Rent Zestimates - probably because there are not enough rental data points.
This one is priced at $135k with only $1,152 Rent Zestimate. How well will it cashflow?
https://www.zillow.com/homedetails/75-Fish-St-Mount-Vernon-K... - Investor · Lexington, KY · Member since 2021 · 17 posts · 12 votes1y
@Remington Lyman I don't disagree with you. The outlying areas of Kentucky aren't as sexy as Lexington & Louisville. But something big is coming. The properties I've had appraised in the last year have some significant jumps. I had one in October(23) to April(24) jump 40k (same appraiser) and it wasn't even a completed new construction. I've seen too much economic development & new construction down this corridor in the last 12 months. Starbucks has just opened off exit 77 in Berea, London is trying to capture a second Starbucks, and 2 new restaurant chains are in the works at the exits in London....something is coming, and it's not the somewhat new Buc-ees :)
Quote from :
As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points? Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. Kentucky should have been expanded into their calculations. Too many people are sleeping on this.
Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. Most notably, Mt Vernon, Berea, London & Corbin all along the I-75 corridor. The Rockcastle Megasite is an example of a site ready property & is only 20 minutes north of London. https://dataispower.org/rockcastle-mega-site/. The site is just south of Lexington, another market desperately in need of rentals but higher points of entry.
A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.
I believe it's due to the limited number of agents and investors from that location on this site.
- Investor · Lexington, KY · Member since 2021 · 17 posts · 12 votes1y
Quote from @Drew Sygit:
My apologies w/my earlier post (below), I was on my phone and not laptop so it wasn't tagging.
I will if I may add some additional thoughts...
1) The appraisals I've seen in these markets are no where near Zillow estimates. I have a flip on the market now that the appraisal is $60k over zestimate. Taxes are calculated at sale prices and I believe much of these areas have had little to no re evaluation in years (I've experienced this myself on properties with rehabs that I've added double the size).
2) County vs "in town". The need for building permits in the counties is limited to plumbing, HVAC, & electrical. Building permits don't pass onto the PVA for reevaluation so they have no reason to stop by to visit.
3) Cash flow: Some might want $300+ cash flow monthly while others may be ok with smaller numbers and take the appreciation and tax benefits. I do think the renters out there looking for $700-1000 properties are moving out into more remote areas. Properties at that rental point don't exist (I have 2 rental clients now that $1200 is the least I can find & its a dump). If your product is nice, I believe you'll attract the right kind of renter (factory worker, lineman, etc). One thing I will say there is a shortage of is properties that accept a pet (single pet, ie 1 dog)
You will see a lot of manufactured housing on this corridor, but there are some older homes needing updates since the parent or grandparent had just passed (just toured a great one that sold for $219k in a week (cash) that was massive but my buyer was afraid of the work & it was easy fix and flip)
As I mentioned below, I'm very curious to your style-what makes the right deal for you?
I looked at several properties on Zillow in Mt Vernon, not seeing anything attractive.
Also, only a single rental!
All the cheap properties are MAJOR fixer-uppers with no Rent Zestimates - probably because there are not enough rental data points.
This one is priced at $135k with only $1,152 Rent Zestimate. How well will it cashflow?
https://www.zillow.com/homedetails/75-Fish-St-Mount-Vernon-K... - 1yJames WilcoxBusiness MemberReal Estate Agent · Bowling Green KY ~ Lexington, KY · Member since 2015 · 1k+ posts · 602 votes
Quote from @Celli Mowery:
Hi James
interesting message -I know I’ve seen your name often on the Bluegrass Investors Group
I have spent the last 5 years investing in London and while some of the concerns you mentioned did exist when we started I’m finding we haven’t had issues with tradesmen coming from Lexington & Richmond for us in recent years. We also have some great crews locally that have done well for us.
I’ve found interest blowing up for rentals in the market and the lower rents we once saw have risen significantly in the last 3 years. Berea is extremely difficult for renters to find low price points and they’ve pushed themselves deeper into Eastern KY while Lexington commuters come into southern Madison county and beyond as they did into Jessamine county. I see a lot of new construction in Richmond and Berea as I travel from Lex nearly every day
im excited to see how the mega site in Mt Vernon and Richmond grow these areas
What surrounding areas of Lexington are you seeing more activity?
