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All Forum Posts by: James Wilcox

James Wilcox has started 111 posts and replied 1270 times.

Post: Looking to invest in Louisville

James Wilcox
Agent
Posted
  • Rental Property Investor
  • Bowling Green KY ~ Lexington, KY
  • Posts 1,321
  • Votes 565
Quote from @Ryan Jackson:

Hello everyone, 

I'm excited to be apart of this community and to learn about real estate investing. I am investigating opportunities in Louisville, KY. I hope to learn more about successfully buying and renting single family homes as well as section 8. 

Thanks, 


Ryan

Is there a specific question that you have about the market or that investing model? GL in all your future REI ventures.

Post: Rational to consider when entering a new market in multifamily

James Wilcox
Agent
Posted
  • Rental Property Investor
  • Bowling Green KY ~ Lexington, KY
  • Posts 1,321
  • Votes 565
Quote from @Ricardo Serrano:

we are preparing a map of the zip codes, similar to the one in Memphis, TN (murder capital of the US) to allow us to concentrate in areas that are conducive to invest. Property taxes are good, when comparing to California, (we are from San Diego)

That's good. I don't doubt the property taxes are better than SoCal.

Post: Rational to consider when entering a new market in multifamily

James Wilcox
Agent
Posted
  • Rental Property Investor
  • Bowling Green KY ~ Lexington, KY
  • Posts 1,321
  • Votes 565
Quote from @Ricardo Serrano:

thanks James, in analyzing regional data, Louisville continues to show a strong local economy, with a decent trend in the growing rental market, lower median home prices and values, good reasons to make it appealing to us since we are looking to expand our portfolios, providing more affordability to enter into this market ... besides, good friends live in this city ... our visit will make it a business expense :)

It certainly does have a lot of the things like you mentioned going for it. Also there is some personal reasons which are hard to put a value. Just make sure you are using a quality agent and good boots on the ground knowledge. There are some higher crime areas of L-ville and it isn't really that much of a landlord friendly city IMO.

Post: Rational to consider when entering a new market in multifamily

James Wilcox
Agent
Posted
  • Rental Property Investor
  • Bowling Green KY ~ Lexington, KY
  • Posts 1,321
  • Votes 565
Quote from @Ricardo Serrano:

Based on your experience, in general, what is the rational or the steps in getting into a new market. Looking to break into the Louisville, KY area. Blessings !!!

Big 4 for the REI team (GC, real estate agent, lender, and property manager). Everyone else you can fill in as needed. Why L-ville is my question?

Post: Looking for Title Company and Land Agent

James Wilcox
Agent
Posted
  • Rental Property Investor
  • Bowling Green KY ~ Lexington, KY
  • Posts 1,321
  • Votes 565
Quote from @Edward Barrett:

Hi all. Looking for recommendations for a land agent and title company in/near Frenchburg, KY. Thanks in advanced! 

My exact specialty isn't land but investment properties and I do work around the RRG area a lot. What do you need?

Post: Louisville, KY mandatory inspections

James Wilcox
Agent
Posted
  • Rental Property Investor
  • Bowling Green KY ~ Lexington, KY
  • Posts 1,321
  • Votes 565
Quote from @Rob Bergeron:
Quote from @Rob Bergeron:

I'm fairly well plugged in and connected to other well regarded people in the industry. Short order, no one really knows, but we all know the government won't be able to implement smoothly. This will end up hurting renters and making landlords look bad. Just my thoughts. 


 I was in a KREIA board meeting and a member of the government came in to speak about it. I literally gave him my card after and said "call me when you need to sub this out. This is going to get backed up as ****!" 

I would second that @Rob Bergeron is probably better plugged into L-ville and what is moving there than I will ever be. lol I like that. I bet a good amount of money that he never calls either.

Post: Louisville, KY mandatory inspections

James Wilcox
Agent
Posted
  • Rental Property Investor
  • Bowling Green KY ~ Lexington, KY
  • Posts 1,321
  • Votes 565
Quote from @Bjorn Ahlblad:

Our folks do that method too. I called the code enforcement folks to volunteer, they responded favorably and I like that. Even gave me a big discount.

