All Forum Posts by: Logan Cheek

@Alex Pyle no problem!

Hey Alex!

You can only have one FHA loan at a given time, but you can have multiple FHA loans throughout your life! So yes, you can get another. Talk to a lender (one that offers FHA loans) and they should have more information for you!

Hey Calvin!

I think the answer really comes down to what your goals are. If all you want out of this is experience(in property management), then maybe it makes sense. If your downtown rental is costing you $1,500 and you're charging $1,500 in rent, then you're essentially still paying your mortgage and may have the maintenance costs of someone else causing wear and tear to your property. 

Personally, I would just stay put. It would give you good experience on how to be a landlord, but if its a difference in waiting 1 year before you're able to buy again, then I'd probably wait. I also think family is very important, so if that's what will make them happy, then maybe.

Hey everyone! I'm in the beginning stages of purchasing my own home and wanted to come to the people of BP to see what my options are. Here is a little info:

I am seeking to purchase a house hack, ideally a small multi, but I am open to other options. I am a Realtor with a little over 6 months of work history, so yes I am an independent contractor. Let me know if more info would be helpful?

I have some thoughts on what my options are, but curious to see what you all think is the best route to take?

Thank you!

Hey @Evan Jackson!

Most of the landlords I know in Lexington charge rent and the tenants set up and pay for utilities on their own.

@Bill B. I would agree. It seems like that is a large contributor to this slow down. Everyone I know is on vacation or have been. 

For months now the story of our current market has been multiple offers, over asking price offers, and record high appreciation. Over the past month or so it feels as though we are starting to shift away from those trends. 

Many of my clients and I are no longer having to fight as hard for properties as they were a few months ago. It's not uncommon for the market to slow down around this time of year, but this market is unlike any we've seen. It also seems as though many buyer's are experiencing fatigue and have decided to wait until next year. I am noticing this shift in the Lexington, KY market. Curious what the expert people of BiggerPockets think of our market and where it's going.

Is anyone else noticing a slow down? What are your thoughts of it? What's to come?

Hey @Sindy Dufrene!

Congratulations on investing out of state, I know how difficult/scary that can be at times! I have heard of some Realtors in that area that do a good job with investors. They may also know some contractors in that area as well.

Also, have you joined the Bluegrass Real Estate Investors group on Facebook? If it's related to Kentucky REI there's almost always someone there that has the answers!

@Zack Hedrick

It’s not my definition of fun either so I get it completely! Everything I’ve done after has been much more fun.

It took me a little over 2 weeks to power through the Real Estate Express online course. I didn’t dedicate time to it, I focused on the percent. I dedicated myself to do at least 5% of the course per day. It was usually around 4 hours give or take. Some days I did more than that, it just depended on what I had going on.

I found that most of the chapter quizzes were kinda useless when compared to the licensing exam. The final exam and the practice exams it gives you after are similar to the licensing test. After I completed the course I just took those practice exams over and over until I knew the questions inside and out. That strategy may not work for all but it worked for me. I passed on the first try. It’s definitely a good feeling when you finally do finish! Power through the course and licensing exam, then you can get to the fun stuff!

@Zack Hedrick Hey! I just recently went through a similar situation. I decided to take the same course you’re taking, and it was very dry. I wish I had good advice for you there but I just powered through it. The way I found mentors in this field was through the office I decided to hold my license with. Once I joined I started putting myself out there asking other agents in my office how I could help them and volunteering to do some of the things they didn’t want to do. It didn’t take long for the agents I was helping out to start referring me some clients too! I now have several agents with various experiences in real estate that I call on for information/mentorship when I need it! Everyone has something they don’t want to do or don’t have time for, you’ve just gotta find it. If you have questions or need anything in your journey then please reach out!