All Forum Posts by: Isaac Pyle

Thanks for the follow up @Nicholas L.! I'm in full agreement with the timelines you're talking about, I was actually working with a lender / agent about a year and a half ago, and was under contract on a house (just owner occupied SFH, no rental) until I was laid off.. the timelines did take a long time.

I guess I like the idea of getting my license more because real estate interests me, not because the return immediately makes it worth it or anything. But you're right that it does detract from time / energy that goes into my W2.. that's good food for thought.

@Ryan Rominger great to hear this isn't abnormal, thanks Ryan! 

@Evan Polaski Great points. We're on pretty stable financial footing (good emergency fund, no debt above 4%, decent investment portfolio) so I feel pretty confident there. 

Appreciate your thought process on finding a deal that we would still sell in a few years, I guess I always assumed that I would buy and hold something forever, but if the numbers work to buy and sell soon, then no harm there.

And, I am very much in my own way constantly when it comes to waiting for the perfect opportunity. So the reminder is very welcomed.

Thanks! 

@Stephen Morales very helpful viewpoint thanks Stephen. There’s a lot of possibilities for locations we could be in 2 years, but it would be prudent to start looking into the stronger likelihoods and understanding the markets there.

And I do love the idea of house hacking, just feels weird to most likely move after owning the house hacking for a year.. even if the numbers work to rent out all units and keep it, seems strange to have one rental property out of state.

Thanks for the reply!

@Nicholas L. Great points, if the goal of buying something is being in a decent financial situation and I am accomplishing that to some degree without buying RE, then there’s no added risk in the event of a bad deal.

My tentative plan right now is to get my real estate license, so that in the event something perfect comes my way in a year or so, I can jump on it. (But mostly I just wanted to get it because it seems interesting)

Thanks for the reply!

Hey everyone! I have been on and off of BP a few times, and each time have sortof decided that it was the right time to begin investing in real estate, and then for one reason or another it didn't make sense and left. I am a very math-minded person, and fully recognize that timing the market doesn't makes sense. However, I have a hard time determining if what I'm doing is trying to time the market, or trying to time my season of life properly for investing.

Some context (will give a tl;dr) I am 25 now, and had a strong desire to get started and buy a house hack when I was about 18 or 19. Read the books, did the research, etc., but I was not really in a good spot financially yet (too young for a good paying job, and lived in Colorado where house prices and most of the numbers I was doing didn't really make sense for what I was looking for). So I put that on the back burner, went to school and got my undergrad degree in computer science. Worked for a little over a year, with the intention to save money for a down payment, and started doing all sorts of deal analysis in the area and such. Then life sortof shifted-

My girlfriend (now fiance) got into a medical school across the country (here in Kentucky) and my job didn't have any real transferability (was required to be in-office) so I quit and moved here without one. Took me about 7 months to find something more stable, and have been working that job now for a little over a year. I do make good enough money to support buying instead of renting, and could start looking at a house hack again, but we're already renting with a lease that will go for about another year, and once my fiance graduates in roughly 2 years there is a very slim chance that we will remain in Kentucky, as we basically need to be flexible to move wherever her residency program takes her. That's making me question again if now would be the proper time for me to dive in or not.

I guess the tl;dr is I feel like I'm trying to time my first RE purchase / investment once I know I will be living in one place more permanently, but feel like I keep losing time that could be compounding investments / returns while I wait.. it seems hard to know when the right time is to get started. Is that a common sentiment among others? And has anyone out there gotten started while moving around often?

(This is also trying to ignore current market conditions which is a whole other topic, but definitely feel shaky at best and make me wonder about job security, appreciation, and other safety nets not being there)

Thanks for reading :)

Hey everyone! I'm looking to start medium term renting sometime in the near future, as it seems the numbers in the Old Louisville area make a lot of sense to do so. Good hospital proximity, easy access, and the short term rental permits can take quite a bit of time / have lots of hoops to jump through so I'm not counting on that. Additionally I want to be able to self manage at least for now, and I'm not sure I can do that with STR on top of a full time job, but should be able to with MTR.

Main question- does anyone currently MTR on furnished finder / similar sites in the Old Louisville area? Would love to hear some perspectives on it and if you think it's a viable strategy starting now / in the near future. I'm primarily considering house hacking a 2-4 unit house and MTR the other units.

Thanks!

Hey @Rob Bergeron! I'm relatively new to the area, staying with family for now, but have been looking at buying a multifamily place in Louisville and renting out units midterm while living in one. Curious on your perspective, why do you think the midterm model is dying? And do you think it works for multifamily properties? Or are you saying multifamily with long term leases could be the safer route?

Hello all,

I'm looking at starting a 203k rehab in the near future and need to start reaching out to contractors in the Louisville, KY area. I recently got pre-approved for the 203k, and it sounds like the contractor can be a huge sticking point in the process. Anyone have experience with a 203k contractor they liked? 

Also, haven't done a 203k rehab yet, but I've heard various horror stories. Open to advice if you have it!

Thanks!

@Michael Seeker

That does make sense! I will look more into 3-4 unit properties, your point about tenants leaving makes a good argument for more than 2 total units. Thanks!!