All Forum Posts by: Adam Hicks

@Edmond Ashby what are you needing done?

I wouldn't say that Lexington has a better future, necessarily...  Louisville is adding jobs daily and the big employers are constantly investing in the area.  That being said I understand that the same is going on in Lexington... great upside and growth with both cities.  

Louisville seems to be becoming saturated with "luxury" apartments, so my guess is that the <$1000 rents are a solid bet.  Most new development is well over this mark and, since there aren't likely to be many more complexes built that offer decent living conditions for lower-end rents, there is probably some room to raise Class B/C leases in the coming years as more people move into Louisville.

And, if things do decline, the "luxury" crowd is going to be looking for cheaper digs.  Of course, with the supply of high end apartments, their rents would likely come down, too. 

I’m also looking forward to the addition...  Just wish it wasn’t going into The Summit. 

Hi all,

We have purchased a 4plex in Louisville, KY on a 20 year note adjustable after 5 years.  We have a basement and I believe we can legally, and totally within our current zoning, add a 5th unit in the basement. 

My question is, assuming we can legally add the unit, what are the impacts to our current note and any opportunity to refinance? We used a local community bank that we had a previous relationship with for the purchase. My understanding is that 5 units becomes a commercial loan, so would we be refinancing into a 15 year note with a lower LTV? If that is the case, might we be better off just keeping our current note?

Thanks for the help in advance!

Not sure about the per diem.  On mortgage apps I've just put it under "other income" since it is not part of my salary.  My wife's per diem is built into her hourly rate so I haven't even broken it out in the past. 

@Jerry Padilla Being a lender, do you see any issue with buying the first house as a primary residence? I don't know why any of the parties involved would balk at that but I just want to be sure.  Any issues down the road when we actually do buy a property to live in?

Hello all,

I am new to the site and I am looking at buying property as an investment with my wife of 6 months.  We currently travel for work... I am in construction management and she has followed me to Texas and taken an awesome travel nursing position.  Neither of us own a home and never have.  We both receive per diems with our salaries and live in an apartment in Houston for the duration of my current project.  We are both debt and nearly expense free and have a good chunk of savings between us, some of which my wife has earmarked for her Masters.  When this project is over we will pack up and move to the next one, though we won't know where that is for some time.  Our current plan is to complete one more project (while she works a travel position in the same area) and then move back to Louisville where she can start school and we can settle down.

My question is this;  Given our situation, what would everyone think a reasonable course of action is as far as acquiring our first property.  We are looking at SFHs and have made an offer but to no avail.  It seems reasonable to me to go ahead and buy a house to rent, then buy a home for us to live in when we move back or when a deal comes along that makes good financial sense.  The current plan was to buy the first house as a primary residence since we don't currently own.  I assume we would have to convert this when we do settle down and buy a house that we will live in.  I would want to keep acquiring properties but don't want to screw up our prospects of receiving a decent mortgage on our residence once we purchase it.  If anyone could offers some suggestions to consider it would be greatly appreciated!

Thanks,

Adam