We closed on our first rental, in Louisville, KY, about a month ago. It's located in a central area, near downtown, that is a strong rental area. There does appear to a chance of some significant appreciation; some investors have been successful fixing and flipping some of the larger homes in the neighborhood. Regardless, it should prove to be a consistently cash flowing property.
In the purchasing process, we fell into a relationship with an agent/property manager who has become a mentor of sorts. This guy has been in the biz for 50 years and he is a wealth of information and resources. He pointed us to a lender that we wouldn't have reached out to otherwise. We financed with a 30 year conventional, and look forward to working with that lender in the future.
We are now dealing with unexpected/overlooked yard issues: A giant rotting tree that had to be removed; glass and garbage in the grass and ground covering; a dilapidated fence with carpenter ants; trees/weeds that have grown through chain link fencing; graffiti on a fence.
Even with all of those nuisances we hope to start advertising by November.
Lots of work, but very well worth it, thus far.
