All Forum Posts by: Celli Mowery

Quote from @Austin Wolff:

Market Analyst here. I constantly see Lexington and Bowling Green on my "lists for out-of-state investors." Now, these "metros" are also competing against every other metro in the USA and there are quite a few metros with better overall fundamentals with similar price points (which is why I haven't written about these KY metros yet). But still, Lexington and Bowling Green continue to pop up on my lists time and time again. Perhaps it's time to do a Kentucky deep-dive...

Austin,
I hope you do! Kentucky Economic Development is announcing new projects every day in our state and is focused on manufacturing growth. I recently met with leaders in London to learn more about growth in the area to support the Berea Business Park as well as the Rockcastle Mega Site. We are seeing a migration pattern from Florida & California on a regular basis amongst other states 
Once you look into the investment by Toyota and some of its suppliers as you move south down the I-75 corridor I believe you’ll see on your own what is up and coming in Kentucky!

Quote from @Jonathan Greene:

Quote from @Celli Mowery:

My goals are:

Sell current new construction property hopefully to someone with interest on a mid or LT rental for the market.  I have 5 more lots to go on this project and I'd like to change it up on the next by selling the lots and managing the construction project for someone else rather than carry the costs myself.

Sell one of my STR and redeploy the equity into a different STR market, thinking a ski market.

Sell a flip I finished in September & redeploy that cash. Pick up one mid to LT rental in a high medical community outside of my current market.

I have always been afraid to leave my current market and I want 2025 to be the year I get over the fear.

Be more involved in economic development in my current market.  Lots is changing here and I want to keep my finger on the pulse.

These are great. You have a lot on your plate. I would put those in an order so you know which ones have higher priority. What's your biggest fear about leaving your market?

Funny you ask but true to 2025 personal goals. I built my STR's and other projects while working a full time W2, and they are all in the same area, about an hour from home. I just left my W2 in March and am trying to find ways to grow this as a "true business" letting my people do their thing. I walk every house prior to check in to ensure a five star review. I help my cleaner in the busy season (although I still can't fold a fitted sheet properly!). I drive to my properties multiple times weekly to check on them. One of my biggest challenges and personal goals in 2025 is to let go of some of the control. I just joined forces with another agent on one of the properties to co list it and my goal here is for her to take over anything of my own (like this new construction and flip) in 2025 so I can focus on crafting a bigger business in 2025. I've added a revenue manager in the last month for the STR business and am meeting with a social media assistant next week. Delegate more & double revenue in 2025 is the goal!

My goals are:

Sell current new construction property hopefully to someone with interest on a mid or LT rental for the market.  I have 5 more lots to go on this project and I'd like to change it up on the next by selling the lots and managing the construction project for someone else rather than carry the costs myself.

Sell one of my STR and redeploy the equity into a different STR market, thinking a ski market.

Sell a flip I finished in September & redeploy that cash. Pick up one mid to LT rental in a high medical community outside of my current market.

I have always been afraid to leave my current market and I want 2025 to be the year I get over the fear.

Be more involved in economic development in my current market.  Lots is changing here and I want to keep my finger on the pulse.

If Kentucky is of interest I am well connected with a local lender that does quite well on Physician loans. I'm also a Real estate Agent & Investor myself & own multiple STR and MTR in Lexington & south.

I'm a short term rental owner/host since 2019.  I am also a part of Bill Faeth's Inner Circle as of this year and have gained a ton of insight of things we can do to run our business more efficiently.  He's put on some great programs and bootcamps.  A bootcamp is how we came into the mix.

I'm also a real estate agent, and investor that left their W2 in March to pursue real estate ventures full time.  

Avery Carl, BP, Learn Like A CPA, STR Unfiltered, STR Insights are all podcasts that are on my daily calendar.

Feel free to reach out if you have questions

Quote from @Todd Dexheimer:

Quote from @Celli Mowery:

@Todd Dexheimer thanks for your contributions.  Do you go to the areas outside of Lexington/Louisville ?  Like Richmond, Elizabethtown etc?  I noticed on BP of the top markets Elizabethtown and Louisville are represented.  Are you seeing what you do have in Kentucky showing strong appreciation?

 We are just in Lexington and Louisville. Performance is solid. Appreciation is good for the midwest. They are your typical slow and steady midwest markets. 

 And will only get better with Friday's announcement for Simpsonville.  Kentucky is definitely capturing the eyes of manufacturing!

Quote from @Dan H.:

My opinion is anyone that has to ask where/how to find off-market (underground) properties is better served by purchasing off the MLS.

It is a rare off-market property that does not involve work and/or have risk items. Typically they are not eligible for traditional financing which implies other funding sources (HML, private Monet, self funded, etc).

Someone that has to ask the question will typically be best served by having an agent represent them and hold their hand.   Granted it is unlikely to result in a home run, but it also is less likely to fail big and negatively affect prospects for years. 

A base hit with virtually no risk is a fine place to start.  After a few base hits, you are better prepare to go for home runs.  

Good luck

All this :) Of all the properties I purchased for my portfolio only 1 was truly "off market", 2 were foreclosures "on the steps" and the rest were on the MLS. Prior to getting my license, I had some great agents that were strong at negotiating. A good agent, who understands RE investing (and actually owns their own) is a great place to start

Agree with the statement good value is found in Ohio.  

A little further from home you'll find some of the value you are looking for in Kentucky, another state that is supportive of manufacturing and in following the state Economic Development you'll see chomping at the bit for more manufacturing.  Lots of smaller towns up and down 75 are in need of housing.   

I found great luck with properties appraising significantly higher than purchase in London, Kentucky.  The need for rentals is great, access to 75 is easy for the manufacturing companies north on the way to Lexington (Richmond, Berea).  Taxes are based off what you paid, and I've bought several in the 90-150k range that with rehabs are appraising in the 400-500k range.  I have a crew that travels from Lexington & am happy to connect & share a few available listings.  I have a list of renters as well.

Quote from @Gino Barbaro

Thanks for your insight.  I'm a bit surprised about Lexington's #'s.  I love hearing about everyone's take about Kentucky.   Coming from other areas and moving here, I've found Kentucky to be very friendly in the out skirts however my experience is limited to Lexington and Southern counties.

we were in both Louisville and Lexington. We exited both markets, louisville because of mandating section 8 housing after Covid and just the way they handled evictions and pyments during the pandemic. Lexington is a weird market with low occupancy, 90-92%, and there aren't many assets in the market. There is a barrier to entry, and the city is pro business, but our market had much better metrics.

Lower entry points should not factor into getting in a market. There's usually a good reason why the entry points are lower.

@Todd Dexheimer thanks for your contributions.  Do you go to the areas outside of Lexington/Louisville ?  Like Richmond, Elizabethtown etc?  I noticed on BP of the top markets Elizabethtown and Louisville are represented.  Are you seeing what you do have in Kentucky showing strong appreciation?