All Forum Posts by: Isaac Pyle

@Michael Seeker

That’s awesome! Sounds like you did exactly what I’m looking to do, I might try to pick your brain as I get closer to purchasing something!

I’m a bit nervous (just a cautious person) about getting into some of these huge 4plex homes in old Louisville, as it feels harder for me to estimate the rehab / rent numbers accurately. Any advice there? It’s almost making me want to look for something more like a duplex or triplex with less sqft so my estimates are smaller ranges, if that makes sense.

After talking with people it seems like the general sentiment is that Old Louisville is one of the better areas to be looking right now, so thanks for weighing in on that!

@Ryan Thomson

Great advice! Hard to argue with the property if the numbers work. There are some rougher neighborhoods here, and the more I hear about the Portland area the less I’m sure I would be comfortable being there for a year.

Exit strategy is to move and rent out my unit also, so I’m considering the future cash flow at that point.

Thanks!!

@James Wilcox

That makes sense! I like the idea of a large SFH for a house hack, will look into that more. Thanks!

@Rob Bergeron

That makes sense, thanks! Will look to long-term rent out additional units.

@Rob Bergeron

Awesome advice, thanks Rob!

Curious what areas you would most recommend for a house hack, I would love to make it work in the Germantown area if possible but haven’t seen many multi family properties there. Considering the Portland area next, as it seems to have a lot of potential upside in the near future.

Also, I’ve heard conflicting stories about it being difficult to get permitted for Airbnb rentals, do you have any difficulty with that? Or any advice to make sure it will work before buying a property?

Hello BP!

Not making this a starting out post since I already "Started Out" a few years ago, but now that I'm in a better spot financially I'm back here and looking to purchase a house hack in the near future and would love some advice from local investors.

I am new to the Louisville area (moved here so my partner could go to medical school) and as such I am trying to identify what areas make sense for a house hack. Ideally I would find a duplex or triplex, but for the most part, any multi families within a decent commute to downtown seem to be in either Old Louisville or the Portland / Russell area. Curious if you were in my position trying to get started with a house hack, where would you be looking?

My rough plan is to try and find something that works with an FHA 203k loan, preferably mostly cosmetic work as I want have more experience with rehabs before diving into a major project (probably a pretty generic / popular formula, which I expect is why I don't see many options that fit these criteria). I also feel like the Smoketown / Germantown areas would be great but don't seem to have many multi family properties. Thoughts?

I have already spoken loosely with a lender and an agent, but if you have recommendations for either of those in the area I would love to know too. Thank you!!

@Paul Welden This is a very informative post! I had no idea about the 203k consultant at all, so this is eye-opening. I will look into these a lot more and start figuring out potential partners. thank you for taking the time to write! I will also look into the 203k limited to consider that as an option as opposed to the standard 203k.

@Jaron Walling Understood, thank you for letting me know! I will be doing a lot more research into it before making any decisions.

@Rob Massopust Awesome advice, thank you so much! You answered a lot of questions I had.

@Rob Massopust A very valid idea with the condo too! Whatever I can do to get started makes sense. That way I can work the taxes a little more in my favor. I would definitely like to buy a fixer, I doubt I will be looking for something already fixed up, but that is worth considering. Every deal has a price that makes it work!