All Forum Posts by: James Wilcox

Quote from @Steve Armstrong:

@Connor Mullen. Connor. Did you find an agent in the Gorge who actually owns an STR there? I appreciate any help you can give. Steve

I do. What do you want to know?

Quote from @Fabio Selmi:

Quote from @James Wilcox:

Quote from @Fabio Selmi:

Hey everyone!

I've been lurking around BP, soaking up everything from books to podcasts for a few months. Now, it's time to finally take the leap and write my first post.

A bit of a background: two years back, I moved from Italy to Irvine, CA, to help a friend with his business. Now, it's time for me to close that chapter and find my next step. Now, I'm eyeing real estate. It's new territory for me, but I think it would be a very interesting endeavor, even though my savings are kinda tight. Thinking of kicking things off with house hacking and maybe trying to work as a property manager or something similar to stay close to the industry.

My wife and I went through a wonderful exercise–thanks to @Bruce Woodruff for the invaluable guidance–to define what's important to us, our values, goals and dreams. Then, my wife and I picked out 10 places in the US where we think we could enjoy living. It's still a work in progress and we need to research the areas in depth, but I thought I'd share them with you all.

We're after places where a newbie like me can get started, especially through house hacking. We're also looking for a friendly community, a decent lifestyle, and chances to grow professionally in real estate.

Check out our list—and yes, I know it's pretty varied!

1. - San Antonio, TX
2. - Austin, TX
3. - Knoxville, TN
4. - Eugene, OR
5. - Phoenix, AZ
6. - Tucson, AZ
7. - Denver, CO
8. - Colorado Springs, CO
9. - Salt Lake City, UT
10. - Lexington, KY

Got any insights or advice on these spots? If you invest or live in any of them, I'd really appreciate your thoughts.

Thanks a ton in advance. This community's insights are very precious to me.

Frugal Fabio
New to US Real Estate

Hey @Fabio Selmi I kind of the BP KY guy, particularly Lexington. As a proud Lexingtonian, I'm happy to offer insights into what I consider one of the finest cities in the country. While I can't speak to the others on your list, I am an agent with a focus on investment properties if you need help in that department.

Thanks James! I’ll reach out in DM to chat, but for the sake of other people maybe reading this in the future, what are the top 3 reasons why you think Lexington is the best choice–knowing that the fourth is that you are from there! :)

#4 is a great reason all that anyone really needs to know lol. However, here are three reasons that can make Lexington, KY a place to consider for REI.

#1 Geographic Advantage
Located at the intersection of two major interstates, (I-64 and I-75), Lexington serves as a pivotal transportation hub, facilitating easier access to various parts of the country. Within a single day's drive, one can reach roughly 75% of the U.S. population. This trend also prompts residents of Kentucky to gravitate toward central Kentucky, steering away from regions with fewer opportunities, such as Eastern Kentucky.

#2 Value For Money
Lexington stands out as one of Kentucky's pricier markets, yet the state's average property prices remain comfortably below the national average. This trend holds true for Lexington the city as well too though. Your purchasing power extends further here compared to various other regions across the nation. Moreover, Kentucky generally boasts lower property taxes and insurance rates compared to many other areas in the country. (2020) #3 Cities with the Best Work-Life Balance, SmartAsset, (2018) #3 Best City with the Highest Salaries and Lowest Costs of Living, GoBankingRates, (2018) #1 Most Affordable Cities for an Early Retirement, SmartAsset

#3 Appreciation
Lexington stands out as one of the few cities in the nation with an Urban Service Boundary (USB). Essentially, this boundary delineates the city limits of Lexington and regulates new building developments within its confines, preserving the surrounding rural, natural, and agricultural landscapes. This strategy safeguards our renowned horse farms and green spaces while regulating urban sprawl. In many ways, Lexington functions as an island in terms of development, with high demand and limited supply positioning it for controlled appreciation. Remarkably, even during the Great Financial Crisis, Lexington experienced growth in home prices probably in part due to the USB.

With a diverse job market, Lexington exhibits resilience against severe economic downturns as well. Noteworthy employers include the University of Kentucky, state government agencies, Toyota (Georgetown), the public school system, Amazon, agricultural enterprises, distilleries, and numerous healthcare facilities. Recognized as the #2 Best Run City in America by WalletHub in 2023, Lexington's combination of factors, including job growth and the preservation of its urban boundary, makes it a compelling contender for potential appreciation. I don't bank on appreciation to bail out a real estate investment but if there was ever a city to do so Lex is probably it.

Quote from @Fabio Selmi:

Hey everyone!

I've been lurking around BP, soaking up everything from books to podcasts for a few months. Now, it's time to finally take the leap and write my first post.

A bit of a background: two years back, I moved from Italy to Irvine, CA, to help a friend with his business. Now, it's time for me to close that chapter and find my next step. Now, I'm eyeing real estate. It's new territory for me, but I think it would be a very interesting endeavor, even though my savings are kinda tight. Thinking of kicking things off with house hacking and maybe trying to work as a property manager or something similar to stay close to the industry.

My wife and I went through a wonderful exercise–thanks to @Bruce Woodruff for the invaluable guidance–to define what's important to us, our values, goals and dreams. Then, my wife and I picked out 10 places in the US where we think we could enjoy living. It's still a work in progress and we need to research the areas in depth, but I thought I'd share them with you all.

We're after places where a newbie like me can get started, especially through house hacking. We're also looking for a friendly community, a decent lifestyle, and chances to grow professionally in real estate.

Check out our list—and yes, I know it's pretty varied!

