All Forum Posts by: Jay Leisten

Im heavily invested in churchill downs and looking to expand south as well. If you decide you want to do a meetup of some sort once that is allowed id be up to meet. Im a broker and my home office is in the south louisville area so I am always scouting around here. As was said earlier, Churchill downs prices have gone pretty far up in comparison to what I expected as I always saw that area as a cash on cash area as opposed to an appreciation area.

It was pretty crazy for a few months here, then 15-20% of those over asking properties fell out of contract during appraisals. It'll probably happen again in march.

@Muritala Olanrewaju my portfolio is all 40208, 40214 and 40215. We have Airbnb’s all across town as well. You can invest anywhere in louisville, just be cautious chasing 2% deals. They look great on paper but from a management and repairs standpoint they’ll eat you alive.

@Alexander Felice if you decide to venture a state and a half over to Kentucky I’d be happy to do one. I actually have access to a film crew or 2 that have done several music videos, mtv reality shows etc so you may be able to do it remotely with some direction via FaceTime/zoom etc.

Investment Info:

Single-family residence fix & flip investment in Louisville.

Purchase price: $12,000
Cash invested: $68,000
Sale price: $105,000

This one took alot longer than planned due to some contractor delays, but still came out a winner. I partnered with another local all cash on this one, with a solid return. when a project runs long its ok when you are all cash as you lose some future use of the funds but theres not a 10% interest monster eating 1/2 the profit either.
before
https://my.matterport.com/show/?m=G1fvD3aUJix
after
https://my.matterport.com/show/?m=Cp3LNWpZ98t

What made you interested in investing in this type of deal?

I already had several properties in the area and knew its rent potential as a possible exit strategy.

How did you find this deal and how did you negotiate it?

Sheriffs sale, but we bought it from the winning bidder.

How did you finance this deal?

Cash and another cash partner

How did you add value to the deal?

all new everything.

What was the outcome?

about 25k profit in a little less than a year.

Lessons learned? Challenges?

Dont try a new GC on a rehab of this size.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself

@Raja Vemuri since you mentioned white collar students I would assume you mean the bellarmine, university of louisville and Spaulding university area. That puts your target areas just east or west of I-65, within the watterson expressway (airport ), the river and Bardstown RD. There’s a lot of purchase price variance there (40’s with heavy rehab for c class to .5m turn key historic district a class) depending on location and historical values.

1. plan for around 5k a year. also consider you have 90 hours of pre-license and 48 hours of post license to do. those classes post license are given mon-fri 8-5 so youll have to fit those around your work schedule. 

2. yes find someone who is doing what you want to do and work under them, or go to  a big box and pay for that education.

3.RE investors want a discount and to buy on the cheap. Only pursue that if you want to keep high deal flow. Once you've got several transactions under your belt you can start looking at bigger multi families that will pay you enough to eat on. Youve got to find them deals at a discount.

4. Lets talk sometime. Ive been at a very small brokerage, and at the biggest. I have had my brokers license for over a year, and may have an opportunity to mentor new agents along the lines of what you are looking into.

@Brian Jackson you were a really great client to work with in terms of understanding the pitfalls along the way that may come up. I’m happy to know you now as a friend, client and fellow investor.

@Deanna Ulino is they only offer you one I’d be cautious. I’ll usually recommend 3-4 to choose from as well as researching your own options. Also ask if they get a referral fee for recommending them. That’s where you might run into COI situations.

@Megan Gleeson I use a great provider who was 40-50% lower than my previous provider. Pm me for details.