Louisville KY House Hack Advice

[Isaac Pyle]

Hello BP!

Not making this a starting out post since I already "Started Out" a few years ago, but now that I'm in a better spot financially I'm back here and looking to purchase a house hack in the near future and would love some advice from local investors.

I am new to the Louisville area (moved here so my partner could go to medical school) and as such I am trying to identify what areas make sense for a house hack. Ideally I would find a duplex or triplex, but for the most part, any multi families within a decent commute to downtown seem to be in either Old Louisville or the Portland / Russell area. Curious if you were in my position trying to get started with a house hack, where would you be looking?

My rough plan is to try and find something that works with an FHA 203k loan, preferably mostly cosmetic work as I want have more experience with rehabs before diving into a major project (probably a pretty generic / popular formula, which I expect is why I don't see many options that fit these criteria). I also feel like the Smoketown / Germantown areas would be great but don't seem to have many multi family properties. Thoughts?

I have already spoken loosely with a lender and an agent, but if you have recommendations for either of those in the area I would love to know too. Thank you!!

[Rob Bergeron]

Quote from @Isaac Pyle:

Hello BP!

Not making this a starting out post since I already "Started Out" a few years ago, but now that I'm in a better spot financially I'm back here and looking to purchase a house hack in the near future and would love some advice from local investors.

I am new to the Louisville area (moved here so my partner could go to medical school) and as such I am trying to identify what areas make sense for a house hack. Ideally I would find a duplex or triplex, but for the most part, any multi families within a decent commute to downtown seem to be in either Old Louisville or the Portland / Russell area. Curious if you were in my position trying to get started with a house hack, where would you be looking?

My rough plan is to try and find something that works with an FHA 203k loan, preferably mostly cosmetic work as I want have more experience with rehabs before diving into a major project (probably a pretty generic / popular formula, which I expect is why I don't see many options that fit these criteria). I also feel like the Smoketown / Germantown areas would be great but don't seem to have many multi family properties. Thoughts?

I have already spoken loosely with a lender and an agent, but if you have recommendations for either of those in the area I would love to know too. Thank you!!

I'd likely go 10% hard money route and then refinance into it. Then the home will be the way you want it and you can knock out most capital expenses without inflating your final interest rate. My fiance did an Airbnb house hack. I bought a longterm rental and slowly rehabbed it, got a heloc and bought more BRRRR properties. Once we move out it will be converted to an airbnb as well (we got a permit for it last year). House hacking will set you up for the future! Definitely do it, happy to jump on a call.