Newbie CA investor in Louisville, KY

[Michael Richardson]

Hi - I'm Michael and I'm new to the site and new to Real Estate investing.  First off, a big thank you to @JoshuaDorkin and @BrandonTurner.  You have changed my podcast binge-listening addiction from Triathlon to Real Estate.  Great stuff all the time!

A little about myself:

I'm a 37 year old physician in San Diego, but I'm looking to invest in Louisville, KY. Why Louisville Real Estate you ask? Well, most of my family lives there including my Dad who will be my partner in this adventure. He is a retired chemical engineer, but he has also built/contracted a couple of homes from scratch and has done a bunch of rehab jobs over the years. So, he will be the property manager, maintenance, rehab guy, and I'll be bringing the cash to get started. My feeling after listening to a lot of BP podcasts is that I would probably be most interested in small multi-family buy, rehab, long term hold and rent for cash flow. Wouldn't be opposed to SFR either. Probably at this point, would be more interested in a property that might need a little work, but in an established neighborhood, rather than speculating on a great deal in an up and coming area.

What I have and what I don't:

Yes:

1) Access to cash to get started. Maybe not enough to comfortably get started in San Diego, but fortunately, Louisville has lower entry points.

2) Local property management, area knowledge, and rehab manager via my Dad.

3) Excellent credit and a decent understanding of finances.

4) An LLC already set up in KY to get this underway.

No:

1) Any sort of experience. I'm a physician, not a real estate guy, though I do get excited learning more and more about this field. I have a rental condo out here in SD, but we just rent it cheaply to friends.

2) Time (full time physician) or expertise (brand new to real estate) to search out good deals

3) Real Estate contacts in Louisville. Seems like finding a good wholesaler would be ideal, but from some of the posts on here, it looks like Louisville is a little scarce on wholesale deals. So, I guess next best thing is to try to find properties on the MLS without getting hosed.

Sorry if this intro was a bit long.  Thanks again for all the education on the podcasts and in the forums!  - Michael

[Chuck B.]

@Michael Richardson  - Welcome to BP, fellow Louis'villian!

Wholesalers in Louisville... I've heard they exist, but I've rarely seen a deal from one that makes a much sense to me.  Maybe they're around and they're better suited for people flipping properties, as entirely different math can apply there versus buy-and-hold properties.  

Multi-family has been very hot for quite some time.  It's hard to find a good deal on purpose-built stuff.  Then again, if you're less interested in making a great return there's always something that can be bought.  

My best advice for you... don't buy ANYTHING with a finished basement.  :)

Please don't hesitate to yell if I can help with anything.  Also, check out the Louisville Sub-Forum here on BP.

Best,

- Chuck