All Forum Posts by: James Wilcox

Quote from @Nathan Nolan:

I want to try wholesaling too bc from what I'm reading, wholesalers try to make 5k-10k on each flip. Whereas as a realtor I'm making a small commission. 5-10k is way more to make on distressed properties than commission. I just want to branch out to have more side hustles than just commission. I'm trying to gain financial freedom sooner than later. 

Everything's negotiable, of course but generally, more leads mean more deals, more work, and ultimately more income. In wholesaling, you're often spending more on marketing than you would to secure a traditional listing as a real estate agent. That said, combining both strategies can make you more well-rounded. Not every property is ideal for a retail buyer, and the same goes for investors. The key is to connect with local flippers and investors so you can find the kinds of deals they're looking for. At the end of the day, it’s all a similar skill set.

Quote from @Nathan Nolan:

I have spoken to my broker, he is okay with it, but he has never done it so he can't teach me.

@Nathan Nolan you could ask another wholesaler and work with them or like I said tons of stuff online. Pretty straight forward though since your used to paperwork being a Realtor lol. You sell your interest position in the property (i.e. the paper) and not the property itself. Other than that you got to find the leads. I don't really understand why you would want to be a wholesaler when you are already a Realtor. Just find the deals, put under a listing contract, and put on the MLS. That would get more eyeballs anyway and probably make more money.

Quote from @Nathan Nolan:

I'm a realtor in Southern, KY trying to learn how to wholesale. Can anyone train me? I'd give a very fair cut of profit from each sale until I've learned to go on my own. 

@Nathan Nolan really there is a ton of information on that here but you should talk with your broker and make sure they are ok with you wholesaling. Not all brokerages would probably allow that even if you do have your license.

Quote from @Scott Trench:

Quote from @Andrew Syrios:

Quote from @Nathan Gesner:

Why are the Top 3 all bald?

Hair has always been an impediment to real estate investing. That's why I'm not up there with you all... 

Holy moly! The top four ARE all bald!

REI makes your hair fall out from all the stress. :)

Quote from @Jackie Lambert:

Hi there! I have a friend thinking about dipping into the RE adventure. Wasn't there a book about buying a house a year at the 3% down? Then moving every year and turning it into a rental? I feel like it was either a 10-house/year plan or maybe 15. Can't remember the name of it. Anyone??

Hey @Jackie Lambert your friend is definitely on the right track but it might become more difficult at the later stages but definitely the HH is a great strategy to get started. I am happy to help your friend as well if they have any questions.

Quote from @Douglas Reeves:

Hello! I am new to real estate investing and recently moved to Kentucky with my wife. We have had a lot of life changes recently, including the birth of our first daughter, but currently have very little expenses as we are staying with her parents for the time being and wanted to take advantage of this opportunity to begin to create long term financial moves.

I am interested in long term rentals, single or multifamily homes and I am wondering if anyone here has experience with markets in west Kentucky and what your experience has been. I am particular interested in Murray, Hopkinsville, or Paducah just due to proximity to my current location, but am open to other options. 

I am still on the early stages of planning here, but wanted to start gathering some information on a specific market.

Thanks for any help on this!

 
 

Hey @Douglas Reeves welcome to the BP forums. I am kind of your KY go to guy around here and I am sure there are some more Western KY people around but none come to mind. I am in the Bowling Green area so somewhat close to you. Really just continue gaining knowledge, work on savings, and work on getting credit up. If you both have some current employment keep plugging away at that because a regular "job" will help you get loans with banks.

If you have any specific questions about REI or the different strategies you mentioned just DM me. Good luck in all your future REI ventures.

Quote from @Denis Ponder:

Quote from @James Wilcox:

Quote from @Denis Ponder:

Quote from @James Wilcox:

Quote from @Denis Ponder:

Quote from @James Wilcox:

Quote from @Celli Mowery:

As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points? Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow.  Kentucky should have been expanded into their calculations.  Too many people are sleeping on this.

Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals.  Most notably, Mt Vernon, Berea, London & Corbin all along the I-75 corridor.  The Rockcastle Megasite is an example of a site ready property & is only 20 minutes north of London. https://dataispower.org/rockcastle-mega-site/.  The site is just south of Lexington, another market desperately in need of rentals but higher points of entry.

A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.  

While smaller towns in Kentucky often have lower price points, which means less capital is required, there are limitations to the profitability of these markets. The price-to-rent ratios are generally unfavorable, and a shortage of skilled tradespeople and reliable property management can hinder the success of buy-and-hold rental investments. For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.

Agree here!  I grew up in Berea and lived there for 25 years.  That area shaped me and I loved it there.

That's awesome! Berea is a truly unique place in Kentucky, and I agree that it may not get the appreciation it deserves. Having graduated from BC myself, I understand the charm it holds, which can be perfect for the right person.

What year did you graduate?  I was 2003.  My brother and wife are graduates of BC as well.

2011. That's cool. Good school as they say lol. You can't beat the value at least.

Were they still calling it Harvard of the South when you were there.  LOL

Yes, exceptional value!!

Lol, yeah, pretty much. It’s a tough school with a heavy workload, but you get a solid education and learn a lot of valuable lessons. Definitely an interesting place, and as mentioned, you can’t beat the value.

@Dina Schmid I agree with what others have said. I wouldn't put too much blame on the lender, as this is a seller issue related to the title. Unfortunately, this is common in the area because people often cut corners legally to save money, leading to more clouded titles than there should be. If you're looking for more insight on RRG or your particular STR deal, I'd say most people on BP would agree that I'm the go-to person here for that. Happy to help and just a DM away.

Quote from @Ethan Maag:

Hey guys, I'm new here so I just wanted to pop on and say hey! Heres a little about me I am located in the grayson ky area close to Morehead, and ashland. ironton  Ohio and portsmouth Ohio area's. I have two prosthetic legs and one hand, who is not like most with disabilities, I am hardworking dedicated and very eager to grow as a person and entrepreneur. I am setting the goals and seeking generational wealth and financial freedom from this new journey. I would be happy to share more of my story to tell you who I am and where I come from to where I'm going with this to be able to make my dreams and goals a reality. I am seeking mentorship and guidance, as I am very new to this. I am looking to get into fix and flips as well as rental properties. I would be happy to share my story with you, I want to add value to you as well I will be seeking mentorship, lenders/investors and an agent to list my future properties. thank you in advance to take the time to read this and reply as well thank you for any and all advice that is given.

@Ethan Maag Welcome to the BP forums and your REI journey!

You should look for a local REI group and attend their meetups to connect with like-minded investors. I think I’ve seen someone hosting one in your area, but I’m not sure. Either way, ask around in your local community with landlords, real estate professionals, or industry insiders can point you in the right direction. And if you can’t find one, you could always start your own!

As for a mentor, you might find one through a local group, but you can also gain a lot just by absorbing BP content. Just be sure to take action at some point. I’m happy to answer any questions you have about REI. Wishing you success in your real estate journey!

Quote from @Troy Smith:

I’m ready to re t out my first property in Ohio. Is it required for me to get any license/ certificate before I start renting. I want to make sure everything is legally correct, so I don’t have issues because I missed something

What type of license are you referring to? There seems to be some confusion here. Are you asking about a real estate license (realtor/agent) or a business license? You likely don’t need a real estate license to rent out your own property. However, depending on local regulations and the type of rental you are doing, you may need a business license. It’s best to check with a local landlord or investor for guidance.