All Forum Posts by: Aaron Burkhart

THANK YOU to each of you for your helpful replies! I have an appointment with a lender on Monday to get pre-approval and am eager to get a clearer picture of my potential options! House hacking would definitely be a viable option, but part of our rationale for staying where we are is to be closer to my wife's parents and maximize our time with them in this season of life. 

Am I understanding correctly that the main benefit of house hacking is the ability to put less % down? Is the mortgage interest rate also significantly lower if it's a primary residence? If not, I would assume the savings I've currently accumulated would be sufficient for 20% on properties in our price-range (likely 60-90K) while also leaving room for any needed rehab and maintenance. I suppose the lender will confirm that, though!

I am greatly encouraged by each of your responses and am excited to explore these next steps!

Hey guys! It's great to be here and connect with you all! My name is Aaron Burkhart and my wife and I are seriously considering investing in our first rental property in Louisville and would love some advice from those of you who have been in the game longer than us!

Some background: I work and attend school at The Southern Baptist Theological Seminary in the St. Matthews area, make around $39K after taxes (wife is full-time student and not currently working), have zero debt, and have around $20K to invest with an additional $10K or so I could put into repairs if needed. My wife and I are also in a pretty awesome situation right now living in an apartment her parents own and only paying $300 per month!

Our goal: At this point, I'm happy to stay in my job, but would love to gain some passive income on the side and continue to invest and reinvest the profits into additional properties as we're able. Though I enjoy my work right now, I would be thrilled to get to a point with rental property income where I could either quit my job and work on it full-time, or move down to part-time work to free up more time to spend with my family, my church, and to travel more often.

If I'm being honest, I'm really starting from scratch and am not exactly sure where to start my search! We are open to multi-family homes, SFRs, and other sustainable rental investments around Louisville providing they are in a relatively safe location. I would greatly appreciate any advice you all may have on our situation and the following questions:

1. What area of Louisville should we be looking in? 
2. Are my $20K savings and $10K for repairs numbers realistic to get started?
3. What kind of properties are doing better in Louisville right now? SFRs? Multi-family homes?
4. Any recommendations on lenders and financing?
5. Is it best to work with a realtor to find deals, or do it ourselves?

Sorry for all the questions! We are very eager to think through these possibilities, but we also want to have our eyes wide open to all the dynamics of investing in Louisville that we are unaware of. 

Thanks so much!