All Forum Posts by: Sean Williams

Also, I believe as of March 1st, 2019, Planning & Zoning for Jefferson Co now has a more strict ordinance for short-term rentals which will require some variation of a Conditional Use Permit (CUP) regardless if the property is your primary residence or not. 

Funny - I was actually there yesterday filing the paperwork (pre-app for CUP) for a property of mine within a stone's throw of Churchill. It won't be ready in time for Derby, but eventually it would make a killer Airbnb given the proximity to UofL, the baseball stadium and Churchill Downs. There's some serious money to be made around there that time of year if you do it right!

Here's the site you may want to brush up on: https://louisvilleky.gov/government/planning-design/short-term-rental-information

Pre-MLS, Turn-Key Rental

**TOTAL RENOVATION**

Gorgeous 3 Bed, 1 Bath Ranch boasting over 1,350+ sqft

**New Windows**New Roof**New Exterior Siding**New HVAC**New Water Heater**

Fresh Paint and Beautiful Plank Flooring Throughout

Updated Cabinetry and Brand New Appliances

Open Layout between the Eat-In Kitchen and Living Rooms

Bonus Room could easily be converted into a 4th Bedroom

Popular Area of Rentals

$129,900

Come finish this off-market rehab in Prospect, KY--one of the wealthiest areas on the outskirts of Louisville, KY. Also situated in one of the most highly sought after school districts--Goshen Elementary Schools.

*Walk-out Ranch on half acre, corner lot

*2,590 sqft on the 1st floor, and potentially 1,000 in the basement.

*Entire exterior has been COMPLETELY redone already: New Siding, New Roof and Wrapped Soffits, New Gutters, New Concrete Porch and New Windows.

*Inside is gutted, framed and ready to be finished. Most of electrical and plumbing has been addressed. 4-5 potential bedrooms with 3 Full Baths. Two 1st Floor Master Suite options, plus plans are included for an Eat-in Kitchen. 

*4 Car Attached Garage in the lower level, outside has a deck around the rear.

Other highlights:

Fireplace

Formal Dining

Vaulted Ceilings

Covered Front Porch

Mature Trees

Goshen Elementary School

ARV is in the $350k+ ballpark. This neighborhood is surrounded by homes going for $350-450k+ that are nowhere as nice as this one could be.

2 properties next door to each other, could potentially be purchased together or separately. Working with 2 different sellers.

#1 is a 14 Unit Apartment (all units individually metered)

*townhome style units
*some units have individual garages
*exceptionally maintained property
*gross potential rent - $114,600/yr
*offered at $850k

#2 is a 13 Unit Apartment

*2 Bed / 1Ba and 1 Bed/1Ba units (1Br units have utilities included)
*gross potential rent - $77,400/yr
*offered at $525k

Detailed financials provided with signed Non-Disclosure Agreement in addition to proof of funds an/or financing commitment letter.

Don't forget about the previous owners right of redemption!

Funny you mention them, that's the exact company I am trying to get away from!! Yes, the service and response time has been quick when it comes to getting my money and answer questions upfront, but once we filed a claim everything changed. They are just the agent, therefore the claim is handled by the insurance company (you'll need to actually see who you were brokered out to). Then they contracted a 3rd party adjuster that has been nothing short of terrible. 0 communication and many lies along the way. This claim started in September (large fire claim), the job was finished in January....and we're still sitting in limbo. I have to call every single day, and can never get a straight answer :( 

I went searching for this topic in the forums but have not had much luck...

When purchasing the replacement property via a 1031, is it possible to use some of the excess funds within the 1031 to perform repairs on the new property?

Example:

I will have about $40k sitting in a 1031,  and will need about $30k for down payment, closing costs etc for the new replacement property we are purchasing. Instead of trying to utilize the remaining $10k on acquisition of property #2, could we make $10k worth of repairs or upgrades to the first replacement property (roof, Kitchen etc) that would make it more attractive to a tenant and/or increase the value? How would this be accomplished correctly?

Currently looking to switch insurance carriers on my rental properties here in Louisville, KY as the current provider I have is absolutely terrible (not naming any names, yet - until I switch atleast lol). Everything has been fine and dandy until real life hit and I ran into a large claim. The process resolving the claim has been more than a nightmare to say the.

I have heard many seasoned vets and others rave about KY Farm Bureau; however their caveat is that you must have your personal auto & home with them. At the moment I am not quite ready to make that jump b/c I am overly satisfied with my current personal insurance provider.

Just seeking suggestions on carriers and agents here in town to make a switch. Floors open....

Yes it is, let me know if you want to take a look.

@Jay Leisten on another note, I've got alot of good friends over there at Semonin...I must of just missed you when I left in 2016 after being there 8 years. Lots of good people!