All Forum Posts by: Stacy M.

Welcome to BiggerPockets, Stacy! 

@Stacy M. Welcome to the BP forums! I'm here to help and provide insights for all things Kentucky. Finding investment properties in Lexington can be challenging right now, which is typical in many places. However, Lexington is one of the best cities for property appreciation you could hope for. Consider exploring the surrounding counties around Lex as well. The key to finding good deals is to remain open to alternative investment strategies and consider all potential deal sources.

Stacy,

Welcome to the BP forum & Kentucky has a lot of great REI opportunities. Feel free to add me to your Network and if you ever have any questions feel free to email me or reach out. I enjoy helping new investors learn the new programs and loopholes. A lot of mistakes can be made if you do not talk to the right people and use preventive maintenance to avoid problems.

Multifamily rentals are a great way to use the more doors more cash flow method. You also get to use the other doors rents per month as income (75% of each door) towards your income to qualify.

A lot of the secrets comes from the ability to do the math on the deals prior to putting in an offer. Run the common rent comps and compare that to your PITI and overall costs to analyze cash flow. You also want to look at the property from an future equity position and evaluate the ARV.

The ARV or "After Repair/Renovations Value" to see how much it will cost to renovate and what it will be worth after the fact. You can see the cost perspective and the equity available to pull out through a "Cash out refinance" or Heloc. The cash out is to recoup your initial contribution and some for the next down payment.

Some other secrets are programs investors can use to save money on downpayments or to buy more properties without having to use income like Non/QM (DSCR or Bank statement programs). Knowing more Bigger pockets members also helps find off market properties or whole salers and Realtors to help find good deals.