All Forum Posts by: David Espinosa

First congrats on having your priorities figured out and welcome to the Louisville BP/Investor community. There are alot of local meetups you can attend and the Louisville market is very welcoming to newcomers. Right now all meetups are suspended or online but will be back in full swing once things get back to normal. I would start by talking to a bank on different loan options for you. Depending on how much you have in savings you could get different types of loans. Fha loans ask for 3.5% down while you can get conventional loans starting at 5% down as long as its your primary residence. You can get a single family house upto a fourplex using traditional financing. Once you hit 5 or more units you enter into comercial loans. The bank will also look at your DTI ratio and see what you can afford as far as price. You have alot of options you could get a single family with alot of bedrooms and rent out to students by the bedroom or a fourplex with more traditional tenants. Once you figure out your financing options look on like realtor.com or zillow.com so you can get an idea of whats out there. Also there are some really good agents in the area that focus on working with realestate investors and will know more about what you are looking for than a regular agent. But talk to bank first and figure out exactly what you can do or what you still need to do in order to be able to close. You are on the right path, good luck!

As far as the mental part just treat it like a business and look at things that go on at the property as if you were not living there. If you were not living there you wouldn't notice some of the small things tenants do that might tick you off so treat it that way. You also are obligated to deduct ware and tear from anything you may charge tenants for. So if the tenant has been there for 14 years and carpet needs to be replaced.... Carpet only has a life span of like 10 years so you can't deduct for that anyway. Also in Ky you need a move in and move out inspection report in able to charge against deposits...... If he didn't charge deposits he may not have move in reports eighter. If the appartment is in decent condition but just needs paint and flooring let the tenants just move out without charge and fix them up. I would do one at a time so you can get a good idea of costs and seperate out when tenants will renew leases, last thing you want is all tenants leaving at same time and loosing all income at once every lease cycle. Of course that would be worst case but can happen.

We have some nice areas in Hardin County, Ky with less than an hour Drive to Louisville Ky. Elizabethtown will give you a quiet nice small town vibe with all kinds of town events.

If you are interested in Kentucky, Louisville, and Lexington are popular amongst Investors.

We have a team coming down from Louisville to go over everything from acquiring to closing wholesale deals. They work deals form all over not just Louisville, so if you are interested in learning how you can start wholesaling yourself or want to start working with wholesalers, don't miss this event!

Bump..... Central Kentucky, Hardin county, Meade county, Grayson county, Nelson County, Elizabethtown, Radcliff, Vine Grove, Bardstown, Rineyville, Upton, Kentucky, meetup.

Or Lexington market.

Depending on what type of loan you can get you can do differnt things. If you get preapproved with a Hard Money lender you can buy a distressed property but if all you can get approved for is an fha loan it has to be a pretty solid property, of course unless you use the 203k product. You can go to a lender and get a prequalified note where they don't necessarily run your credit but go on all the info you provide them. Preapproved is better than prequalified but you may get an agent to work with you easier because it shows you are a little more serious and have atleast talked to the bank. If you are in the Hardin County Market or Lousville market I can pm you some agents that may work with you.

There are lots in Louisville, check out biggerpockets.com/events, meetup.com, and kreia.com. Many to choose from!

Once you have worked for a broker for 2 years you can take more classes then take the brokers test then become a broker. If I'm understanding it correctly. Then you can be on your own. But the 2 years has to be "full time working" not just on the side type work.