Quote from @James Wilcox:
Quote from @Celli Mowery:
As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points? Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. Kentucky should have been expanded into their calculations. Too many people are sleeping on this.
Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. Most notably, Mt Vernon, Berea, London & Corbin all along the I-75 corridor. The Rockcastle Megasite is an example of a site ready property & is only 20 minutes north of London. https://dataispower.org/rockcastle-mega-site/. The site is just south of Lexington, another market desperately in need of rentals but higher points of entry.
A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.
While smaller towns in Kentucky often have lower price points, which means less capital is required, there are limitations to the profitability of these markets. The price-to-rent ratios are generally unfavorable, and a shortage of skilled tradespeople and reliable property management can hinder the success of buy-and-hold rental investments. For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.
That's because it's the group I help run and I was one of the speakers last month.
The markets you mentioned are generally considered fourth-tier markets. While there are certainly opportunities for finding trades and deals in these areas, they’re often pursued by local, mom-and-pop operations. Richmond certainly would have some potential in pulling trades from, but coming from Lexington, you might face an added trip charge on top of the service provided.
Over the past few years, rents have increased nationwide. Central Kentucky, in particular, has benefited from Lexington's growth, with many people commuting from outside the city for work. While there are some who commute to Lexington from those towns you mentioned, the numbers are relatively small, with most coming from Richmond. That being the next "big" city along the interstate but you are talking about smaller cities even further south than that.
To attract more interest, a higher population and greater economic or job growth are necessary. Most out-of-state syndications or hedge funds wouldn’t typically consider the cities you mentioned. Generally, a population of at least 300,000 is needed to capture their attention. That’s why small towns often go unnoticed by major investors unless they have local ties or connections to the area.
Within about an hour’s drive from Lexington, there has been significant activity. Louisville and NKY of course. Some growth along I65 between E-town and Bowling Green as well.REI James w/ eXp Realty54 Reviews - Investor · Lexington, KY · Member since 2021 · 17 posts · 12 votes1y
@James Wilcox thanks so much for the insight. It will be interesting to see how Kentucky's economic growth impacts these areas. The mega site in Richmond, as well as Mt Vernon, will really change the landscape in these areas as they did in E-town when the battery plant came in play. I'm excited to see growth :)
- 1yJames WilcoxBusiness MemberReal Estate Agent · Bowling Green KY ~ Lexington, KY · Member since 2015 · 1k+ posts · 602 votes
Quote from @Celli Mowery:
@James Wilcox thanks so much for the insight. It will be interesting to see how Kentucky's economic growth impacts these areas. The mega site in Richmond, as well as Mt Vernon, will really change the landscape in these areas as they did in E-town when the battery plant came in play. I'm excited to see growth :)
For sure. Jobs are always a good indicator of growth areas especially good high paying jobs. One reason eastern KY really lags behind is that they don't have a lot of employment opportunities and lower populations. Why so many move away from the and thus makes the problem worse. KY still in general is well positioned IMO. Been interesting if we as a state get rid of personal income tax.
REI James w/ eXp Realty54 Reviews - Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes1y
We invest in Lexington and Louisville (100+ unit multifamily buildings). Great markets, but very competitive. I don't consider them hidden gems. They are well known and are very tough markets to find deals that pencil out.
- Investor · Lexington, KY · Member since 2021 · 17 posts · 12 votes1y
@Todd Dexheimer thanks for your contributions. Do you go to the areas outside of Lexington/Louisville ? Like Richmond, Elizabethtown etc? I noticed on BP of the top markets Elizabethtown and Louisville are represented. Are you seeing what you do have in Kentucky showing strong appreciation?
- 1yDenis PonderPro MemberNew to Real Estate · Yuma, AZ · Member since 2023 · 280 posts · 246 votes
Quote from @James Wilcox:
Quote from @Celli Mowery:
As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points? Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. Kentucky should have been expanded into their calculations. Too many people are sleeping on this.
Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. Most notably, Mt Vernon, Berea, London & Corbin all along the I-75 corridor. The Rockcastle Megasite is an example of a site ready property & is only 20 minutes north of London. https://dataispower.org/rockcastle-mega-site/. The site is just south of Lexington, another market desperately in need of rentals but higher points of entry.
A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.
While smaller towns in Kentucky often have lower price points, which means less capital is required, there are limitations to the profitability of these markets. The price-to-rent ratios are generally unfavorable, and a shortage of skilled tradespeople and reliable property management can hinder the success of buy-and-hold rental investments. For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.
Agree here! I grew up in Berea and lived there for 25 years. That area shaped me and I loved it there.
- 1yJames WilcoxBusiness MemberReal Estate Agent · Bowling Green KY ~ Lexington, KY · Member since 2015 · 1k+ posts · 602 votes
Quote from @Denis Ponder:
Quote from @James Wilcox:
Quote from @Celli Mowery:
As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points? Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. Kentucky should have been expanded into their calculations. Too many people are sleeping on this.
Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. Most notably, Mt Vernon, Berea, London & Corbin all along the I-75 corridor. The Rockcastle Megasite is an example of a site ready property & is only 20 minutes north of London. https://dataispower.org/rockcastle-mega-site/. The site is just south of Lexington, another market desperately in need of rentals but higher points of entry.
A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.
While smaller towns in Kentucky often have lower price points, which means less capital is required, there are limitations to the profitability of these markets. The price-to-rent ratios are generally unfavorable, and a shortage of skilled tradespeople and reliable property management can hinder the success of buy-and-hold rental investments. For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.
Agree here! I grew up in Berea and lived there for 25 years. That area shaped me and I loved it there.
That's awesome! Berea is a truly unique place in Kentucky, and I agree that it may not get the appreciation it deserves. Having graduated from BC myself, I understand the charm it holds, which can be perfect for the right person.
REI James w/ eXp Realty54 Reviews - 1yGino BarbaroPro MemberRental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
we were in both Louisville and Lexington. We exited both markets, louisville because of mandating section 8 housing after Covid and just the way they handled evictions and pyments during the pandemic. Lexington is a weird market with low occupancy, 90-92%, and there aren't many assets in the market. There is a barrier to entry, and the city is pro business, but our market had much better metrics.
Lower entry points should not factor into getting in a market. There's usually a good reason why the entry points are lower.
- 1yDenis PonderPro MemberNew to Real Estate · Yuma, AZ · Member since 2023 · 280 posts · 246 votes
Quote from @James Wilcox:
Quote from @Denis Ponder:
Quote from @James Wilcox:
Quote from @Celli Mowery:
As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points? Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. Kentucky should have been expanded into their calculations. Too many people are sleeping on this.
Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. Most notably, Mt Vernon, Berea, London & Corbin all along the I-75 corridor. The Rockcastle Megasite is an example of a site ready property & is only 20 minutes north of London. https://dataispower.org/rockcastle-mega-site/. The site is just south of Lexington, another market desperately in need of rentals but higher points of entry.
A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.
While smaller towns in Kentucky often have lower price points, which means less capital is required, there are limitations to the profitability of these markets. The price-to-rent ratios are generally unfavorable, and a shortage of skilled tradespeople and reliable property management can hinder the success of buy-and-hold rental investments. For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.
Agree here! I grew up in Berea and lived there for 25 years. That area shaped me and I loved it there.
That's awesome! Berea is a truly unique place in Kentucky, and I agree that it may not get the appreciation it deserves. Having graduated from BC myself, I understand the charm it holds, which can be perfect for the right person.
What year did you graduate? I was 2003. My brother and wife are graduates of BC as well.
- 1yJames WilcoxBusiness MemberReal Estate Agent · Bowling Green KY ~ Lexington, KY · Member since 2015 · 1k+ posts · 602 votes
Quote from @Denis Ponder:
Quote from @James Wilcox:
Quote from @Denis Ponder:
Quote from @James Wilcox:
Quote from @Celli Mowery:
As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points? Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. Kentucky should have been expanded into their calculations. Too many people are sleeping on this.
Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. Most notably, Mt Vernon, Berea, London & Corbin all along the I-75 corridor. The Rockcastle Megasite is an example of a site ready property & is only 20 minutes north of London. https://dataispower.org/rockcastle-mega-site/. The site is just south of Lexington, another market desperately in need of rentals but higher points of entry.
A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.
While smaller towns in Kentucky often have lower price points, which means less capital is required, there are limitations to the profitability of these markets. The price-to-rent ratios are generally unfavorable, and a shortage of skilled tradespeople and reliable property management can hinder the success of buy-and-hold rental investments. For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.
Agree here! I grew up in Berea and lived there for 25 years. That area shaped me and I loved it there.
That's awesome! Berea is a truly unique place in Kentucky, and I agree that it may not get the appreciation it deserves. Having graduated from BC myself, I understand the charm it holds, which can be perfect for the right person.
What year did you graduate? I was 2003. My brother and wife are graduates of BC as well.
2011. That's cool. Good school as they say lol. You can't beat the value at least.
REI James w/ eXp Realty54 Reviews - 1yDenis PonderPro MemberNew to Real Estate · Yuma, AZ · Member since 2023 · 280 posts · 246 votes
Quote from @James Wilcox:
Quote from @Denis Ponder:
Quote from @James Wilcox:
Quote from @Denis Ponder:
Quote from @James Wilcox:
Quote from @Celli Mowery:
As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points? Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. Kentucky should have been expanded into their calculations. Too many people are sleeping on this.
Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. Most notably, Mt Vernon, Berea, London & Corbin all along the I-75 corridor. The Rockcastle Megasite is an example of a site ready property & is only 20 minutes north of London. https://dataispower.org/rockcastle-mega-site/. The site is just south of Lexington, another market desperately in need of rentals but higher points of entry.
A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.
While smaller towns in Kentucky often have lower price points, which means less capital is required, there are limitations to the profitability of these markets. The price-to-rent ratios are generally unfavorable, and a shortage of skilled tradespeople and reliable property management can hinder the success of buy-and-hold rental investments. For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.
Agree here! I grew up in Berea and lived there for 25 years. That area shaped me and I loved it there.
That's awesome! Berea is a truly unique place in Kentucky, and I agree that it may not get the appreciation it deserves. Having graduated from BC myself, I understand the charm it holds, which can be perfect for the right person.
What year did you graduate? I was 2003. My brother and wife are graduates of BC as well.
2011. That's cool. Good school as they say lol. You can't beat the value at least.
Were they still calling it Harvard of the South when you were there. LOL
Yes, exceptional value!!
- 1yJames WilcoxBusiness MemberReal Estate Agent · Bowling Green KY ~ Lexington, KY · Member since 2015 · 1k+ posts · 602 votes
Quote from @Denis Ponder:
Quote from @James Wilcox:
Quote from @Denis Ponder:
Quote from @James Wilcox:
Quote from @Denis Ponder:
Quote from @James Wilcox:
Quote from @Celli Mowery:
As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points? Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. Kentucky should have been expanded into their calculations. Too many people are sleeping on this.
Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. Most notably, Mt Vernon, Berea, London & Corbin all along the I-75 corridor. The Rockcastle Megasite is an example of a site ready property & is only 20 minutes north of London. https://dataispower.org/rockcastle-mega-site/. The site is just south of Lexington, another market desperately in need of rentals but higher points of entry.
A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.
While smaller towns in Kentucky often have lower price points, which means less capital is required, there are limitations to the profitability of these markets. The price-to-rent ratios are generally unfavorable, and a shortage of skilled tradespeople and reliable property management can hinder the success of buy-and-hold rental investments. For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.
Agree here! I grew up in Berea and lived there for 25 years. That area shaped me and I loved it there.
That's awesome! Berea is a truly unique place in Kentucky, and I agree that it may not get the appreciation it deserves. Having graduated from BC myself, I understand the charm it holds, which can be perfect for the right person.
What year did you graduate? I was 2003. My brother and wife are graduates of BC as well.
