All Forum Posts by: Jason James

@Travis Curtis

 Welcome... Being on the construction side will help you greatly to better understand this game. BP is a great place to learn but there is nothing better than getting your hands dirty. Meaning actually doing something. Too many people try to read and learn everything before they start. I have been doing this a LONG time and I STILL learn something almost everyday. Not to mention that a good GC or contractor is very hard to find. If your'e good, fair priced and do what you say your'e going to do you will have no shortage of work. Good luck. 

@Chuck B. I feel your pain brother.... Me not getting the deal is one thing but the sellers get screwed! As you stated the sellers are the ones missing out! 

@Greg Gibbons The point here Greg is be prepared to encounter this activity sooner or later. 

@Greg Gibbons Welcome. Louisville is a great little city and as you know the properties you are looking for have a pretty large price range depending on the end of town. I will say to find the "great" deals you got to stay on top of the market and act quickly. Great deals for those property types move QUICK around here!

Also being a smaller city there is a lot of inside deals. At least that's my experience. In other words around here to get "great" deals sometimes it's all about who you know and what circles you run in. Example I was looking at two 4 plex buildings that were listed on MLS but per agent not available to show and no offers being taken for weeks... I asked my agent to find out how they can list a property and not allow showings or offers. She was digging in to find out and the listing agent responded that they had an accepted offer! Shady! I am a cash buyer and was ready to submit the offer but couldn't do so simply because I couldn't even get into the buildings. I am 100% sure this was an inside deal. The agent had to list it but was waiting on someone in their circle to put the offer in and get the deal. I can't prove that but believe me I have been in the game long enough to know when shady things are happening.

Good luck. 

@Mark Graziano You have to decide if the loss of 2k is worth it or not. I know the car will continue to depreciate daily so every day you wait and put miles on it the more you will lose.

So I would sell the car at a loss (since I would lose the money "depreciation" if I kept it anyway) and buy a car that fits my needs for as little as possible. I stated 5k car earlier but you may be able to find something that serves its purpose for around 3k. Remember this is just an A to B ride and something to help you reach your goal.

I would then be patient and stack more cash as I look for the prefect deal. You make money when you buy in this game 99% of the time. No need to rush and make a bad move, Also this allows you to stack cash, reach out to other investors and wholesalers. Take the time to build a solid network that will help to generate leads for you. Also look at wholesaling or bird dogging yourself to help you stack even more cash and gain the experience of doing a couple transactions. There are many many ways to get in the game but I would rather start with ASSETS not LIABILITIES (CAR PAYMENT).

That’s another 2 cents…  

@Alexander Felice @Joshua D.

Technically we have a DIME now since Joshua had the exact same advice. 

@Randy E.

 I love it.... :) LOL 

Sell the car and buy a 5K ride. Use the rest of your funds to purchase a SFR or multi rental. Keep some funds for an emergency fund. My 2 cents.

@Adam E. Congrats on the jump start! I will say SFR's are great but with cash and a little digging you may be able to put together a good multifamily deal. I am working a couple now and feel this is a better way to build wealth. In short find an underperforming multi, turn it around to create a cash machine and wealth. Plus in my opinion they are easier to maintain. That said finding multi "deals" is a little harder in the Louisville area and takes a little more time/effort.

Also I feel that Louisville is small enough that you really don’t have to focus on one area unless you just love a particular area. I have properties all over the area and they all perform very well. Can you buy more $30k properties than $60k properties? Sure! But what if that $60k property is worth $120k and the $30k property is worth $50k? Which one would you rather have? Think leverage... That $60k property leveraged correctly will allow you to buy more properties. Not to say the $30k properties aren’t great. I have properties in good areas that I only paid $15k for! Love it! Just have to be patient and find deals! Most of the time you make money in this game when you buy the property. Good luck. 

@Joseph Sims Welcome...

I agree with @Steve Osowicz 

It really all depends on your tolerance and your plan. You can make MUCHO money in crappy areas but you will have MUCHO headaches (maybe). You should really get to know the areas you want to invest in and understand your market, I have partners that work in the 40214 area and we do VERY well. Good luck.

@Christina Shearer Welcome... I would like to get into multi family in BG. Who knows we may be able to work together since you are actually there. I am located in Louisville. Keep me in mind. Good luck.