All Forum Posts by: Dan Close

I would be interested to hear from some of the folks who were trying to make this happen a few years ago.  Were you successful? Any stores to share along the way? 

i imagine he would...I'll send you an email with his number

I have been using a guy lately, I pay him 125 bucks a day and he will work hard and fast for a full eight hours. I cant keep him busy full time so happy to share his number if you PM me. 

I couldn't make tonight but would be interested in details of the meetup, is it monthly?

Old thread but was reading it and thought I would share a story of one of my earlier rentals. First a bit of background: 

I purchased a house in somewhat of a war zone for 13k cash. Purchased from a wholesaler who I believe picked up a few from the bank in bulk. He put in a new water heater, cleaned it up and bit, got a tenant and then listed it for sale. Good thing was I didn't have to to any work to the property. I also thought it was good that the property already had a tenant that was paying 600 per month. Buying a property with a tenant actually turned out to be a bad idea but that's a different story.  

Held the property for about a year and then took a loan out against it to buy another property. I don't remember the LTV they allowed but could probably find an old email if anyone is interested. The bank allowed me to take out @ 40K against the property. Being able to cash out this much isn't normal in my market in today's day and age and i'm not sure how it actually happened (could do this a lot in before the recession I've heard). I wouldn't probably do this again on another property even if the banks would let me but it was a huge help when starting out.

Welcome Rick. I agree with the others view on KREIA here in Louisville, everyone there has an agenda it seems. However if any other Louisville investors wanted to get together for a beer one night I always like to chat real estate topics. We could start our own informal investor group?

Chuck,
Thanks for posting the pictures and the numbers behind the properties. I also currently live in the highlands in half a duplex. You have done some really nice rehabs. Do you do the work yourself or hire it all out?

I have one property downtown that cash flows like crazy. I’m even closer to or in the war zone though. Its on 3517 West Ky. Bought it was 13,200 and after about 1,000 dollars in updates it rents for 575-600. The tenants I have dealt with and the general area has provided some difficulties though. I plan to make that my only west end property because of this. I took a loan out on it for 36K though so i'll be keeping it for awhile. I haven’t done section 8 yet, but may try to do that for the next tenant.

However I do think there are deals to find in better areas. Have you looked around Church Hill downs at all? Not to bad an area especially on certain streets. For 40K you can get a 3/1 that’s nearly ready to rent.

I recently looked at a pretty good one off Payne Street for 40K which is an even better area. Probably needed 25K in rehab but it would have pulled good rents. I ended up passing though because I wanted something a little cheaper.

I just purchased a property off Davies Ave by U of L. Again not the best area but an improvement over the West End and I think the street is up and coming. Lots of other rehabs going on right now on the street. Paid 9,200, rehab is going to be around 12,000 to 13,000 but it should pull in 550-600. There is also the hope that The Bellamy will expand and buy the street.

I assume you can send private messages on BP but I don’t know how. If you want to shoot me your email address we might be able to help each other find deals. If I buy anything you send my way i'm happy to kick in a bird dog fee.

Thanks,

Dan