All Forum Posts by: Wes Singleton

Hey Robert, I'm looking to buy my first investment property as well.  I started looking in that area first for the reasons you mentioned.  I haven't totally written off the area, but I have some real concerns about the type of tenant who would rent in that area. Driving around, it is still pretty rough through there (murders, shootings, and drug deals are not uncommon).  If the right deal popped up on the right street I may be interested, but I think it is one of the more risky areas to be in.  Germantown is the hot market right now and we would have all loved to buy Germantown 20 Years ago, but I lived in Germantown as a kid 20 Years ago, and it was never that bad.  You may be on to something in that area, but it is still really rough except a few small spots.  Maybe in 10 years I'll have wished I invested there, but who knows.

@Jorge Magana, could you explain how you were able to put so little down on an investment property?  Every conventional loan that I look into requires a minimum of 15% -20% down on an investment property.  Did you get the loan as an owner occupant?  I'm looking into fixing and holding, but as I'm sure you can imagine if you had to put down 20% it would kill your cash on cash return.

@andy audate, yes for now just surrounding areas.

I'm also actively looking for a property to buy and hold.  Let me know if you still have it for sale.

I am buying my first property, and it needs a couple thousand dollars worth of work, (paint, plaster repair, siding repair).  Does anybody know of a local contractor who will be willing to enter into a scope of work contract, stating the price, and date of completion?  My concern is that since I am starting out, finding a good contractor could be difficult and costly.

@Reece O'Bryan, I've been in contact with Wilson & Muir Bank & Trust Company in St. Matthews.  They also have portfolio loans as well.

@Evan Haag, I'm not opposed to packaging some deals together, but a portfolio loan typically requires more down, higher interest rates, and shorter loan terms. For a buy and hold strategy, this would kill my net monthly cash flow and my cash ROI. I have found a local bank who will finance a sub 50k property on a 30 year fixed. I'm always open to new lenders if you ever come across any. Thanks.

I made my first offer on a property today for the purchase price of $41,500. I thought that I had my lender in place, but I just found out that he will not give a loan less than $50,000, and he says that is standard practice. Wish I would have known this before making the offer, but I guess this is one of those things you learn through experience. Does anybody know of any lenders who will finance (at normal Interest rates) for a loan under 50k on a SFR rental property? I could pay cash, but I would want to refinance immediately and would run into the same issue. I don't want to tie up all my cash on my first property.

Sounds like you have a good business plan, obviously the hard part (for all of us) Is finding the good deals.  I just made my first offer on a buy/hold rental that I found on the mls.  It's so hard when starting out to navigate through foreclosure auctions, wholesalers, and other non traditional means but the mls is a tough place to find deals at the moment.  Also, I think my realtor may be getting tired of me making low ball offers.  You said that you have a good loan guy who does portfolio loans.  I guess I was thinking portfolio loans were for people with several properties.  Can you get a portfolio loan on just one?

I'm in the same boat as you are, looking for buy/hold properties in louisville.  I just put my first offer on a house today.  Have you decided what type of properties you are going after?