All Forum Posts by: Ryan Camenisch

@Michael Kay, I lived in north downtown Lexington for the last 4 years and would not consider paying 380k for any property in Brucetown.  Yearly property taxes are almost across the board 1.2% of the property value as calculated by the PVA. I would also calculate tenant turnover as part of your yearly expenses, this is a high turnover area, I would calculate maintenance at 10%/mo for the first year, and 10% capex at the very least. 

Great advice on here already! The other advice I would add is I recommend you speak with a few banks and mortgage lenders and shop rates and make sure you are putting every loan option into your equation! 

@Kevin Barry, for conventional loans I recommend Marty Preston at Benchmark Mortgage, if nothing else he will give you a great consultation. If you are looking for more creative loan options, I highly recommend Ryan Foster at Traditional Bank.

@Katie Peters, are you living in a different area thinking of buying here in Lexington?  There are never guarantees when it comes to buying real estate in transitioning neighborhoods, but you can set yourself up for success by working with someone local who you can trust. While the north side of downtown has undergone a massive transformation in the last 5 years, there are still lots areas that have been left behind, and some pockets that may never change. If you are not connected to someone local here in Lex, maybe consider looking in an area where you have a local expert you can count on. Best of luck to you!

@Perry Thomason, what you can afford really depends on what your priorities are. Some investors focus on location, some focus on condition of the building, some focus on short term gains, and some focus on long term cashflow. You don't have to decide everything up front, but it is good to have an idea of what your goals are as you are getting started. Things might change along the way and you can pivot and adjust as you go. The reality is, you can get a 4plex for less than 200k in Lexington if you really want to, but it isn't easy. Let me know if and how I can help! 

Perry, welcome to BP! This is a great community for growth, inspiration, and education. My first thought would be to recommend you towards considering a multi-family purchase for your first home. Something under 5 units, so you can still acquire owner occupant (low down payment) financing. But your needs and goals for your first home might be more than just strictly pragmatic. Let me know how I can help!

@Bill Henderson, I agree with @Chris Sellers, being creative is important when getting started with little cash. Being willing to adjust your expectations of what is a "normal" living situation can propel you much further than you might expect. The sacrifices you make today can have a magnificent impact on your future. Keep engaging on BP, listen to the podcast, and definitely read as many books as you can on REI and the mindsets that create successful investors.

Welcome Garfield! You're in the right place!

Aaron, congrats on being preapproved. From there the next step is really deciding what your long term goals are regarding real estate and then finding a deal that makes sense and moves you toward those goals. Building wealth through real estate takes time and persistence, so don’t let yourself suffer the “paralysis by analysis” that many people fall prey to. Jumping in on your first deal is usually the toughest part! Let me know if I can help you somehow.

Aaron, what I have found is the trick is often to find a house before it hits the market. Are you financing the purchase or paying cash?