$50k HOUSE?? AMAZING! CA SINGLE MOM NEEDS ADVICE! (Louisville, Fern Creek: real estate, foreclose)

[Momandboys]

Hello,

I have 2 young boys and live in California. I want to relocate to somewhere cheaper. I saw houses near Dupont Manual High School for $50,000. I can't believe this! Is it safe?

My ex walked out on us 9 months ago for another woman and he is giving us less and less. It is very painful. At the same time, he said he will block us from relocating to another state until the boys are older.

My plan is: Buy a very affordable house in a safe area (I like the Dupont H.S.), rent it out and let it pay itself off. Then, when the boys are older, we will relocate here. The boys can have home near a good highschool.

I simply can't believe the cost of the houses...some were on Floyd Street, 7th street and Taylor. Is it safe? There is a duplex for 80K. If I bought that, I could have a home and rental income!

Please, any insight is GREATLY Appreciated! I have been studying real estate investing on all my free time. This appears to be the only way out of future poverty/hardship with my boys.

THANKS!!

[tomocox]

Yes, there are $ 50k homes in the Louisville market, some can be excellent buys, especially if there is a fix-up capability. I won't try to quote averages, etc, but as with any metropolitan market, values can be all over the board. What I am saying is don't just buy on the list price, but look extensively at the micro-market.

[censusdata]

Floyd Street is a safe area, avoid Taylor Blvd or 7th Street. An even safer area is St Joseph, which is just East of the Univ. of Louisville. There are many shotgun houses available there for the same price range.

Areas to avoid


Areas I'd recommend:

[missymomof3]

I have to second the 7th and Taylor. That area is full of strip clubs if nothing else.

[censusdata]

Momandboys, you should also know that schools like DuPont Manual and Louisville Male are magnet schools, which takes students based on test results and not based on where you live, so living nearby doesn't help in getting admitted.

Butler HS is a neighborhood school which is one of the city's best (ranks 21st in the state). It is also in an affordable area (Shively)

[tomocox]

Originally Posted by Momandboys

Hello,

I have 2 young boys and live in California. I want to relocate to somewhere cheaper. I saw houses near Dupont Manual High School for $50,000. I can't believe this! Is it safe?

My ex walked out on us 9 months ago for another woman and he is giving us less and less. It is very painful. At the same time, he said he will block us from relocating to another state until the boys are older.

My plan is: Buy a very affordable house in a safe area (I like the Dupont H.S.), rent it out and let it pay itself off. Then, when the boys are older, we will relocate here. The boys can have home near a good highschool.

I simply can't believe the cost of the houses...some were on Floyd Street, 7th street and Taylor. Is it safe? There is a duplex for 80K. If I bought that, I could have a home and rental income!

Please, any insight is GREATLY Appreciated! I have been studying real estate investing on all my free time. This appears to be the only way out of future poverty/hardship with my boys.

THANKS!!

Mom, I must encourage you to be cautious with your plan. I am a landlord and my firm does professional property management. I applaud your entreprenueral desires, but being a landlord is rarely a long distance business.

[missymomof3]

Originally Posted by censusdata

Momandboys, you should also know that schools like DuPont Manual and Louisville Male are magnet schools, which takes students based on test results and not based on where you live, so living nearby doesn't help in getting admitted.

Butler HS is a neighborhood school which is one of the city's best (ranks 21st in the state). It is also in an affordable area (Shively)

Butler is where my daughter will be going next year

[Momandboys]

Hello,

Thanks for all your information...especially the maps. Tomocox, perhaps you could leave me your telephone number for more information on areas and more on your property managment business.

I have been tracking the housing market, and reading lots of books on investing. I live in California...outrageous out here.

It appears the market will go much lower as supposedly 1 million more homes are predicted to foreclose. I hope to buy one or two properties when the housing market "bottoms out", rent them out and have them for the future. I must do something for my boys, or I'll be over 50 years old in California with nothing!

Any other insight into any good , very safe, areas of Louisville for around $80K (not a fixer upper...I don't know rehabbing) but a large lot with a simple home would be great for my boys to run around in!

The other choice is Evansville which seems a bit isolated.

Thanks!

[frankmaraschino]

Originally Posted by Momandboys

Hello,

Thanks for all your information...especially the maps. Tomocox, perhaps you could leave me your telephone number for more information on areas and more on your property managment business.

I have been tracking the housing market, and reading lots of books on investing. I live in California...outrageous out here.

It appears the market will go much lower as supposedly 1 million more homes are predicted to foreclose. I hope to buy one or two properties when the housing market "bottoms out", rent them out and have them for the future. I must do something for my boys, or I'll be over 50 years old in California with nothing!

Any other insight into any good , very safe, areas of Louisville for around $80K (not a fixer upper...I don't know rehabbing) but a large lot with a simple home would be great for my boys to run around in!

The other choice is Evansville which seems a bit isolated.

Thanks!

Floyd has some sketchy parts to it as well. The area north of U of L to downtown, east of 1st Street and west of the railroad tracks between Swan and Logan is an area known locally as Smoketown. Great housing stock, actually, but largely inhabited by a class of people who don't exactly do wonders for property value. The problem with Smoketown, in my view, is the housing projects in that neighborhood, which need to be leveled like the Clarksdale projects. That entire area is liable to stagnate until it happens.

[gelliott0002]

I have to agree with frankmaraschino, Smoketown is not a good place to live when I was younger I live there with my grandparents and their was alot of drug transactions. But a nice place to live is Fern Creek its not as close to downtown but it is safe and has alot of beautiful areas.Also they have a high school named Fern Creek and the community puts alot money and time into that school so just keep that in mind for your boys.