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Old 04-17-2008, 08:02 PM
37 posts, read 107,756 times
Reputation: 20



I am a single mom of 2 little boys. We live in California where the median house is 1.8 million dollars. I have been a stay-at-home mom and was supported, but my ex left us for a prostitute and spends a lot of money on her.

My Plan:
I want to buy a home in either Lexington or Louisville for maximum of $125,000 and rent it out. I can come this winter to buy a home. I may even be qualified to buy 2 homes. (The other for about 80K)
When my ex stops the support, I can relocate and have a home waiting for my sons and I, and the smaller house will be a rental investment.

My Dilemma:
This is a major decision...it could be 1 year from now that I can relocate, it could be 10 years from now when I can relocate. My ex is irritated at paying our rent, however, no matter how much I work, I cannot afford the rent ($2,000 per month.)at the same time, he doesn't want the boys to leave.

Advice Needed:
Is Louisville or Lexington the better place for a rental investment with the circumstances I described? I understand Lexington has less agrowth due to the horse farms( hence it is more expensive)...I understand this is good because the housing will keep goingl up. However, Louisville (and Evansville)is much more affordable. What area is best for someone like myself? I would love positive cash flow...but breaking even would be okay.

He is 59 and will eventually retire, refuses to discuss anything and spends most of the time with his new lady in another city. I must make a forward move for the sake of my boys, and I would greatly appreciate any investment advice!! I have researched many areas, and it appears that Evansville, Lousiville or Lexington are the ones I will pick from.

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Old 04-17-2008, 08:36 PM
Location: Nashville, TN
486 posts, read 1,735,693 times
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How old are your boys? Essentially you will be able to rent a place in all 3 cities for the price you are describing. My maternal family lives in Evansville so I'll be happy to answer any questions you have about Lexington or Evansville. I'm not a Louisville expert though. You are correct that Lexington is surrounded by farms and thus growth is not as widespread. Despite this, there is not much difference in rent prices between L'ville and Lexington. Evansville is the cheapest of the 3 cities, but also the most isolated. What amenities are important to you? Is there anything you MUST have in a city? All of these things will affect your decision. Evansville is a typical medium sized midwestern city while Louisville is at the boundary between south and midwest. Lexington is considered by many to be more of a southern city. As for investment advice: Evansville is growing very slowly. It was a booming industrial city about 50 years ago, but many jobs have left the city. Louisville is the largest of the 3 cities with a lot of new developments occurring. Lexington is growing as well and probably would be my pick for where you should invest in. Because I'm 17, you're going to want other people's advice before you decide. I'm more than happy to help, but I'm just getting into the economic world with an investment group (I'm VP) at my high school.
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Old 04-17-2008, 10:10 PM
37 posts, read 107,756 times
Reputation: 20
Hello Teebird!

Good for you to be investing at such a young age!!

1. Safety is a main concern. I understand Lexington is safer, is this true? I would love a neighborhood where my boys can go bike riding alone without worrying about them. and a nice yard for them to play in.

2. Cost of housing...$125K is possible in Louisville in a safe neighborhood...is this possible in Lexington?

3. Being able to rent out the house and hopefully make positive cash flow until I relocate is of great concern.

4. Good highschool and university.(my boys are 4 and 6 and I homeschool, but I want them in a good highschool) I understand Louisville has an outstanding magnate school...Dupont Manual. I like that they can attend U of L in 11th and 12th grade. (if they can get in...they need excellent grades)

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Old 04-18-2008, 05:53 AM
Location: Nashville, TN
486 posts, read 1,735,693 times
Reputation: 151
1. The "bad" areas of Lexington are more concentrated to the north and northeast side of town. I feel very safe once I get south of US- 60 and also around Leestown Road outside of New Circle Road. If I were you, I would look to the south or southwest sides of town. Numerous houses there are newer construction, but many are very affordable and you'll be able to find a nice size yard as well.
2. A friend of my mom's lives in McConnell's Trace on the NW side off of Leestown Road by Masterson Station Park and her house cost her about $125,000 a couple of years ago. Many of the neighborhoods near hers are very safe and her yard is large enough to where she put in a grapevine and a veranda.
3. I think you'll be able to do this in Lexington.
4. If you're looking for good public high schools, then you'll want to stick to the south side. On the north side is Bryan Station which is known for its Spanish Immersion Program, but infamous for its academics. Dunbar and Henry Clay are probably the two best public high schools in the city. The private schools here are quite good as well, but aren't quite as good as Dupont-Manual in Louisville. I met a junior that attends there this past summer and he told me it was extremely hard to get in, but if your kids get in, they will receive the one of the best high school educations in the state.
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Old 04-18-2008, 06:35 PM
Location: Tennessee
603 posts, read 2,150,176 times
Reputation: 503
My house is up for sale near the area Teebird referred to for $124,900 so I know you can find houses in Lexington for that price. I don't know anything about Louisville or Evansville. Lexington is a great place to raise kids. My kids are exactly the same age as your kids. Our neighborhood as already been re-districted (for high schools) once. You may pick a house based on the high school they'll go to and then be re-districted by the time your kids are in high school. Lexington has a children's museum, great parks, and many places to entertain kids.
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Old 04-18-2008, 07:28 PM
Location: Beautiful Kentucky
820 posts, read 2,643,618 times
Reputation: 557
I think you've gotten some good suggestions. Lexington is a wonderful place to raise children IMO.... including as a single mom. You can find a home for that amount of money - it wouldn't be lavish, large or with lots of amenities, but a nice home in a good neighborhood.

I guess I don't understand though why you would want to move the kids so far from their dad. Plus, in most states you can't do that unless the non-custodial parent agrees. Would your ex agree for you to move this far?
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Old 04-18-2008, 09:57 PM
37 posts, read 107,756 times
Reputation: 20

Thanks for your insights. This is very helpful and hopeful! Dupont Manual is a big plus for Louisville, but I heard Lexingtion is safer.

Bluegrassgirl, that is a very good question. He sees the children 9 hours a week (his preference is to see them less) If he only gives me the minimum support when he retires ($700 a month), and I work full-time, it would not even cover the rent. California rent is unbelievable.

I am trying to convince him to relocate (hence, the reason I want to buy a second rental, in which he can have.) After much discussion with people in my church, it seems better to relocate where I can be a stay-at-home mother to my boys rather than work full-time and dump them in after-school care in CA just so a man who left us can see his kids if/when it is convenient.

I am very much hoping that Kentucky is more conservative than California where "anything goes" especially in the S.F. area!! It is of my opinion he should be put in jail for destroying a good family, especially my boy's hearts. This lady doesn't speak English, and is trying to get pregnant by my ex (and he is willing), and is a confirmed "massage-prostitue" from China.

We also live in an apt. which is hard for 2 boys.

I proposed to him if he pays the rent, we will stay...if he retires, he can move to Kentucky into a second house that I will finance, or he can stay in CA with his lady. He must decide, not I.

So, here I am! I have no idea what else to do. So, this seems to be an option...buying a house, renting it out until we need to move, and offer him the second house.

Thanks for anymore insights, it is a major decsion. I am thrilled that there is a friendly city that is so affordable. Most of the families here relocate due to the expensive housing...it is very hard on families.
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