All Forum Posts by: James Beam

Thanks @Clay Smith @Kevin Nalley and everyone for the info! What do you guys think of areas like Okolona (40219), Hillview (40229), or even Newburg/Rangeland (40218 I believe)? I'm also very familiar with those areas and have been able to find a few that looked doable for buy and holds there... I have seen some sell in the $45-$60k range that have ARV in the $85k range. Little 1000sf 3/1 on a slab, or perhaps even a basement...

Do you think a 3/1 in those areas fetch $800-$850 or is that being too optimistic?

Thanks again!

Clay Smith is that rate as an LLC? I'm definitely going to check them out.

Yes I think you are right... the best I have found so far is 4.00% fixed for 5 years, 20 year amortization, and 15% down using an LLC.

Hello everyone,

I've been researching many properties in the local area and curious what areas everyone is looking to buy into for a buy and hold?    I have had a few deals come up in J-Town and Fern Creek that even at a low cost and adding necessary rehab, the rents will not get to 1%.    Anyone have any suggestions on areas to focus on?   Or, perhaps, and more than likely, I have just not found anything worth buying yet.

While I like J-town, Hikes Point and Fern Creek because I grew up around those areas, I realize that those may be more difficult to get near 1% than say, in the west end or other areas. 

Anyone with some tips on areas and perhaps where they have been able to hit on the 1%-2% rule of thumb on rent.   It just never seemed like rent in Louisville was very high compared to property values over the years as I've minimally been looking around. 

When I listen to the podcasts and listen to the guys talk about filling out the online calculator using $60,000 property and $1000 rent from their areas, I haven't come across that.   Wondering if anyone locally has and where I may be able to focus on looking to achieve a cash flowing property.

Thanks

Hi @Stephen Lewis

Thanks for the info!   I have attended a couple over the last year to just observe and may bid on some next time.   

Thanks

James

hi @Thomas S. @Justin S.

Yes that's a good point.   I should have mentioned it's a fairly inexpensive house in a great area that's going to get multiple offers.  With that being said, the cash is coming from a partner who is a family member.   So essentially he is my lender instead.    Sorry I did not clarify.  

So basically, I have the cash, my realtor has the contract, but I was unsure as to what to do next after I get a signed contract.    Contacting an escrow title company?

My other 2 purchases that I made were done through traditional financing and they did everything from the appraisal to the title company, to the closing attorney.   All they did was tell me how much money to bring at closing.  Thanks

James

Hello everyone,

If I purchase a SFH at a sheriff sale, will I get a Warranty deed free of liens on the property? I was unsure if I would end up getting a good deal on a property only to find out that there are liens on there. I am located in Louisville Kentucky. Must I have a title check run on every property I may bid on at auction??

Thanks!

J Beam

Hi Guys, 

I currently have 4 commercial rentals that I purchased last year that houses my business (purchased from my old landlord). I obtained a commercial loan for that. However, now, I have the cash to purchase some SFHs with cash and am a little unsure as to the process. With a commercial loan, my realtor and myself would submit an offer, then, when accepted, I would simply contact my financing. They set everything else up for me and simply sent me the HUD statement, and told me where to show up for closing with the certified down payment.

But now, when i get an accepted offer, who do I contact to move the process along (since I don't need my banker).   Do I call a closing attorney? title company?

Any advise would be great!

Thanks

James Beam

Any fellow Louisville investors know of a lender who will do a 30 year amortization when I use an LLC? Best I have been able to find so far is a 5 year fixed 20 year amortization with 15% down. (Forcht Bank). Thanks James Beam

Hi Everyone!

I purchased 4 commercial rental buildings over the last 3-4 years and simply went with an agent that held some other types of insurances that I had (auto, homeowners, umbrella, etc).    The rates seem to be creeping up each year and I never really gave the original quote it's due diligence to begin with.  

Can anyone throw out any insurance guys who I may be able to get some quotes from in the Louisville Area?

Thanks

James