All Forum Posts by: Walt Waters

@Walt Waters - we have a very thorough tenant-screening process as well as a part-time property manager. We are not at the scale where we need someone full-time, but agree that having local property management is key.

Appreciate the response and your initial suggestions. Very helpful indeed.

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Originally posted by @Diane Bartley:

Welcome to BP, @Walt Waters!

I am an out of town investor (with family ties to Louisville) and, with a partner, have purchased several smaller (5-unit and under) multi-family properties in nice Louisville neighborhoods in the past 2 years.

Good ones do come up on MLS, so don't give up. Of course the areas you are mentioning are in very high demand, so anything good there goes quickly. Best way to proceed is to check MLS daily, have your financial analysis/model ironed out and ready to plug in numbers once you see an actual property so you can make a quick decision, have a great realtor (like Mya Neubauer - you can find her through BP) ready to take you through available properties ASAP/preferably the day they're listed, have your financing lined up, and be ready to make an offer same day when you see a good one.

Good luck!

As an out of town investor how do maintain your property and make sure it doesn't turn into a drug den without hiring a full-time on-site manager? It seems even having multiple 5-unit properties would not be enough revenue to keep a single person employed and still make a profit.

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Originally posted by @Kelly Bankes:

A good way to start might be to narrow down your parameters--what area of town, what's your budget, etc. and then seek a mentor who's done something similar that can walk alongside you as you begin.

Those are good suggestions Kelly. However, I've come up empty handed in searching for 4-plex units in Louisville. It seems the only options are 8-plex in shady neighborhoods or you need deep pockets for 40-unit+ apartment complexes and up.

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Originally posted by @Joe Fairless:

@Walt Waterswelcome to BP. I'm just up the road from you in Cincinnati. Are you planning on living in one of the units of your 4-plex?

That's correct Joe. I think living in one unit of a 4-plex would be an ideal situation for me at the moment. I have the cash on hand to put a down-payment on a standard 4-plex building and I can qualify for an FHA loan (to my understanding) since it will be my first home. Unfortunately, there are no 4-plex buildings for sale in the entire city of Louisville! Even if there were, my area of residence would be somewhere near the highlands, st. mathews, downtown (east of floyd street) or Crescent hills. There's just not many options now, I'm afraid.

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I'm a full time employee at a research institution in Louisville who's interested in owning a small multi-family (4 unit max) as a way to gain experience as a landlord. I want to see if I can handle dealing with tenants, upkeeps, repairs, acts of god, etc. Ultimately, I'm interested in owning or leasing an apartment complex as a means to bring in consistent cash flow outside of my other investments.

I look forward to engaging discussions about this topic with members of this forum. I have already benefited from your wisdom by lurking here in the past few days. Thanks.

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All Forum Posts by: Walt Waters

Walt Waters has started 2 posts and replied 15 times.

Post: Hello from Louisville Kentucky

Post: Hello from Louisville Kentucky

Post: Hello from Louisville Kentucky

Post: Hello from Louisville Kentucky

Post: Hello from Louisville Kentucky