All Forum Posts by: James Wilcox

@Brett K. and @Clay Smith thanks for getting this meet up together. You guys rock! Have fun!

@Christian B Powe welcome to BP and REI. It seems you are very eager to learn and grow in REI. That is great to see! However, why are you considering moving just for REI? Yes the taxes maybe higher, but that doesn't mean there are not plenty of deals to be had in your own backyard. There are plenty of people making money in REI that live in New Jersey. If you have to move just because taxes are making your business impossible than you have more to learn. Also what is wrong with being an out of state investor? I encourage to invest in places you are familiar with first though.

"Southern" and "Midwest" states tend to have lower entry points into properties generally. Coming up with 20% down payment on a 100k real estate purchase is easier than for a 300k purchase. 

@Emmy K. is correct and it is the same in KY. If the lease after the rental period reverts to a week by week basis (not likely you wrote it that way) than it is a 7 day instead of 30 day notice.

@Emmy K. looks like you have a fun one. Not sure about the whole story. I am not an attorney, but you just need to follow what your lease says. I have never had to evict or even serve a tenant. I have no real world experience in the subject. However, if you wanted to serve a 30 day notice it should have been done 30 days or more before the lease ends December 23 (maybe it wasn't your property then). You could maybe try to serve it now (assuming they don't pay) but likely you aren't going to see them leave for sometime past the holidays. You could try a cash for keys program.

These types of tenants know where they stand on stuff and in this situation will likely not want to move. I would read over the lease and the KY specific rules as a refresher and see where you stand. Sometimes you can get free legal advice as well. I would keep track of all contact with this tenant. Having a good paper trail is important.

You don't need an attorney for a 7 day. I believe you can start the eviction process before filing a 7 day as well. It takes a long time to process the paperwork and you can stop it anytime. Might save you a few days.

Sorry you inherited a bad tenant. It happens though. LLs need to run more background checks. 8 evictions is a lot.

@Latravis Brazil I do not invest in the Louisville area. I invest in markets around Lexington. However, there are many on this site that are directly working that area of KY. Keep learning and taking action and you will do fine. 

@Latravis Brazil welcome to BP and REI. You have come to the right place to learn and network with others in the REI field. Like @David D'Errico just jump in and start taking action to learn and connect. Good luck with all your REI ventures.

@Tarek El Souki welcome to BP and REI. Congrats on looking into REI at such a young age. I understand the struggle. You will need to build your credit up. If you want a loan you need to show you can pay debt. So you could get a credit card, buy something, than pay it off. Don't get caught up by the credit card pitfalls though. You should be trying to build credit not go into debt.

Getting money for your first property can be done several ways. Saving what you can now can really add up. I suggest the "Richest man in Babylon" philosophy. Private money through parents could also be an option. There are many ways just look around and get creative and you can make it happen. Good luck with your REI ventures.

@K.C. Marsh welcome to BP and REI. Seems you know now what you need to do and others have given some great advice. House hacking is a great way to start into REI. However, it does not mean the current place you are renting is a great Investment property. Run your numbers! You need to be prepared for when you no longer live at the property or your roommates move out. Think long term. Just take action because whether you get the property or not it will be a great REI learning experience. 

@Levi Lill welcome to the BP community. You have come to the right place to learn all about REI. There is a vast amount of free information provided by BP. Sounds like you are really already in the RE field with your management experience. Check out the course under the education tab for a good beginners overview. Learning is very important, but just remember to just take action. Good luck your education and REI ventures.

You should check out the local REI club that meets downtown in the Awesome Inc. location. They are called "Lexington Wealth Builders".

@Tyler Hubarth welcome to the BP community. Congrats on your first deal. You should check out the podcasts and the beginners course under the education tab. Good luck with your REI ventures.