All Forum Posts by: Chuck B.

Louisville KY is not only incredibly affordable, it's incredibly cool too.  Big apartment and housing boom going on right now downtown and in all areas surrounding downtown.  

Hi Emmy,

These both sound pretty good.  I'm paying 6.4% with 20% down for arms through River City bank. Fixed for five and anywhere from 7 to 15 year terms.  The rate is high but I've found them to be incredibly easy and fast to work with and that's worth a lot to me.  Most of my properties have small loans (10 to 30K) so it's not a meaningful difference right now.  I am getting ready to borrow 60K for a house I got under contract last week and it's more meaningful on a balance like that (and certainly one as large as your're contemplating).  

I have no recent experience with SYB or Republic so please let us know what you find out And what terms you eventually land.  

Here are some other banks that investors in Louisville are using and I hope to strike up a relationship with one soon:

• River Valley Bank
• West Point bank
• First Federal
• L&N
• BB&T - bundles
• Forcht bank - bundles
• First capital bank of ky - portfolio and cash out
• Old National - portfolio Loans

@Chris Bingham I don't think this is porcelain, and I got it at Lowes, but I do love it.  

@Jason James - I'll second you on the shady *** shenanigans that take place.   I've been in your exact situation before and more than once.  Non-responsive agents drive me insane.  I feel bad for the seller that used them and bad for myself when trying to deal with them.  

See you soon!

The thing that jumps out to me is the 40K Reno budget that will be executed in two weeks.  I think it's wise to make this a month (or more) unless your GC is doing these sorts of projects that quickly all the time.   If so, gotta love them!

Good luck no let us know how it goes.  

@Connor Dunham could you elaborate on this: The most interesting piece of data I gathered from them is how cyclical listing price reductions are for my market.

 Best,

 - C

I agree with @Account Closed your first purchase should absolutely be a duplex.  You can live in half and rent the other half out to help pay some or occasionally even all of your monthly mortgage.  You can still buy $75K (or less) duplexes in the Midwest.   

Good luck!

I posted this on the "expensive REO" thread earlier...

I can't speak specifically to REOs, but here in Louisville KY residential inventory available is 24% lower than a year ago. We've got 4.7 months worth of inventory available versus 6.2 or 6.4 (depending on who is doing the math) a year ago.

Anecdotally, from my own experience, everything is high and just going higher.

The marginal neighborhoods are not where they were at peak, but even these are at 70% now.  Some of the better and hotter neighborhoods are above where they were during the recent madness.  

Best,

- Chuck

I would replace them.  The energy savings may be substantial and low energy bills keep tenants from moving away.   

Best,

 - Chuck