KREIA's January L.O.T.S. event, which was scheduled for Tuesday, Jan. 27th, is canceled due to extremely cold weather. It would've been a great one! We'll leave the description up in case Jay is able to host us at this project in the future.

How did he find the deal? How much did he pay to acquire it? How much did he spend on the rehab? How does he expect to profit? Find out all this and more at KREIA's next L.O.T.S. event!

Longtime investor Jay Bowman is inviting us into one of his short-term rentals, and it's a big one...

"It's a fully rehabbed, 6-bedroom, 7-bed, 4.5 ba, 3-story, 3000sqft home. It's gorgeous. Everyone is going to love it."

We hit Jay with some more questions about the building, starting with how he found the deal: MLS.

What are his plans for it?

"Long-term hold for cash flow as a short-term rental."

How did he finance the purchase, which was close to $600,000?

"I used River City Bank to purchase the property and rehab the home. I sold three houses and applied their equity from their sales to the loan using a Reverse 1031 Exchange so I could avoid capital gains tax. When the project was completed, I got my initial down payment back through a cash-out refinance with First Harrison Bank."

Did he run into any surprises in the rehab?

"The windows were leaking into the house, and the 2x4s supporting the windows had dry-rotted over the years. Multiple sections of windows had to be removed and the wood replaced."

Parking recommendations? Jay says there's plenty of street parking.

And there's some drama/comedy -- a challenge issued to another investor and alleged fisticuffs with tears ... you can read all about it and see some preview photos if you're a member of KREIA's Facebook Group.

Join us on January 27th and find out how much revenue Jay generates from this half-million-plus property in Butchertown.

This event is for active KREIA members only. We're not posting attendance limits on this live event, but we are bringing only 60 box lunches. So, if you want to lock in your free lunch, please register now and arrive by noon on L.O.T.S. Tuesday.

What's the address? If you're an active KREIA member planning to attend, make sure you're logged in at your account at KREIA.com, then activate that registration button for this L.O.T.S. event. You'll then see the address of the property, plus a map link. After you're registered for L.O.T.S., you can revisit the page at any time, up to the date of the event, and see the address and map link (you'll need to be logged in).

What is L.O.T.S.? It's where we Learn On The Site. Once a month, from January to October, on the Tuesday following our main meeting, one of our active rehabbers in KREIA hosts an open house on his or her current project for other members to walk through and inspect. The house could be one that's just received its final polish or one that is still undergoing repairs.

Attending L.O.T.S. is like going behind the scenes of your favorite house-flipping TV show, except that the rehab numbers are real, the rehabber is probably someone you know, and the house is one that's in your own backyard here in Louisville — not somewhere in California or the East Coast. With L.O.T.S. you're getting a firsthand look at what's working for other rehabbers in your very own market!

See you on the site — if you're a member. And if you're not a member, join now! L.O.T.S. events alone are worth KREIA's membership fee. Wouldn't you pay $125 to get access to 10 live house-rehabbing workshops, lunch included, where you get to examine everything about the house and quiz the rehabbers on their design choices? It'd be a steal, and L.O.T.S. is just one of the benefits of joining KREIA!

Get more info about L.O.T.S. here, including how to volunteer your rehab house for an upcoming L.O.T.S. event.