All Forum Posts by: James Wilcox

Welcome @Tyler Hockett to BP and the forums! I agree with what others have mentioned and you’re off to a great start. Those are some excellent resources you’re exploring. I’m assuming the $6K/month goal is net, not gross, which could be tough to reach in the given timeline, but it's your goal to set, not mine.

I'm curious about why you're aiming for multifamily (MF) properties, especially what I assume are larger ones. Typically, with apartment buildings, you'd need to go the syndication route and raise capital, which can be challenging without prior experience. You might be able to hit your financial targets with fewer units or smaller properties using other real REI strategies. You don't necessarily need to be the largest investor in the area but the most profitable.

When it comes to market research, I’d recommend connecting with a real estate agent or commercial brokers. They have access to valuable data and can guide you in the right direction. In addition to looking at larger market trends, focus on neighborhood or asset specific metrics like cap rates, rent-to-price ratios, and more. You can find that information online or getting with the real estate professionals in your area. Just talk with anyone and everyone and you will find your answers.

I agree 100% with @Gregory Schwartz already stated. There are too many variables to give a definitive answer. If you're new to this, do you really want to take on properties of this size? Without much experience, I'd advise extreme caution. Partnering with someone local who has more expertise might be a smarter approach. Ultimately, you can make any offer you want but you do need to understand the sellers reason for selling.

Hey @Ashley Dewees. It's great that you enjoy your career—keep pursuing that passion, but building a nest egg in real estate too is a great idea. A solid W2 income can be a big advantage when it comes to securing investment property loans, so it's smart that you're recognizing that. Have you spoken with a lender yet? They could likely help answer some of your questions.

I’m guessing you chose the NKY market because you want to invest close to home, and I’m sure there are plenty of opportunities there. I’d suggest finding the niche that interests you most and focusing on that. Also, consider where you can build the strongest team. Kentucky offers great opportunities all across the state.

@Sam McCormack I cover that area and usually the BP go to for KY.

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@Joshua Metzger congrats on your first STR purchase and welcome to the BP forums.

1. Add amenities like a hot tub if not already in place.

2. Lake properties are very seasonal. Save up for the slow season in the winter. You might want to even consider shutting down and winterizing.

3. Consider a discount for your first few stays to get reviews flowing. Also, go above and beyond for these guests to get good reviews out the gate. Just don't discount to the point of attracting bad guests. Provide high value for money is the key.

Also, join the Kentucky State Airbnb Host Community on FB. This is our Airbnb official FB group.

I look forward to see how you fight this then.

No problem, and congratulations! I'm around, so there's no rush. Everything sounds good to me. Just hit me up when you're ready.

@Aaron Laprade I admit I might be a bit biased, but Kentucky boasts some of the top short-term rental markets in the country, according to third-party data. So, I recommend considering the Bluegrass State. However, the "best" market is ultimately the one where you can assemble the strongest real estate investment team—that's what really counts! Also, keep in mind that with a 1031 exchange, you'll have a tight timeline and specific restrictions. Be sure to consult your mediator for details or do some research on your own if you don't know the details already.