All Forum Posts by: Erik Hitzelberger

Forget the lists, etc.  If you are not going to buy for a year, you should focus on narrowing down the area and type of property.  This is easily done by driving the neighborhoods.  Your target areas are pretty small.  Drive through Old Louisville.  Check out the areas west (not too far) and south of campus.  That will take about an hour.  Spend a little more time in Germantown to figure out what streets are good and what ones need a little more development.  Finally, eat, drink, and hangout in the highlands.  See what all of the fuss is about.  The house you see in each of the 4 areas I just mentioned are distinctly different.  So are the tenants.  If you are going to live in the house, your time would be well-spent checking out the people who may be your tenants. 

If you are really set on MF, focus your search inside the Watterson (I-264 and east of 6th St.  This leaves parts of zip codes 40203, 40208, and 40214 (not much there) as well as 40204, 40205, 40206, and 40207.  If you are going to look in the Highlands, bring your checkbook.  Good luck!

Hi Bryan,

Sounds like you have a good start on the 'fire your boss' thing.  What type of properties / price range do you like?  We are buying several each month, but do come across some that don't quite fit our business model.  

Regards,

Erik 

Hi Justin.  I lived in Shepherdsville for a few years before moving to Middletown.  Still like to invest in that area though.  Let me know if I can help in any way. 

John,

@Steve Osowiczoffers sage advice.  If you want to be a FT real estate agent, spend the time to get your license and learn how to do the job well.  In fact, find an area or a niche and be an expert at it.  Once, you've got that down transition into flipping or renting.  I too see many people would-be investors or agents put themselves in a position where success is almost impossible because they try to do too many different things at once.  Being kind of good as an agent, a rehabber and a landlord will lead to financial ruin while being damn good at any one of them can lead to success.

Good luck!

Erik

I'd encourage you to define your goals a little more before going too far. Determine whether maximizing cash flow today is more important than low-maintenance housing. Decide on the type of tenant you want to deal with. And, figure out how much time you really have to spend on REI. These few things will help guide you to investments that fit in your goals and lifestyle.

To answer the question of where you might find homes <100K that rent easily, try 40216, 40258, 40272, 40229, 40219, 40214, 40208 (be careful), 40291, and if you are lucky 40220, 40222, 40299 or 40241.  

Mike Grinnan - 9900 Corporate Campus Dr - BP won't let me add the phone number. Mike is very well-versed in REI.

Sean,

We are trying to buy 30-50 properties this year.  I'll take whatever deals you've got.

Regards,

Erik

@Chuck B. I have a 3/2 off of Heywood near UoL and Churchhill.  Under normal conditions it would rent for $800-900/month.  I get ~$90-110 / night with discounts for extended stays.  Last summer I had 1 guest for 6 weeks and another for 3.  Aug-Nov were really strong.  This was mainly due to people coming in for music festivals and/or activities at the Expo center.  December was $0.00.  The house is already rented for Derby at $800 / night.  Obviously, you need to factor in utilities as well as any disposable (soap, paper towels, toilet paper, etc) supplies you are going to supply.  I rented the furniture initially , but am now purchasing certain items to lower the monthly operating cost.  I've only had 1 bad experience.  Someone stole all of the towels, pots/pans, and a few other things.  Even under those conditions, the house has produced more than it did as a standard rental.     

Hi Dana!  I didn't really intend to be a landlord at first either.  After 7 years, I guess I can't call it accidental any more though.  I started with Airbnb mid-year last year and have generally had a good experience.  Let me know if you ever want to get together and talk.