All Forum Posts by: James Wilcox

Welcome @Bryan Gay! You have definitely come to the right place. 

@Derek Woods ask whatever you want in an inbox message. I would be happy to share any info that I can. This thread is specifically about Lexington so probably isn't fair to hijack the thread to go to a different topic.

Like @Derek Woods has said, it is possible. A home just sold for 10k a short while a go. However, the properties that would fall in that price range are not going to be in the best shape and the tenants you would be renting to may not be of the best quality. If you are into it, Section 8 tenants will pay at least what the government gives them so you are guaranteed at least some of the rent amount. I would advise raising the bar on your price of a home though in this Lexington, KY region. Lexington imo is not what I would call "quickly growing" but is consistently on an upward trend like most major cites. It has weathered the real estate downturn well and will always be a good area (large college campus). However, being able to find really good cashflow in this area can be very difficult. The BRRR strategy that @Brandon Turner preaches would maybe be something to consider with your price range.

If you are looking to only cater to off campus student housing now would be a good time to pull the trigger on that one. UK is closing two, large student dorms (with no plans yet on what they are going to do with them) and will be putting a lot of students out of a roof over their head come this fall semester. 

If you would like a better ROI for that money I would suggest much like Derek has to look to the areas around Lexington more. If you are looking at Berea I could probably give a comment on that as well since I graduated from that very college lol (small world).

it's possible but you get what you pay for lol. 

@Brandon Turner

 I found it thx.

Pretty sure if you just type it into a search engine it will bring up the places in your state. Costs I believe around 550-650ish with 96 hours to accomplish. Pretty sure the actual test is extra. There should be an online only option or ones that can be done online with around 35 hours in classroom time.

Welcome @Ja'Co Johnson! I 100% support everything @James Wise has said. You will need to build your credit to show a loaner you can pay your bills. 

One thing you can do here locally is check out the SCORE program. They offer free mentors that can help give you a better idea of what you might be getting into. Also your local REI club is a good place to get some more information on the subject as well.

This is the Lexington REI club

https://www.facebook.com/LexingtonWealthBuilders?f...

Where do you put the taxes into the BP rental calculator? I put it under expenses other broken into monthly payments for the annual amount. Is there a field I am missing?

since you are out of Louisville I would look into Park Community Credit Union since they are the biggest credit union out of that area. I like CU over banks. I think they have a first time home buyer program and since you have good credit probably you get in. Food for thought some straight Mortage firms maybe an option as well @Samuel Ault

@Stephanie Cederdahl welcome to the community! If you think you want to have some third party opinions on a property you are looking at the Real Estate Deal Analysis and Advice category is a great place to post it. GL and best of luck from an investor in Lexington, KY.

http://www.biggerpockets.com/forums/88-real-estate...