Rental Property Investor · Richmond, VA · Member since 2015 · 128 posts · 25 votes
Hello Kentuckyans. I live in Richmond, VA and have some family that lives in Lousville and I noticed that it's a pretty neat place with some great blue collar renter-type jobs at the confluence of rivers and was curious what the real estate market's like there? I'm not looking as much at metrics and numbers (although any that you can offer would be great) but more so about good neighborhoods to look in for Class B/C, recommendation of good teams, what rents are like. Anecdotes? I'd love to have a phone conversation with someone.
My preliminary research shows that it's a good place to invest from an economic perspective, but are the deals hard to find there now? Can good deals be had from wholesalers? Recommendations of property managers and contractors?
Any input is appreciated and I will be happy to share the same information about my market here in Richmond, VA.
I look at Louisville in 4 chunks. North of 64, east of 65 is where all the wealthy folks live (Oldham County) prices are high though. South of 64 and east of 65 is probably your best bet. A mix of middle class and working class. Jeffersontown sounds like what you're looking for. Solid B all day long. North of 64, west of 65: Old Louisville and U of L have some gems, but it can be hit or miss. Shively is a war zone. West of 65, south of 64 is a mix of rough characters that slowly blends more towards rural(ish) working class as you get farther southwest.
All of this is pertains to areas inside and immediately outside 265 (Gene Snyder as we call it)
If you want B/C class, look at Radcliff, KY. It is the area closest to Fort Knox. Everybody rents and the military provides steady income to a lot of businesses.
Best of luck in the louisville market. Good deals go quickly here as retail inventories are low. If you aren't going to be here to see the deals make sure you have someone who is willing to do all that running around for you.
I look at Louisville in 4 chunks. North of 64, east of 65 is where all the wealthy folks live (Oldham County) prices are high though. South of 64 and east of 65 is probably your best bet. A mix of middle class and working class. Jeffersontown sounds like what you're looking for. Solid B all day long. North of 64, west of 65: Old Louisville and U of L have some gems, but it can be hit or miss. Shively is a war zone. West of 65, south of 64 is a mix of rough characters that slowly blends more towards rural(ish) working class as you get farther southwest.
All of this is pertains to areas inside and immediately outside 265 (Gene Snyder as we call it)
If you want B/C class, look at Radcliff, KY. It is the area closest to Fort Knox. Everybody rents and the military provides steady income to a lot of businesses.
@Jay Leisten is absolutely right, inventory for rentals are very low right now. Deals are hard to come by. I use Sharon Landrum for PM. I have a friend in the hard wood flooring business that is stellar, Parsons. I like the UofL/Churchill Downs area for $30-40k properties and a few other neighborhoods in the west end that have high rent returns. Do you need a recommendation for a good agent?
Louisville is an extremely active investor market for the size of the city. As others have said, deals go fast and in my view often to fast. There are deals to be found but it really comes down to local connections, buying off market, or going into marginal areas. If you want to try and buy cash flow, you can buy all day long in the west end, Portland, and much of the south end of Louisville. These are often high risk with potential for high reward if you get the right situation. Those are mostly buy and hold scenarios where you must screen tenants aggressively. If you want flips...good luck. I'm seeing good flips regularly go above list with 5 to 10 offers on each deal almost immediately. I've moved to focusing on multifamily which is competitive but not as bad as single family. A lot of outside money flows into the are as well. Happy to help if I can about any specific opportunities or areas.
Jeremy Jackson I buy the same churchill area cash for under 25 then rehab up to maximize rent and acquire higher than average tenants there. I'm an agent and I do assist out of town clients to find flips and brrr properties. Ask Noel Felix III if you want to know how hard I hustle. :)
Louisville is a great market. I've been visiting friends and family here for over twenty years and have seen the growth. Jay Leisten would love to have a chat with you about the market.
@Jay Leisten, I am hoping to invest in Louisville property for short term rental in the next 12-18 months. Would love to connect with you here for when the time is right!
Any tips on what/where/numbers I should look at for short term rental properties. I want to target the masses that attend your convention center and I hope to buy just before or after its renovation is completed.
Our convention center downtown is under reconstruction/renovation. There are new builds for condos in the area as well as possible rehab properties around NULU and Butchertown. You could also consider Phoenix hill. If you want to look at the area near the fairgrounds/football stadium/airport there are options as well, but the area is a little more unstable so its important to do your research on those.