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Updated 17 days ago on . Most recent reply
Getting a lot of anxiety, please advise
Hi everyone, I am having some serious anxiety and dread about a property I bought here in Louisville, Kentucky. If you are a local investor I would love your insight.
It is a 4plex on E Oak St and highway 61 Shelby Park area. I did not realize how the Shelby Park area was before buying.
I am sinking money into this and am struggling to get handymen to get this live. If you are curious what happened to the units I can share the story, but they were in bad condition. 2 tenants left.
My plan is to airbnb the units since I am in commercial zoning. However what I always like to have is the backup plan to LTR in case airbnb demand goes down. But my concern is LTR in Shelby Park - will I just get terrible tenants like the person who owned this before? is it impossible to find good tenants in this area?
my interest rate was 8.875% and mortgage monthly is $4000. I need to generate that to break even. I feel stupid for investing in this property. I have so much anxiety I’m considering just getting out of it with some kind of short sale.
someone tell me whether I made a mistake and should keep going or sell it in the summer and get out. I am worried about being able to survive a possible downturn
Most Popular Reply
If the area doesn't support reliable long-term rentals (LTR), that raises an important question, why would short-term rentals (STR) be more viable in the same neighborhood?
A strong STR market typically overlaps with areas that already have solid fundamentals: safety, amenities, walkability, and consistent demand. If Shelby Park is struggling with tenant quality and upkeep, then Airbnb guests might have similar concerns such as safety, property condition, neighborhood reputation. All of which impact reviews and repeat bookings.
Before going further, I’d recommend getting real numbers:
What's the STR occupancy rate in that zip code?
What’s the average daily rate?
What do LTR comps rent for, and what kind of tenant base is actually applying in that area?
You're not alone in feeling the stress, especially with a high mortgage and renovation costs. But before rushing to sell, it's worth stepping back and getting a full financial picture for both exit and hold strategies. Just make sure you're not assuming STR is a lifeboat without confirming the water's deep enough to float.
- Chris Seveney