2011. That's cool. Good school as they say lol. You can't beat the value at least.
Were they still calling it Harvard of the South when you were there. LOL
Yes, exceptional value!!
Lol, yeah, pretty much. It’s a tough school with a heavy workload, but you get a solid education and learn a lot of valuable lessons. Definitely an interesting place, and as mentioned, you can’t beat the value.
REI James w/ eXp Realty54 Reviews
- Louisville, KY · Member since 2024 · 6 posts · 2 votes1y
Quote from @Gino Barbaro:
we were in both Louisville and Lexington. We exited both markets, louisville because of mandating section 8 housing after Covid and just the way they handled evictions and pyments during the pandemic. Lexington is a weird market with low occupancy, 90-92%, and there aren't many assets in the market. There is a barrier to entry, and the city is pro business, but our market had much better metrics.
Lower entry points should not factor into getting in a market. There's usually a good reason why the entry points are lower.
Gino this recently changed in Louisville! The city has changed Section 8 requirements multiple times lately.
- Investor · Lexington, KY · Member since 2021 · 17 posts · 12 votes1y
Quote from @Gino Barbaro
Thanks for your insight. I'm a bit surprised about Lexington's #'s. I love hearing about everyone's take about Kentucky. Coming from other areas and moving here, I've found Kentucky to be very friendly in the out skirts however my experience is limited to Lexington and Southern counties.
we were in both Louisville and Lexington. We exited both markets, louisville because of mandating section 8 housing after Covid and just the way they handled evictions and pyments during the pandemic. Lexington is a weird market with low occupancy, 90-92%, and there aren't many assets in the market. There is a barrier to entry, and the city is pro business, but our market had much better metrics.
Lower entry points should not factor into getting in a market. There's usually a good reason why the entry points are lower.
- 1yJames WilcoxBusiness MemberReal Estate Agent · Bowling Green KY ~ Lexington, KY · Member since 2015 · 1k+ posts · 602 votes
Quote from @Zachary S. Pitts:
Quote from @Gino Barbaro:
we were in both Louisville and Lexington. We exited both markets, louisville because of mandating section 8 housing after Covid and just the way they handled evictions and pyments during the pandemic. Lexington is a weird market with low occupancy, 90-92%, and there aren't many assets in the market. There is a barrier to entry, and the city is pro business, but our market had much better metrics.
Lower entry points should not factor into getting in a market. There's usually a good reason why the entry points are lower.
Gino this recently changed in Louisville! The city has changed Section 8 requirements multiple times lately.
You just have to deal with lead base paint inspections and random rental inspections now though. Also, something the state though is looking to make a law on now though.
REI James w/ eXp Realty54 Reviews - Louisville, KY · Member since 2024 · 6 posts · 2 votes1y
Truth! It will be interesting to see how lead based laws will be integrated and how it will actually affect things. Rental inspections haven't been horrible. City is definitely more present with fines.
- Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes1y
Quote from @Celli Mowery:
@Todd Dexheimer thanks for your contributions. Do you go to the areas outside of Lexington/Louisville ? Like Richmond, Elizabethtown etc? I noticed on BP of the top markets Elizabethtown and Louisville are represented. Are you seeing what you do have in Kentucky showing strong appreciation?
We are just in Lexington and Louisville. Performance is solid. Appreciation is good for the midwest. They are your typical slow and steady midwest markets.
- Investor · Lexington, KY · Member since 2021 · 17 posts · 12 votes1y
Quote from @Todd Dexheimer:
Quote from @Celli Mowery:
@Todd Dexheimer thanks for your contributions. Do you go to the areas outside of Lexington/Louisville ? Like Richmond, Elizabethtown etc? I noticed on BP of the top markets Elizabethtown and Louisville are represented. Are you seeing what you do have in Kentucky showing strong appreciation?
We are just in Lexington and Louisville. Performance is solid. Appreciation is good for the midwest. They are your typical slow and steady midwest markets.
And will only get better with Friday's announcement for Simpsonville. Kentucky is definitely capturing the eyes of manufacturing!
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