All Forum Posts by: Tim Brown

Similar to the Event Space, I'm not sure of the demand for STR in the area. I did a random search for a week on airbnb and the low end was $60 a night and the high end was $110.

Once we have an idea of which way to go ( Event Space, STR, sell it ), then I can work with contractors to plan the renovation. I did a full rehab on an 800sq ft house 8 years ago and did too much of the work my self (electrical, plumbing, windows, flooring, floor joists.)

The home has a basement under most and part is a crawl space.  

Plumbing - works, needs updates

Electrical - 100amp service ( 200amp is a must ). 

Roofing - needs roof ( no leaks yet, I've been in the attic )

Windows - ugh

Saw a house with a For Sale by Owner sign in a yard with tall grass and after some drama, we have a house.

We have dealt with long term rentals for over 15 years, but not aggressively ( keep them rented and do some improvements ).

This "old house" needs, updated HVAC, new roof, new kitchen, some broken windows, upgraded electrical, water run off issues...

I'm just starting to clear the house out with multiple dumpsters and starting to get quotes.  

Stats on the house:

Approximately 2400 square ft.

1st floor - 

           - two full bathrooms, 1 large living room (14x16), 1 small living room (10x12), and kitchen(10x12)

2nd floor

            - One large bedroom (14x16)

            - Two smaller bedrooms upstairs, but you have to walk through one bedroom to get to the other.

Comps in the area range from 220k - 300k.

Rentals Comps would be 1700 - 2200.

The front of the house seems like it would be "picturesque" for small venue events.  I am currently tearing through videos and websites to try and gauge demand for such things.

Oh, and I'm getting information together to see about rezoning as the property is currently R2 and for Event Space Rentals it needs to be B1 or B2.

How can I go about gauging demand for small event spaces in the area ( I'm guessing the house occupancy at 40 )?  I'm working on calling a list of event planners to see if they will share any information.

As long as I have a plan before renovations, then I think my worse case scenario is that I spend some time, learn some things, and sell it.

Just saw this on the local news this morning.

Nothing changed yet, but maybe soon.

https://louisvilleky.gov/government/planning-design/middle-h...

I saw this house and I think someone could flip it and net about 30k or more.  The house is selling for 288k, but I think if it was repaired and staged it would bring 350k.  I think the repairs/updates would be less than 10k.

This house has a water leak below its front door and I think a drainage issue from front to back.  The front door is simple: the storm doors/front doors are two foot into the house.  When you are outside and standing at the front door, then you are standing above the basement.  Some homes in the neighborhood have reworked the front doors and pushed them out to the foundation line. 
The drainage should be simple as the yards behind this house sit lower.

This house is a ranch at about 1900 square feet with a walk out basement that  has a two car garage.  The listing says 3200ft as they are counting the finished basement.

https://www.realtor.com/realestateandhomes-detail/3506-Tony-...

If this post should have been somewhere else, then I apologize.

bump

I was hoping for some recommendations on Property Mgmt. Companies in the Louisville, KY area.

Yes, I definitely need to find tax help.

Thanks for the quick responses.  I check out a depreciation calculator and review the tax laws for the state to try to get an idea of my 1st year deductions.

Doing some estimates, I think I can get rental-ready this month, but finances will need to be crunched.

What are the tax benefits on 60k invested into a single family home that I plan to rent out?  This is my first rehab.  We have had one rental for years and finally decided to venture out.

I'm just looking for guess-estimate for the Louisville, KY area.

Saw this story and thought that I would pass it on.  Maybe some owners are looking to sell.

http://www.wave3.com/2018/09/18/audit-reveals-problems-section-housing-louisville/

I saw a sign advertising a couple of rentals and when I called to ask for information and if the property had pictures online they person responded that it was listed on realtor.com and that if I sent a pic of my license they would send me the address.

??? If I know the area and know it's on realtor.com, then ...

Is it normal to ask for a pic of your license before sending info about your rental???? Seems weird.