All Forum Posts by: Caelan Lebryk

What property management software do you all use to send applications, preform background checks, collect rent, etc. ?

Everything that I have found is kind of pricey and charges the applicants $50+ for an application which just seems high. Maybe that is just me.

Any recommendations is greatly appreciated!

So if you are going bank financing lets say a principle amount of 172k (if putting 20% down - most banks require in my area for 20% for investment). Principle payment is $821 a month, insurance is $121, property tax is $121 - bringing monthly expenses at $1063. So lets say 1450-1063= $387 cash flow. Not terrible but not leaving much room for error/capital expenses when things break down inside the home. 

Now lets think of what you have invested out of your pocket. $387x12=$4644 yearly. You put down $43k (20%) plus closing costs so lets say $53k into the house. $53k/$4644 is 11.4 which is the amount of time to recoup your investment - barring nothing goes wrong and it never goes vacant (things will happen!). So our ROI is 8.76% a year. That's a number that you need to decide if your happy with. I think this is a property that could make you money some years and you might break even on other years. Let me know if you are not doing bank financing and we can plan our numbers around that financing method!

Good luck!

Hey Dylan, for someone your age I would say that house hacking would definitely be the way to go. I bought my first property at 21 and that was the method I used. Try to find a duplex that you can live in one side and rent out the other. Multi-family is not as accessible where I live so I ended up doing a single family home and renting out the other rooms to some buddies while I lived there. Make sure that the property is rentable after you decide to move out and don't be scared to jump in. Its better than paying rent!! 

Best wishes

I have a property under contract and am looking for a GC to help with renovation. I made the initial walk with a GC and have his quote but am looking to see if I can run some options to stay on or under budget! Let me know who you might recommend! Thanks

My name is Caelan and I am a real estate investor in Lexington, KY. I currently have flipped and house hack the first investment property I bought. I am looking to buy more real estate in Lexington using the BRRR method. If anybody has any referrals to those positions in the Lexington area that would be extremely helpful! Thanks!

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!