All Forum Posts by: Justin H.

Hi Christopher!  Not sure what part of town you're interested in or want to avoid but just posted this 4 unit in Shelby Park over on the Marketplace.  PM me with any questions.

Hey Dan, 

I definitely think there would be interest for that type of service in Louisville, KY. I've been curious about converting one of my SFRs or a unit in a multifamily into a STR and seeing how it does and if I did so I would definitely hire an AirBnB focused property manager because I wouldn't want to deal with the logistics of check ins, cleaning, etc.

There are 2 companies that I'm aware of that are currently offering exactly this type of service: Key Source Properties and BnB Louisville.  Here's a recent Insider Louisville article about Key Source which says they are now managing 30 AirBnB rentals.

Do you currently do AirBnB with your primary residence or a different property?

Thanks,

Justin

Hi Nghi, yes that area around Churchill Downs is more of a C class neighborhood.  I personally do not think it would be a very attractive area for Airbnb rentals.  Aside from Churchill Downs and and the Derby Museum there isn't a lot in that area.  It is close to the University of Louisville and to the airport, but there are nicer neighborhoods that are also close that have more restaurants, coffee shops, etc. to offer an out of town visitor.  I think with that location for Airbnb you may find yourself having to compete on price.  People that are familiar with the city would not be excited to stay in that area.  

You may be able to attract people to stay due to the proximity to the university and airport, but once they arrive and stay for a few days I'm not sure if they would be satisified, and your concern around negative reviews may be valid.  Just my thoughts.

Hi Brian,

Borders and Borders is a good law firm for closings, title work, and general real estate legal matters. I know there are a few investor friendly Louisville agents active here on BP so I'll let them pitch in to help. 

Mike Brown has worked well for me.  He is currently managing 4 SFs for me and I think he does a great job.  

Pavel is indeed the one who referred me to Mike, and I'm sure he would also do a great job!

Unfortunately they're no longer offering it, it was 80%.  Now the rate is only fixed for a few years, I don't remember if it was 3-5.  Was disappointed to learn that when I contacted Shelia in January.

Thanks for putting another one of these together Brett and Clay.  

I haven't been able to make the previous ones, but if I can get out of work in time I'll be there!

BB&T does portfolio loans.  They will do 15 year fixed rate loans for LLCs.  If interested PM me and I can give you the contact info for Shelia Jeffries in their St. Matthews office who I worked with on my last investment property.

Thanks for the offer @Chuck B.  I suspected there would be some specific streets/areas to focus on.  I'll definitely reach out to buy you lunch and walk or bike the neighborhood on a Fall Saturday sometime soon.  

Any Louisville investors investing in Shelby Park?  It's an area I'm starting to research and just wondering if anyone has experience investing there?  If so, what type of properties are you investing in and are you doing buy and hold, flip and hold, flips?  What kinds of tenants are you able to attract?  Any particular streets/areas you like or areas you try to avoid?

Anecdotally, it seems like an area that is at the beginning of an upward trend and with its location close to the "city center", walkability/bikability, Olmsted park, historic character, and lots of new businesses popping up.  It's close to Germantown, but the properties are a lot cheaper than Germantown right now and it hasn't experienced the investment that Germantown has yet.  Seems like it may be a good opportunity right now with purchase prices that result in a base case with good cash flow where the numbers work even if the area never enjoys significant appreciation, along with potential for upside with above-inflation appreciation.