All Forum Posts by: Joshua Batey

@Anthony M. S. Evans and @Jeremy Alexander are also active in the Hopkinsville/Cadiz.

@Adam Smith

I’ll DM you my info. New construction is definitely a better market. I purchased land some land downtown to build. Have you used the ICREZ program from CDS? I am wondering if it is worth it.

@Adam Smith

Wow, the "Hopkinsville" keyword search actually works. Hey Adam, I live in Hopkinsville (since 2009) and just got into real estate investing a few months ago. Are you doing buy and holds? Are you seeing anywhere near the appreciation Clarksville and Oak Grove are getting? Just curious. After spending 2 months analyzing deals and getting my offers rejected I ended up buying 2 condemned homes, demolished them, and plan to build a quad-plex on one of the lots in Feb. It seemed safer than a lot of the homes I looked at to BRRRR. Although the market got hot this year, I could not find a deal with the right purchase price to ARV ratio.

@Luis Serrano Bro, thanks for putting it all out there in your posts. A lot of us just started in our perspective fields of REI. I am in the process of building a quad-plex on some land I got in an off-market deal after demolishing the house and it's a short sale. I wrote the contract myself with two addendums with the help of my attorney. This is my first deal! Like you I initially felt overwhelmed, but kept one foot in front of the other. We start building in Jan/Feb 2021 for $105 a sq ft, should appraise for $120-$125 a sq ft and it is a house hack. Using my VA Loan to purchase from my builder. I purchased another piece of land off the MLS for half the listing price after is sat for 4 months. I have a lender lined up to finance my next build on that land late 2021. Please keep updating this thread with your progress. While some cannot accept the risk you have nor can they understand your motivation, I hope you also see the ones on here saying "go for it!" That's what I love about this community.

Hey Anthony, 

I am also stationed at Ft Campbell. I live in Hopkinsville, been here since 2011. It's an interesting market to say the least. I too after reading books, listening to podcast, and securing funding set out to BRRRR in Hopkinsville. I ended up buying two lots, one off-market and one on the MLS. I just finished demolishing one house and plan to build a 4-plex ground up. My first "R" has become rebuild instead of rehab. I took this approach do to the high number of homes for sale with decades of deferred maintenance.

Clarksville real estate market is insane right now. Not to say you can’t find deals, there is a ridiculous amount of cash buyers. 

I’ll send you a PM. 

@Adam Witek Stop it. I just got pre-approved for a VA Loan on a 4-plex @ 2.65% for $518k/30 years (because that's what I asked for). VA Loans are zero down. This will be my primary residence. I would shop around a bit.

@Joshua Batey

For anyone in the future:

I talked with my contractor and he understood. He will get the construction loan in his name. However, I will pay for part of the construction (foundation, upgrades). He will only do this if I get pre-approved for a VA loan prior to construction and we base our plans off that amount.

He said he has had the best luck with the VA loan that way vs trying to get a VA backed construction loan. He is basically selling me a turn key property. The best part is I own the land and will pay for part of the construction. I guess it is technically a BRRRR, but I am tearing down the current home, building a quadplex, living in one unit, renting two units, and plan to AirBNB the fourth.

I hope this helps someone. I searched for this answer and could not find it. I will update this thread as I go. I should close on the property in two weeks.

@Dana Bible, I know it's been 5 years, but how did it go. I found this thread because I am considering the same thing. But planning to use a VA Loan after construction. I am In Hopkinsville, KY.

Hi, has anyone found a lender that will finance a new construction multi-family for a first-time investor? I have called about 20 hard money lenders today who all either said I need more experience or they do not lend in KY.

I have the land under contract, planning to close in a few weeks. I am demolishing the house that is currently on the property due to it being on the city demolition list. I verified with the city that it is R4 zoned. Have a contractor with experience lined up. But I cannot find a lender.

My local bank said it would 50/50 if they would fund the build. My credit union said they would not find the build, but would gladly refinance it to a VA loan once I move in.

I am located in Hopkinsville.

Thanks

@Shelby Sabattini

If you are still in the Clarksville area, I went through Fortera Credit Union on post. They have other locations in Clarksville. This was for my primary residence. They are extremely slow, due to everyone working from home. But they gave me a decent rate.

I am going Monday to United Southern Bank in Hopkinsville tomorrow to get prequalified for an investment loan. I will ask them if they can refinance investment loans. I am pretty sure they do at least 6 months after closing the original loan. More to follow.....