1. - San Antonio, TX
2. - Austin, TX
3. - Knoxville, TN
4. - Eugene, OR
5. - Phoenix, AZ
6. - Tucson, AZ
7. - Denver, CO
8. - Colorado Springs, CO
9. - Salt Lake City, UT
10. - Lexington, KY

Got any insights or advice on these spots? If you invest or live in any of them, I'd really appreciate your thoughts.

Thanks a ton in advance. This community's insights are very precious to me.

Frugal Fabio
New to US Real Estate

Hey @Fabio Selmi I kind of the BP KY guy, particularly Lexington. As a proud Lexingtonian, I'm happy to offer insights into what I consider one of the finest cities in the country. While I can't speak to the others on your list, I am an agent with a focus on investment properties if you need help in that department.

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Quote from @Mitchell Hammack:

Hi all!

I've been sent a real estate development proposal by a friend of mine who is looking for me to invest. This would be my first time investing in something like some so I want to make sure I ask the right questions! For some basic info they are proposing a 40-acre land development in Kentucky. They are looking to build a number of SFHs on the site. The first phase they will build 5 homes and expect the completion to take 13-17 weeks. They are highlighting that the developer is vertically integrated as they will be both the contractor and developer. They include a number of local economic data and highlights as well as information about the team. If someone has participated in the process of investing in a proposed development before and could shed some light on how I should approach this that would be great!

Another point to add—They state in the proposal that the investors are contractually guaranteed a 10+% return on the investment. I'm not sure if that is common but it sounds like the developers would not take any profit until the investors hit that mark.

I don't delve into ground up in construction, but completing 5 homes within 13-17 weeks sounds quite ambitious, depending on their size. I presume this timeline refers to the entire project and not individual homes with that timeline each. To verify the feasibility, I'd request examples of previous projects from that GC along with their start and completion dates to compare against your own research. Additionally, reaching out to other developers for their insights on the timeline's reasonableness could provide a bit more perspective. I approach any guarantee of returns as a red flag, unless it's clearly outlined with a payment schedule, as all investments entail risk. Does your friend or another that you have experience in this kind of work as well? Ask more questions.

Quote from @Jordan Schneider:

Hey Jonathan,

Awesome your looking to get started in real estate investing.  As a fellow New Yorker finding deals here that work is few and far between and that is why I invest and work for a company based out of Lexington, Kentucky.

It's a great market and fast growing and their is still a ton of opportunity for great deals.  In fact I may have a few that would interest you.

@Jordan Schneider I am curious what company you are referring to for Lex?

Quote from @Joseph Beilke:

@James Wilcox

STR, You know I just might need to do that. I'm in the beginning stages of planning my annual trip to Central Kentucky in the second week of September.

Anywho,  how is all my Bourbon friends out here in BP land.   Its been a while sense we all caught up.  Let's hear what we all scored for the this pasted holidays.  Did Santa or spouses get you something super special or rare, or found a tasty treat from a local Distiller?  Lets hear what you all got!

I picked up another bottle of Weller 107 and Little Book Chapter 7.  I also got a bottle of Barman, the juice made by Coors.  It's surprisingly good, and I grabbed a bottle of Traveler.  Traveler was behind the counter at the ABC, they only had 6 bottles, figured I would grab it just because.  After reading more about it.  I thing it was to much a gimmick with Chirs Stapleton.  I didn't know this but he's been sober for a good many years. Well, fingers crossed it at least taste okay...

If you are in the Bluegrass you let me know. STR properties here do very well and that is a niche I have deep roots in. Maybe take a look at Whiskey Thief if you want to see a smaller local distiller that is up and coming. Also, shout out to Log Still Distillery as you will start to probably see them around. They are very cool things out there.

Unfortunately, I did not get any brown gold for the holidays. T_T

Quote from @Andrew Belz:

Hi All,

I'm a new investor looking to purchase in the Louisville, KY area. I live in Western Washington & home prices are too inflated for me to break in with the financing I would like. I'm finding houses for $200-$250K in what I've been told are nice parts of the city, with potential stable & respectable tenants and good rental rates. I could comfortably put 10%+ down on these. 

The market just seems better in almost every way and I have family living not far from that location if emergencies come up with the property. Also thinking of just hiring a property management company.  

Are there potential risks I'm not thinking of? Or better ways I should be thinking about this? Any thoughts would be helpful, Thank you! 

I don't disagree with what @Nicholas L. has stated. You will probably have to put more than 10% down for investment property even as a SFH. Kentucky overall does have lower property prices than other places in the country. Having family that can also be your boots on the ground is great. Just comes down to if the properties meet your own financial goals. I would in general avoid the west side of L-ville.

Quote from @Cory Lader:

Thanks @James Wilcox I was also considering wholesaling this to someone local. Would you happen to know anyone who invests there?

I would not. There are a couple of thousand people that even live there. You need a real estate license to market properties for wholesale in KY.

Quote from @Cory Lader:

Hey everyone! I recently stumbled upon a 7-unit apartment building in Fulton, KY and I'm wondering if anyone on here has any thoughts regarding that market. I only saw 1 apartment for rent on apartments.com and I'm not sure if that's a good thing or a bad thing... Any advice on this area would be greatly appreciated!

As mentioned Fulton is going to be a small community on the border with TN. Usually for OOS investors these smaller towns are not appealing because it can be harder to build a team there. You are limited on your choices of who to work with. Finding a great PM though can also be a game changer. It might honestly be higher than a 10 cap for these assets due to the higher level of risk.