Lexington Real Estate Investing - Starting the Journey

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Lexington Real Estate Investing - Starting the Journey

Joshua S.
Lexington KY · Member since 2017 · 18 posts · 4 votes

Hello BP,

I am newer to Lexington, KY and am ready to put the knowledge that I have absorbed though all of the BP channels into action.

I have Property Managent experience and am ready to take it to the next level.

Will you share with me, 1 thing that you know now, that you wish you knew when you started your Real Estate Investor journey?

Thanks in advance

- Joshua

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Jonathan Pliszka
Financial Advisor · Lexington, KY · Member since 2012 · 150 posts · 66 votes
6y

Hi @Joshua S. - Greetings from Gratz Park in Downtown Lexington! Simply put, the one thing I wish I knew beforehand was that the most knowledge I would obtain was simply by doing. I spent a lot of time reading real estate books and message boards, over-analyzing spreadsheets, etc. The best education for me was simply taking action. Good luck out there! 

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  • Darren Wayne Shanks
    Rental Property Investor · Lees Summit, MO · Member since 2020 · 7 posts · 5 votes
    6y

    Hey @Joshua S.

    Practical- We thought we were smart by having a shorter loan on our first property and in-turn having less interest to pay with a 15yr loan. Turns out 2 months later we actually started learning more about REI and found having a 30yr loan would have been more in line with our goals of have more cashflow. A refinance later we felt wiser!

    In General- Everyone I commit to doing business with had to pass the same test. They had to be responsive, helpful/friendly, and be knowledgeable in the capacity I plan to hire them.  Whatever standards you set for working with others, be the same in return. 

    Enjoy and Good Luck! 
     

    0Reply
  • Joshua S.
    OP
    Lexington KY · Member since 2017 · 18 posts · 4 votes
    6y

    Hi @Anna Shanks

    I really appreciate your advice. Would say that a 30yr term is better for all investment cash flows? Is there a situation for a 15 yr?

    I will also be sure to stay true to my values and seek them out in others!

    Thanks again.

    0Reply
  • Darren Wayne Shanks
    Rental Property Investor · Lees Summit, MO · Member since 2020 · 7 posts · 5 votes
    6y

    15yr loans are great to build equity (higher payments mean more of the loan is being payed off). Most investors tent to opt for a 30yr loan (lower payments) for more cash flow. They use that immediate income to buy more investments sooner. 

    Either way the tenant is paying for the mortgage and the opportunity cost of where your want that money to go equity or income.

    1Reply
  • Jonathan Pliszka
    Financial Advisor · Lexington, KY · Member since 2012 · 150 posts · 66 votes
    6y

    Hi @Joshua S. - Greetings from Gratz Park in Downtown Lexington! Simply put, the one thing I wish I knew beforehand was that the most knowledge I would obtain was simply by doing. I spent a lot of time reading real estate books and message boards, over-analyzing spreadsheets, etc. The best education for me was simply taking action. Good luck out there! 

    3Reply
  • Joshua S.
    OP
    Lexington KY · Member since 2017 · 18 posts · 4 votes
    6y

    Hi @Jonathan Pliszka

    Thank you for the input. I have been in the absorbing mode far to long. Time to take action! I appreciate this advice and plan on implementing it immediately!

    1Reply
  • James WilcoxBusiness Member
    Real Estate Agent · Bowling Green KY ~ Lexington, KY · Member since 2015 · 1k+ posts · 603 votes
    6y

    @Joshua S. make sure to come join us for the local meet ups (virtual ATM). 

    My tip is to treat it like a business from the start. You can still do it on the side but don't treat it like a hobby or a side job. Take it seriously from the start.

    REI James w/ eXp Realty54 Reviews
    WebsiteView Page
    2Reply
  • Joshua S.
    OP
    Lexington KY · Member since 2017 · 18 posts · 4 votes
    6y

    Hi @James Wilcox

    Thank you for the invite, when is the next meet up?

    I appreciate that advice, I agree to take it seriously from the start. Looking forward to connecting with you and the group more.

    0Reply
  • James WilcoxBusiness Member
    Real Estate Agent · Bowling Green KY ~ Lexington, KY · Member since 2015 · 1k+ posts · 603 votes
    6y

    @Joshua S.

    See BP Event here for details. Monday at noon though.
    https://www.biggerpockets.com/forums/521/topics/850964-wholesaling-during-covid-19

    You can join us on Facebook to stay more up to date. Bluegrass Real Estate Investors Group.

    REI James w/ eXp Realty54 Reviews
    WebsiteView Page
    0Reply
  • Matt Bailey
    Investor · Member since 2020 · 110 posts · 33 votes
    6y

    @Joshua S. One thing is tough but I'd say probably networking.  More opportunities and better opportunities will come along with having resources to pull from... real estate agents, friends to look over numbers, handymen, contractors, plumbers, electricians, lenders, etc.   You'll save time and money building your network.  In the end, you'll learn the most by jumping in. Good Luck.

    1Reply
  • Joseph Back
    Rental Property Investor · Montgomery, AL · Member since 2017 · 277 posts · 221 votes
    6y

    @Joshua S. I agree with @Jonathan Pliszka, just take action. Start analyzing deals and making offers now. You may not get any accepted but you will learn a ton in the process. I learned more from owning my first rental property than from reading the all the books combined.

    1Reply
  • Joshua S.
    OP
    Lexington KY · Member since 2017 · 18 posts · 4 votes
    6y

    @Matt Bailey Thanks for the advice. I am working on expanding my network and have already felt the great benefits from connecting with people in my area. I am excited about the journey and eager to complete my first deal. 

    0Reply
  • Joshua S.
    OP
    Lexington KY · Member since 2017 · 18 posts · 4 votes
    6y

    @Joseph Back Thanks for the reply. I enjoy analyzing deals but admittedly have been hesitant to make any offers. Time to move past the fear and take the next step and submit some offers. I appreciate the motivation. 

    0Reply
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