Newbie from Louisville, KY Area

[Alex Prestigiacomo]

Good morning! My name is Alex Prestigiacomo and my girlfriend and I currently live in Jeffersonville, IN. I'm 26 years old and looking to BRRRR our first property in the Louisville, KY or Southern, IN area. I work in Louisville, KY in automotive sales and through a little bit of luck and hard work I've been able to pay off all of my debt and save money for a downpayment on a property.

My goal is to find a 2-4 unit property that needs mostly cosmetic repair (floors, paint, landscaping). Ideally, I’m searching for something that can cash flow and provide cash on cash return of at least 10%. I’m still very new to this so I’m not sure how realistic my goals are.

I am however looking forward to learning more and finally getting involved in the local real estate community!

Thanks, 

Alex

[Raphael Collazo]

Hey @Alex Prestigiacomo,

Welcome to BP! I'm a huge fan of this tight-knit community and BP's content (books, podcasts YouTube channels etc.) is some of the best around. As far as investing, I did something similar to what you're looking to do. I purchased a 4-plex in Old Louisville in November 2018 which I'm currently "house-hacking". It's been a great experience thus far and I plan on using the same strategy to purchase my next property in the coming months.

Have you attended any local real estate investor meet-up groups to establish relationships with local investors? If not, I highly encourage you to do so. One of the most popular groups, R.E.I.A (Real Estate Investor Association) has chapters in most major cities. Our local chapter has over 250 members, many of whom are extremely active in the market and have a wealth of knowledge they're willing to share.

Also, @Luke Neubauer and I run a free real estate investor meet up group that meets the last Wednesday of every month at the "Manhattan Project" restaurant. As part of the meetup, you get a chance to interact with like-minded real estate investors and listen to engaging speakers who talk about topics related to real estate investing. Next month (1/29/2020), we will host a panel of lawyers who will address legal questions related to their area of expertise. The lawyers in attendance will include:

1) Nicole Willet Jones - Estate Attorney
2) Stuart Alexander - Business Attorney
3) Anne Sholtz - Eviction Attorney
4) Jenny Fields - Closing Attorney

It should be a great event with lots of lively discussions. Hopefully, you can make it out!

All the best,