All Forum Posts by: James Wilcox

that is doing the BRRR out in kentucky

 Who is the primary clientele? There is a level 1 trauma center in louisville. Have you done medium term rentals for traveling nurses?  What areas in kentuckly do you do rentals? 

Hello all, This seems like a good thread to post a question about a property I have under contract in KY. It is a sub-to deal and I am struggling to find an attorney or title company who will actually do a sub-to deal with/for me. So far they all tell me I have to get permission to assume the mortgage and be approved by the lender, which sorta defeats the purpose of sub-to. Anyone here have a recommendation for a great atty and/or title company who can assist and works with investors doing creative finance?? Thanks in advance! 

The property is an 12 plex all 2/1 listed for 1 million. No repairs need to be made.

I am a well qualified buyer looking for a 20% down loan with at least 25 year amortization. Let me know if this sounds like something you would be interested in.

Hi! I recently visited Lexington KY and was brought to the Melrose/Oakpark area near the new distillery area. I was looking for any information on that area as far as it being a good investment area for long term rentals. I was also looking for an agent to help me in that area as well as for purchasing land in the Cynthiana area (to hopefully build for personal use). Thanks!

@James Wilcox I'm On the TN/KY border in Orlinda TN. I prefer to build in Franklin but will go to other areas. BG cost per foot is high to build vs Franklin  (labor and lot cost) and BG has it's share of New construction sitting not going anywhere also. Yet they keep building. 

I looked at lots in a almost finished subdivision in Scottsville in October. None of the houses that were listed for sale have sold as of couple weeks ago when I last looked. 

I just hung up with a  BG agent who has some new construction lisitngs in Franklin, asked if these houses were listed before the builder broke ground or has it/they been sitting there finished for 250 days. Realtors response was it/they were just dry walled when listed, and  Franklin like other places is a bit oversaturated with new construction at the moment and the higher rates are not helping any. 

I live on the TN/KY border. I build in southern KY, don't want the hassle and expense of getting a TN GC license. Anywhere from $250k up in new construction. I have been watching it in southern KY since late '22 when I stopped building. Took me 6 months to sell 2 new construction houses and had to mark them down 1-$30k and the other $40k but by the grace of GOD, I still made a great profit, and was able to move on. 

I kept watching the market and had calls from developers trying to sell lots. I'd see 70 new constructions at a time just sitting there with maybe 10 under contract and no guarantee they'd close. 

Then I started watching the TN rehab market, and how fast they were selling. That's where I need to be. Still can't find a deal in TN. 

I haven't tried to find a flip/deal in KY yet but I'm afraid it'd be the same thing. Too many people trying to do it and overpaying from the start, or not knowing what they are doing, just saw it on TV and think they can do it.  

Best way to make your choice, get quotes for both and while doing so ask the vendors what are the pros and cons to each. Then do the research to verify what they told you is right. Split will be cheaper and central will be more expensive but besides easy comparison, ask about maintenance on each. What the warranty is for each. Now with technology, you can remotely manage split units. 

I'm probably running into this issue with an STR in Kentucky. It has window mounted AC units. I am already leaning towards the split units for 4 rooms. But I am keeping my options open with the central AC unit.