All Forum Posts by: James Wilcox
James Wilcox has started 111 posts and replied 1326 times.
Post: Trying to learn wholesaling
- Real Estate Agent
- Bowling Green KY ~ Lexington, KY
- Posts 1,378
- Votes 584
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.
Post: The Bigger Pockets Mount Rushmore
- Real Estate Agent
- Bowling Green KY ~ Lexington, KY
- Posts 1,378
- Votes 584
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...
REI makes your hair fall out from all the stress. :)
Post: For someone brand new to rental property
- Real Estate Agent
- Bowling Green KY ~ Lexington, KY
- Posts 1,378
- Votes 584
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.
Post: Finding Kentucky Market
- Real Estate Agent
- Bowling Green KY ~ Lexington, KY
- Posts 1,378
- Votes 584
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.
Post: Who has interest in Kentucky?
- Real Estate Agent
- Bowling Green KY ~ Lexington, KY
- Posts 1,378
- Votes 584
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.
Post: Traditional Lender Who Can Get Us Over a Hurdle (Quickly) in KY?
- Real Estate Agent
- Bowling Green KY ~ Lexington, KY
- Posts 1,378
- Votes 584
@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.
Post: Looking for mentorship and partners
- Real Estate Agent
- Bowling Green KY ~ Lexington, KY
- Posts 1,378
- Votes 584
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!
Post: Do I need license to rent
- Real Estate Agent
- Bowling Green KY ~ Lexington, KY
- Posts 1,378
- Votes 584
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.
Post: Buying in a flood plain
- Real Estate Agent
- Bowling Green KY ~ Lexington, KY
- Posts 1,378
- Votes 584
Quote from @Benjamin Sanders:
Hi all,
My wife and I made a last-minute offer on a rental property in New Albany that is in a flood plain. We have until noon tomorrow to get a quote on flood insurance and withdraw our offer if we wish. Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.
The seller has never lived there and has not provided any information on if it has flooded before or not.
Does anyone have any experience with buying and selling in a flood plain? How much cash flow makes it worth it, in your opinion?
Thanks in advance for any advice!
@Benjamin Sanders I agree that getting multiple quotes is the best approach. However, based on your timeline, it seems like your decision may have already been made. Securing quotes for properties in flood zones can be challenging and time-consuming (especially if vacant), so it’s unlikely you could have done it quickly. Properties in flood zones are harder and more expensive to insure, which lowers their perceived value and makes them more difficult to sell. It’s best to be overly cautious, as flood insurance can be a significant expense. Hope that helps!
Post: "It is easy to doubt everything when you know nothing" Intro Post
- Real Estate Agent
- Bowling Green KY ~ Lexington, KY
- Posts 1,378
- Votes 584
Quote from @Tenzapa Wakombe:
Hey Y'all!My name is Zapa, and I am born and raised in good ole Kentucky! Right now, I am an aspiring real estate agent specializing in investment properties while also in the process of developing an app!I am looking to gain mentorship and relationships! I feel like my "circle of people" really needs an expansion and improvement and I want someone with more experience in the field I want to be in to really help me gain myself to success!Fun fact: Before deciding to become an entrepreneur, I worked as a Ticket Sales Representative with The Memphis Grizzlies! Attached to this post is Ja Morant and Desmond Bane delivering treats to our floor for the holidays!Drop a comment below, I would love to engage and learn from you all upon your journey, and how we can help and uplift each other!
@Tenzapa Wakombe welcome to the BP forums! So you want to be a landlord/investor focused agent huh? *Cracks neck* Well, it's a journey for sure. LOL Happy to share any knowledge about that niche, since as you can see, I am kind of the go to for KY and that is all I do. Good luck with all your future REI ventures!