All Forum Posts by: James Wilcox

@Liz Rogers no problem. IK he has experience in real estate investing and working with investors. Not sure what you need a CPA for but if he personally can't do it or find the time time someone in the same office should be able to. Also located in Lexington so I guess that is a bonus.

lol welcome to one of my "favorite" parts of REI, getting in contact with people. It is just bizarre to me that people don't want to take my money.

@Liz Rogers you should check out Dillion Tax Service. Dave Dillion is only in on Mondays and Tuesdays though. 

@Scott Dougherty Like said above you got to honor the leases as agreed upon. However, when it comes time to renew you could use the new AC as a bargaining chip to get your tenants to renew the lease. If they plan on renewing they get the convenience of new AC if not you can install the system during your vacancy and your new tenants can just sign a lease for a higher rent (for the AC upgrade) assuming your market commands it.

IDK what how big your units are or the building but if they are small enough and space is limited you might consider a Mitsubishi split. They are becoming a lot more popular.

IMO you should probably not start with a flip, but if you want to go that route then just do it. However, if you are confused already that isn't a good start. You should read "The Book on Flipping Houses" and "The Book on Estimating Rehab Costs" by Jay Scott found on this site under resources / BP Store. This will help a lot. Read both of those front to back and get your credit score in line (if not already). 

If you want to buy and rehab a property with your 15K cash only then you might want some more cash or find some creative methods of paying for these expenses which is very possible to do. Good luck Zack.

@Account Closed is correct and the local REIA is a great place to be. However, right here on BP is where you can get all the experience and information you could ever need. There are free mentoring programs out there as well. You should seek them out.

Don't let your age discourage you. You can get experience and learn faster than any other generation in history thanks to the internet. You got age on your side and have plenty of time to be successful. Kentucky has REI opportunities just like everywhere else in the country. You just might have to look a bit harder and be more creative.

What license are you getting? If it is your agent license then why do you think you need one? IMO at your stage you could get some knowledge from having it, but it probably isn't worth the time or money. Do you want to trade in your 9-5 job for an agent 9-5 + job?

Things you should focus on are:

• Work on making your credit the best it can be
• Network
• Learn as much as you can on BP
• Save up money

thx @Brandon Stevens I will check them out. 

I am looking for a property manager that works in the central Kentucky area. I have a few in mind but will take suggestions. This includes the towns in and around Lexington. Anyone have any referrals or know of a good property manager in this KY area? Thx BP community!

@Tom Phillips Welcome and good luck!

@Liz Rogers I assume you are referring to a Mitsubishi ductless split or something like that. I think that they cost a little more then 2k plus the install (assuming you want heating and cooling). I think they are really for older homes where you can't get duct work where needed or for smaller spaces like a room above a garage, but would probably work for a whole home if set up right like @Jeremy Tillotson said. I would have a professional do the install. If you fall into those categories it might be the right product for your situation. I thought about doing one for a loft room that has no heating or cooling a couple of years ago but didn't do it.

@Matt Hiselwelcome to the community and Lexington area! Lot of great resources on this site. Check out the local REI (lexington wealth builders).