Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 4 years ago on . Most recent reply

User Stats

6
Posts
12
Votes
Caelan Lebryk
12
Votes |
6
Posts

First Timer Needs Guidance - Lexington, KY

Caelan Lebryk
Posted

Hello, I’m a soon to be real estate investors based out of Lexington, KY. My market is HOT right now - average days on market is 14 days.

Currently I viewed a single family home in an up and coming area (distillery district for any of my lexingtonians). The house it self has 3 bedrooms, 2 full baths. As I am still young, I would be house hacking (5% down conventional 30 year) this property with a couple roommates for a year and then renting it out after we leave. The numbers work GREAT with all expenses, 15% for repairs, etc. cash flow is looking like $400-500 a month. HOWEVER, the only thing holding me up on this property is the neighborhood. Like I said, it’s an up and coming area with lots of cool bars and restaurants being put in and is industrial. The neighborhood is C to C-. The two homes across from the one I’m looking at have been flipped and look amazing while pretty much every other home around it hasnt been touched and looks rough.

When searching for properties in suspect areas what are some tips or experiences you all have had?
thanks for any response!

Most Popular Reply

User Stats

66
Posts
55
Votes
Reed Meyer
  • Investor
  • Chicago, Il
55
Votes |
66
Posts
Reed Meyer
  • Investor
  • Chicago, Il
Replied

Hey Caelan. If you're looking to house hack just ask, "will I be comfortable here?" I wouldn't recommend buying in an area where you feel like you'd be scared to walk around at night. However, if you feel that there are some cool bars around and things to do then it sounds like it is probably in the path of progress. A lot of times on house hacks the best way to do to it is to buy just outside of the desirable areas. This is how you'll find numbers that work best for Self-sufficiency and living for free/lowering your rent as well as increase your upside in the future and expedite your time to a refinance out of the low-money-down loan with PMI.

Loading replies...