Preview Mode Links will not work in preview mode

Lake Life With Molley And Chad Podcast

Jul 6, 2023

Episode 25:  Welcome to Lake Life with Molley and Chad! In today’s episode, we’re joined by Amy Walker and Sherri West from Walker Realty in Columbia, Kentucky. They discuss importance of having experience and education when planning to start your lake life experience. The two real estate agents advise the couple about locations, boat storage, budgeting for second homes, the importance of speaking to an accountant in order to have realistic expectations and the reasons to consider the maintenance of two homes. 

Work with a Realtor

When it comes to finding the perfect second home, working with a realtor is essential. Realtors (like Amy Walker) have experience and education in the field, and can provide invaluable advice to those looking for a second home. 

Sherri West has been in the real estate business for 20 years, making her the perfect fit for guiding people through the process of finding a second home. She explained that it is important to have realistic expectations, and to start smaller and under budget. She also suggested that people consult with their accountant before beginning their search, in order to make sure they are financially prepared for the purchase. 

A realtor can help guide people through these considerations and provide advice on what to look for. In addition, a realtor can provide invaluable insight into the local area. They can provide information on the community, local businesses, and even the best places to eat. Realtors are also familiar with the local market and can provide valuable advice on the best time to buy or sell. 

Overall, working with a realtor is the best way to ensure a successful second home purchase. 

Use a Realtor to Protect Yourself

Amy explains that it’s important to understand the legal implications of the purchase. Contracts for second home purchases can be complex and require a thorough understanding of the law. A realtor can provide the necessary guidance and assistance to make sure the contract is properly understood and followed. This can help protect buyers from potential legal issues down the road. Realtors also have a higher standard of ethics when it comes to helping buyers. They are obligated to provide all the information they can to help buyers make an informed decision. This includes providing honest advice about the pros and cons of a property and helping buyers find the best deal for their budget. 

Realtors can help buyers narrow down their search, provide advice on the best properties, and help buyers make an informed decision. Realtors can also provide assistance with the inspection process, ensuring that buyers are aware of any potential issues with the property.   

Another consideration is whether the community’s HOA will allow you to VRBO (commercially rent) your property, when you’re not using it.  It would be a problem if you planned on the rental income to offset the mortgage payment and related expenses, only to find out the HOA doesn’t allow it or is overly restrictive.

Finally, realtors can help buyers understand the local taxes and regulations that may affect their purchase. In conclusion, realtors have experience and can provide invaluable advice on the local area. 

Be Nice to the Corps

One of the most important things to remember when purchasing a second home is to be nice to the Corps. The Corps of Engineers owns a certain amount of land near the lake, and they are responsible for the safety of the area. It is important to be respectful of their regulations and guidelines, as they are the ones who will ultimately decide if a private dock or other structures can be built on the property. 

It is also important to remember that most lakes in Kentucky do not have easy access to the water. While there are properties that are grandfathered in and have access, most people will need to build a ramp or zip line down to the water. It is also important to remember that clearing trees or other vegetation is not allowed and can result in hefty fines. By being aware of these considerations and regulations, people can make sure that their second home purchase is a success. 

Relationships are Key in Real Estate

Relationships are key in real estate. This is something that Sherri and Amy, two real estate agents from Jamestown, Kentucky, know all too well.  Walker Realty is over 50 years old and knows the surrounding communities very well.  They’re part of those communities.

Sherri was working at a newspaper when a friend who was also a broker suggested she try selling houses. Amy was a teacher for 29 and a half years before getting into real estate. In both cases, their friends saw something in them that made them perfect for the job. The relationships that Sherri and Amy have built with their clients have been invaluable. They have made lifelong friends and have been rewarded with repeat customers. 

Relationships are also essential for building trust. Sherri and Amy understand the importance of treating their clients the way they want to be treated. This means being honest and open about the properties they are showing and not trying to push a sale. In the end, relationships are key in real estate. They are essential for building trust, earning respect, and making lifelong friends. By treating their clients the way they want to be treated, Sherri and Amy have been able to build successful careers in real estate. 

Start Small and Location Matters

When it comes to real estate, a common piece of advice is to start small and location matters. It is important to find a place that is close to the lake, has a ramp and is modest in budget. This will help to ensure that the buyer can move up in the future if they want to. It is also important to consider Airbnb-ing (VRBO) the property to generate income while it is not being used. Sherri and Amy have all seen firsthand how location and starting small can be beneficial. They understand that the closer one is to the lake, the more it feels like a vacation. They also know that double-wides are typically not allowed in areas that have restrictions because they do not allow for Airbnb. 

By starting small and being mindful of location, buyers can get the most out of their lake life. It is important to consider the restrictions of the area, the budget, and the potential to generate income. With the right relationships and knowledge, buyers can find the perfect place to call home. 

Small Town Vibe Near the Lake

Jamestown, Kentucky is the perfect example of a small town vibe near the lake. It is conveniently located near the lake Cumberland and has everything a person needs. From the sidewalks to the restaurants, Jamestown is full of love and comfort. It is easy to get to the lake from Jamestown, as the county is divided up into areas. There are plenty of amenities nearby, including ramps and storage for boats.  

When looking for a lake home, it is important to consider the restrictions of the area. Some land may be restricted against building a storage shed for a boat, so it is important to look into these restrictions before making a purchase. Financing for a double wide or trailer is also a bit more stringent and may require a higher interest rate. It is also important to consider the budget when looking for a lake home.  

It is not advisable to overextend yourself, as it is no fun to be stuck in a house you cannot afford. It is important to find a place that is within your budget and that meets your needs. For example, if you’re into water sports, you may need to consider how far you have to travel to get to your boat. 

Finally, it is important to consider the potential to generate income. For example, one could build a pole barn in ten years and store all their toys. This could be a great way to generate income, as well as to enjoy the lake.  

The small town vibe near the lake is an ideal place to call home. With the right relationships and knowledge, buyers can find the perfect place to call home. Jamestown, Kentucky is the perfect example.

Interview Multiple Realtors

When it comes to buying a home near a lake, interview multiple realtors to get an understanding of the area and to ensure that the contract is properly written (including mineral rights). Real estate agents have a wealth of knowledge and experience with the area, and they can help buyers find the perfect home for their needs. With the right realtor, buyers can find the perfect place to call home. 

Research Budget Needs Carefully

Molley stresses the importance of understanding your budget.  When looking for a home near a lake, it is important to research budget needs carefully. Buyers should take into account all of the bills that come along with a second home, such as electricity, water, internet, and other amenities. Additionally, buyers should consider the size of the home and if it will accommodate the number of guests they plan to have. Also think about the appliances and furniture that will be needed, as well as the food and other supplies that may be needed.  Finally, is this a house you’ll be able to grow into as the future unfolds?

Looking for a Realtor for Your Lake Home?

Contact Amy Walker:  (270) 378-2148

Contact Sherri West:   (270) 566-2389

Visit Their Website:

Visit Their Facebook:

That’s a wrap for this episode.  We’d like to thank our friends Amy and Sherri for guest hosting with us.  We hope you found it helpful, insightful and maybe a little entertaining.   

Thanks for Listening!

If you enjoyed this podcast, please consider sharing it with your social media friends.  We hope to see you out there soon.  Until next time, here’s to warm weather and calm waters!


Don’t forget to subscribe!