In a lot of ways, answering questions about Louisville is easy. When people ask where they can find great food, I send them by the river. When people ask where they can find a historic music place, I send them to the Palace. When they ask where they can find some good “Lewis-ville” history, I tell them: in another city.
But when it comes to finding the best Louisville KY investment properties, well, that’s another story. It’s like asking people who is going to win the Derby: everyone has an opinion, everyone has a hot tip, and everyone has a sure thing.
The thing about sure things is that there are no such things. That’s why when you are looking for investment properties around here, you have to be able to maximize potential while minimizing risks to your time or your pocketbook. So take a look at some options, and find which one is right for you.
4 Ways To Find Louisville KY Investment Properties
Everyone finds their investment properties a little differently. Here are a few ways that people I know like to work. Every method has its pros and cons.
Jefferson County Sheriff Sales
Jefferson County sheriff sales happen on Fridays at 1PM, at the Jefferson County Judicial Center over on Jefferson Street. If there’s one word you need to remember here, it’s clearly “Jefferson.”
But you’re going to have to be doing a lot more remembering. These are huge sales. An upcoming one has over 60 properties on it, which means there is a lot to keep track of. This can be positive, since it offers a lot of opportunities, but there are some drawbacks as well.
One option is bidding on a lot of places to increase your chances of getting one. The problem there is spreading yourself too thin. The other option is to focus just on one, but then you risk either going home with nothing or overpaying because all of your eggs are in that basket. There is also generally pretty stiff competition at sheriff auctions, including from banks and larger investment groups.
Multiple Listing Services (MLS)
An MLS shows you all the given houses for sale in any area. But, that depends who “you” are. If you are a licensed agent, of course, it’s at your fingertips. It’s hard for a regular investor to get a hold of MLS information directly, and if you get it through an agent, you’ll likely be on the hook for paying commission. But, you’ll get pretty comprehensive information. You can sort by price, area, the listing date, and more. And, you can even sort by foreclosure status.
What you can’t do, though, is see who is thinking they need to sell, or who has a distressed home. So that means only finding homes that are already on the market and being looked at by every other investor out there. That really ramps up the competition aspect.
Louisville Investors Meetups
I like going to Meetups. I like meeting people. And, there are some good people in Louisville real estate investing. Anytime I go to an in-person meetup, I learn something. At a recent one, I talked to a woman who gave me amazing tips on the best front railings to install for improving curb appeal. The networking is always great.
What I don’t always get is good leads. That makes sense. While we’re all sharing ideas, we’re also all looking for the same thing: a good house at a great price. No one is going to give you their deal, and any information you get—Butchertown is up-and-coming!—everyone else does, too. These are valuable for a lot of reasons, but not for leads.
Door to Door
Louisville is probably the northernmost southern town. People here are polite and friendly, and talk to each other. That’s why a lot of investors don’t mind essentially cold-calling people in neighborhoods with high areas of distressed or foreclosed properties. If you can talk to someone, you can understand their situation and find out ways you can work together.
I love talking to people, but am personally not a fan of the cold sell. After all, you are making a lot of assumptions and can come across as too eager, if not outright predatorial. I prefer to offer to buy property when someone wants to sell, not just when I want to buy.
That’s why I stick to a strategy that is pretty simple: avoid wasting time and money a lead generation method that works best for my style, personality, and strengths. There are some people who thrive at auctions, and some people who go door-to-door and come out ahead. But, I have a different strategy.
A Better Way to Find Louisville KY Investment Properties
I used to waste my time with the typical lead generation methods—until I became an independently owned and operated HomeVestors® franchisee. As a franchisee, I get qualified leads delivered directly to me. After all, everyone in Louisville has been seeing the “We Buy Ugly Houses®” ads for years. So, distressed homeowners know who to call when they need out from under an “ugly” situation—franchisees like me.
This still plays to my strength in talking to people. I get to go, talk to them about their options, view and discuss the house, and make a real connection. That’s important to me. But what I don’t have to do is come up unannounced. I wait until they are ready. That makes a big difference.
If you’re interested in being your own boss and playing to your strengths, request information about becoming a HomeVestors® franchisee today. I think you’ll find it’s the best decision you could make.
Each franchise office is independently owned and operated.
HomeVestors of America® is the nation’s only real estate investing franchise, providing business opportunities to real estate and investment professionals across the nation.