All Forum Posts by: Pavel Reyes Valdes

That's a great rental area, close to UofL and to Sports facilities, it's located next to I-264. People there are mostly blue collar workers with a mix between Homeowners and renters. I would buy a house in that area all day long if the deal is right.

Pavel

@Lindsay Galey Now I understand your numbers a lot better. Location is prime in this case and that's why their price is so high. I think your best option is to follow other's advice here and just run the numbers that make sense for you and submit your best offer. If they won't take it, move on. Louisville's market for MF is getting hotter and hotter.

I think that the best advice for you looking for MF in that area will come from @Michael Seeker. He owns several units in Old Louisville and the Highlands and will tell you a ballpark opinion about price with a quick analysis.

If you ever need some help with comps or ARV just send me a PM and I will be glad to help.

Pavel

Hi, I would like to help you look into it, but without the address or at least the location is hard to give you an opinion about price. The amount you are using for down payment does not come even close to 5%. What kind of loan are you looking for? I'm assuming you are shooting for an FHA Loan with 3.5% down.

You will need to factor in your PMI, but some lenders will give you a loan with a Lender paid PMI if you are willing to take a higher interest rate.

If you cannot get the property for a price close to what you need, you will have to move on to the next one or put more money down to make the numbers work.

Your monthly income seems pretty low also. In Louisville, a 1 bedroom apartment in a not so good location rents for no less than $550.00 a month. Same location for a two bedroom 1 bath rents aroung $600-$650 a month. 

Send me a PM with the actual address and your rents so I can give you a more accurate opinion.

Regards,

Pavel

As of questions, if you want to be focus more on investing than in being a Realtor, you should ask your Broker what is their policy or split when you buy or sell your own deals. In my case I only pay a nominal Brokerage fee of $175.00.

You would also want to know whether they have an issue with wholesaling and with you managing your own properties. Good luck on your new endeavors and reach out any time.

PM me. I don't think BP allows that in the Forums

Are you looking for a Wholesaler or a Real Estate Agent?. A person can be both, but is not always the case. 

Good luck

I'm not a CPA, but based on my experience I would say that this has something to do with the type of entity you filed for. I have a single member LLC that I formed back in 2013. I have never had to pay the $175/year because this is not a partnership and my LLC is a pass through entity that reports taxex through my personal tax return. You should check with your CPA or Tax professional to see if there is a way around your situation.

Best of lucks for you.

Hi Steve,

I do have my own business and also as I'm a Licensed Real Estate Agent under a brokerage I work for their Property Management entity doing tenant placement for them. I manage SFR for several investors in town.

Ho Steve. If I can be of help, send me a PM and let's talk

If I can be of any help just PM me.