All Forum Posts by: Tara Sienkiewicz

I, too, would look for a multi family property. If a million/12 door is intimidating, perhaps even start with a 4, 5 or 6 apartment house. You’ll put 20% down on a 20 year note, and keep a healthy chunk of cash reserves and you’ll be off to the races!

Danny Branham at Bank of Lexington or Matt White at People’s Exchange, both in Lex.

Okay, it sounds like you now need a 20 ft. wide alley access in order for the property to be a building lot. I would start by hiring either a local real estate attorney or local engineer or architect who regularly navigates these waters. Perhaps meet with a few, shake a lot of hands, and hire one to help you. I would also ask the city planner and/or fire marshall to meet you back out at the property and ask their advice - as if it were their property - then ask who they would hire. Treat them like the experts, give them some power, and simply ignore your own opinion that they’re trying to fight you. If you start with the mindset they’re fighting you, you’ll prove yourself right. Ask them, “how can I make this access road wider?” I’m of the firm opinion that you’ll get more flies with sugar than with vinegar. 

Yes, that’s a fair price! We always use John Bain, but he is a fine-tooth comb. We just like to know everything, but some people become discouraged by his inspections. Don’t! Just take comfort that he’s the most thorough. 

Definitely house hack! Look for a duplex, triplex or multi family (depending on how much money for a down payment you have). My hubby and I house hacked during our twenties/early thirties and it’s such a great start. You learn about being a landlord while being right on the property. Definitely find a realtor (we love Lisa Peel), and tell him/her your parameters. Good luck! Lexington is such a great big “small town.” 

We’re here! Which part of Kentucky? 

Hi Katie, I live in Lexington and own rentals here. I personally would not buy close to New Circle off of N. Limestone especially for a first property. The closer to downtown you get, the better. This is certainly a burgeoning area, and one to watch, but it hasn’t made it out to New Circle yet. On Noth Limestone, I would aim for Loudon Ave and between the “numbered” streets like 7th, 6th, 5th and lower. 

Hi David,

I'm a native Lexingtonian and a buy-and-hold type investor (as of now).  Let me first say that I LOVE what you're trying to do.  My husband and I used to live downtown, we own apartments downtown and on UK's campus and theres such interest in people living and staying downtown.  There aren't super terrible areas anywhere here, but I agree with the above-posters that some streets are unsafer than others.  I would think an area you might want to expand your search is along Jefferson Street, West Sixth and streets in between.  There are older shotgun style houses that investors are getting deals on before rehabbing and either flipping, or renting.  This area is walkable to bars, etc.  I think Manchester Street is a good bet.  That area is crazy hopping right now - although there aren't many existing houses around there.  NoLi is a really cool burgeoning area, but if you buy there, I wouldn't stray from Limestone itself.  The streets off (East 5th, 6th, 7th and 8th), are all still pretty rough.    Please don't give up on your idea - maybe try a couple of different agents who understand your vibe.  It sounds like you've gotten discouraging advice about areas from some of them.  Joy Moore is a great downtown go-to.  About Loudoun/3rd - there's a new bus depot and lots of push to "gentrify" this area, so you actually might be a bit ahead of the curve here.  There are lots of new sidewalks, etc, but the closer you get to Loudon, the less walkable to downtown it becomes.  I might also expand my search behind Rupp Arena, the "Newtown Pike extension," which is near Alltech.  Good luck - Lex is lucky to have someone like you interested in doing this! 

Hi @Ben Knuckles - there is a good guy in Frankfort named Taylor Marshall.  He's a realtor, too, but mainly an investor, I believe.  I know he owns properties and he might be able to recommend someone.  I don't think he's on here, but you might have luck just googling his name?

You can attach an "Assignment of Rent and Security Deposits" to your purchase agreement, which would basically state that any and all security deposits held in escrow need to be transferred to you.  In our case, the seller just wrote a separate check for the amount of security deposit money held in escrow.  We sent the tenants a letter, attaching the assignment of rent and they simply made the check out to a different person on the next month.  If you want to be super-picky, you could ask for a prorated amount of rent from the seller, based on what day you're closing, if he/she has already collected for the month.