Alright, we strongly oppose it as it infringes upon property rights and violates the Fourth Amendment. These types of programs have been struck down in multiple parts of the country in court for that very reason. Intentions are good but practice is harmful to the process.

Post: Louisville, KY mandatory inspections

James Wilcox
Agent
Posted
  • Rental Property Investor
  • Bowling Green KY ~ Lexington, KY
  • Posts 1,321
  • Votes 565
Quote from @Bjorn Ahlblad:

Mandatory inspections are not uncommon. I'm not anywhere near KY but one of the three counties I invest in requires inspections. My ads include "all properties are inspected and approved by blah blah". It is OK. Lemons and lemonade.

I'm not entirely sure about the specifics of your inspection program, but Louisville is suggesting random inspections for rental properties that are already leased to tenants. The properties will be selected from their rental registry list. These inspections apply to private properties, regardless of whether the tenants receive government assistance or not. The aim is to identify any issues in rental properties before they are brought to the attention of management or code enforcement.

Post: Louisville, KY mandatory inspections

James Wilcox
Agent
Posted
  • Rental Property Investor
  • Bowling Green KY ~ Lexington, KY
  • Posts 1,321
  • Votes 565
Quote from @Kevin Allen:

So how do you other landlords feel about the new mandatory city inspections taking place in Louisville, KY? Any chance the state comes in with a bill to cancel this ordinance? Big money grab from the city.

Many oppose it, arguing that it infringes on property rights. It's unclear if the state will champion this issue, but reaching out to your representatives is essential. I've been advocating against rental inspections for years, yet there's been no traction at the state level. However, this might be the tipping point. So, now is certainly the time to act.

Post: Seeking Advice on Retaining Information from Online Kentucky Real Estate Course (NKY)

James Wilcox
Agent
Posted
  • Rental Property Investor
  • Bowling Green KY ~ Lexington, KY
  • Posts 1,321
  • Votes 565
Quote from @Aaron Phillips:

Hey BiggerPockets community,

I'm currently diving into the Online Kentucky Real Estate Course (96-hours), and I've been diligently studying each unit. So far, I've been maintaining above an 80% on the quizzes that follow each section. However, I want to ensure that I'm not just passing quizzes but retaining all the essential information necessary to ace both the national and state exams. It's worth noting that I am currently on Unit 14 of 28 in the pre-licensing course. 

I'm curious to know what strategies other agents have used to retain and fully absorb the material from similar courses. How did you reinforce your learning and ensure success on the exams?

Additionally, as I embark on this journey towards becoming a licensed real estate agent, I'm eager to gather tips and advice from seasoned professionals. This has been a lifelong passion for me; I've been studying real estate since I was about 14 years old and have been an active member of BiggerPockets for many years. Now, I'm excited to turn this passion into a career, and any insights you can offer would be invaluable.

I believe in the power of connection and collaboration, which is why I'd love to network and connect with others in the industry. Let's learn and grow together as we navigate the exciting world of real estate.

Looking forward to hearing your experiences and insights!

Best, 

Aaron Phillips

@Aaron Phillips the sooner you complete the coursework, the better. It'll be more recent in your memory, so push through the remaining units. As you know, each unit at the end includes a quiz covering the key concepts. After completing the online coursework, you'll need to take two tests before proceeding to the national and state tests, which mark the final phase of the journey. Throughout, you'll have ample opportunities to practice. Feel free to revisit any sections where you feel less confident. Additionally, if necessary, you can opt for a practice test at and extra cost. YouTube offers numerous helpful videos explaining key terminology, which constitutes a significant portion of the licensing test. Understanding these terms can often lead you to the correct answer in the multiple-choice format. Even if you're unsure, guessing can still result in you selecting the right answer.

Becoming an agent is challenging, and the exam doesn't necessarily equip you with all the skills needed for success in the field. You will learn a lot more in the field than you ever will with the coursework. However, it does provide a foundational understanding that surpasses what the average person knows about the industry.