All Forum Posts by: James M Palovich

In my area (Northern Kentucky) I would recommend if time and budget allows it to always reno/upgrade the property. Talk to your local REALTOR or do research on your own to see what comps have in your area and renovate the property to have the features that are trending in your area. Thinking like a flipper, finding out what the home will sell for in the current condition then compare similar homes with carpet vs hard wood to any other repairs, get estimates on what it would cost do to the work and see if you will make come out on top after the investment

 A pretty popular option for people trying to get into real estate with no money would be wholesaling. Of course it’s not as glamorous or easy as TikTok makes it out to be just like Airbnb arbitrage. 

it may not be the most ideal time to buy however, in terms of investing and rentals. If the numbers work then there is never a bad time to buy!

A great software that you can look into is Tenant cloud. It automatically charges rents, tenant can pay directly on there, it automatically charges late fees and has a ton of sample documents and addendums to use. 

 Hey Reed!

to begin I just want to say that it is definitely possible and you are most certainly in the right place. I am currently in college and got my first duplex in Covington, KY last year (one on my tenants goes to UC)  I have been working as a real estate agent since starting college and learning on BP long before that. I would recommend before you start to read all the books you can, read and talk to people in the BP forums and find people in your area, like myself, to connect with and learn from their experience. The best piece of advice that I can give you is that the best way to get start is to get started! learn how to analyze a property, find something that works for you and take the chance. Obviously don't rush it and don't get emotionally attached to a property but DEFINITELY don't be afraid to buy the property. 

I am not currently in STR space but have been looking into it for a little bit myself and know quite a few people that own STRs. From what I am hearing and seeing, most Airbnbs are rented out for the experience opposed to just a place to stay for a few nights like a hotel. While of course that is not always the case, going into STRs that is going to be my strategy. I myself am an outdoorsy person and will be looking to create an experience for others like me by getting land near national parks or more secluded, yet still naturally beautiful areas. North Carolina could fall under this category in some places. and then building a tiny house on the property. This seems to be a trend I am seeing and people are liking. A know a few people that simply own condos or rent apartments in cities that seem to work well by meeting the needs of people looking for both an experience or simply a place to sleep.

 Great to hear all the first steps that you are taking! You remind me so much of myself when I started. I am currently a junior in college at Northern Kentucky University. In high school I did a lot of learning and reading through BP and ultimately ended up getting my real estate license and have been working as a full-time realtor while going to college. I felt getting my license helped me learn more and connect with far more people than I would have without my license. I am also going to college and investing in the same area I grew up so I felt like this was a great path for me. 

It sounds to me like you are going to school away from home. In this case, if you are able to make it work with your school schedule, I would be connecting with investors and agents in the area that you are going to school since you will be spending more time there anyways. If it works with your budget I would consider house hacking where you are going to school. This way you would be saving money opposed to living on campus and will easily be able to find tenants by talking to people around campus or surrounding colleges. I currently own a duplex in Covington, KY which is the perfect mid-point between NKU and UC. I used a FHA loan to start house hacking the property. I found the other tenant from UC through a few friends of mine (I would not recommend renting to a close friend or family) after the first year I moved out and found a tenant from NKU.

This happened to work perfectly for me and depending on your finances, area, and schedule might be something that could work for you. 
 

 Whenever I analyze properties I tend to analyze it for the worst case. Not to be pessimistic but just to to ensure that a property works for me under less than ideal circumstances  

Hey @Kyle Quillin !!

I do not personally have any experience in larger commercial properties. However, I have a list of agents that would love to help you out!

@Jennifer Iraheta I love to hear about new agents! I would definitely recommend learning as much as you can. The course to get the license is ok but it can be outdated and doesn’t capture everything that can happen in Real Estate. When it comes to talking to potential clients you want to be an expert, being younger you’ll have to work harder to be seen as an expert. So I say definitely take your time and learn at every chance you get!

Also, one of the best ways to get your name out there and meet people is to offer to do open houses for other agents!