Bardstown, KY · Member since 2016 · 5 posts · 3 votes
I just turned 19 and I'm looking to deep my toes in the game and get started on my goal to financial independence. I was wondering if there is any real estate agent's in the Bardstown area that could give me some tips or help me out. Im wanting to get some ideas going. I've been looking into foreclosures. I think I want to start with flipping and eventually going into renting out. I'm very nervous about starting out. But I need to get started instead of waiting around. Thanks for your time. I'm glad to be here at bp.
Welcome to the BP community and the world of REI! There are REI associations in your area and BP meetups where you can start connecting with investors in your area as well. All the best!
Investor · Mexico City, Mexico · Member since 2016 · 100 posts · 19 votes
10y
Hey James,
Welcome to BP! It's nice to see another young real estate investor in Bardstown.
Just a couple tips:
Don't take advice from real estate agents unless they are involved in REI.
Check out the BP podcast if you haven't already.
If you are looking to buy and hold in Bardstown: be conservative with your numbers and cautious with the location.
Feel free to reach out to me if you have any questions or would just like to discuss REI,
Good luck!
Bardstown, KY · Member since 2016 · 5 posts · 3 votes
10y
Awesome to see someone in Bardstown on Bp. Thanks for the tips I'm currently listening to the podcast. I've been listening to them while working. I would like to discuss REI. I have a rough idea of where to start. Im really nervous though. But I need to jump in.
Investor · Mexico City, Mexico · Member since 2016 · 100 posts · 19 votes
10y
Hi,
You definitely should get into REI! But don't be afraid to work on absorbing any information you can to avoid mistakes that could have been mitigated first!
Another tip I have for you because of your age is to start building credit. I'm 21 and I wouldn't have been able to purchase my SFH with conventional financing this year if I didn't start building throughout 2015. Look into secured credit cards and shared loans (Fort Knox FCU offer these). I'm not a flipper like you are aspiring to be, but you might benefit from Jay Scotts flipping book as well.
Investor · Mexico City, Mexico · Member since 2016 · 100 posts · 19 votes
10y
Hi,
I started with Bigger Pockets! I listened to every podcast. Also, at the end when people give their favorite real estate books I would suggest you write them down to read later. A couple I really like are:
-The Richest Man in Babylon
-Retire Young, Retire Rich
-The Real Book of Real Estate
-Don't Sweat the Small Stuff, and it's All Small Stuff
I've already suggested you the flipping book, but check out Brandon's books as well.
It's good you have some credit started! However, unless you have a 750+ then I would keep working on it. You have an installment loan with your car. This is when you have a set amount due every month. But to build a strong credit profile you'll need rotational as well as installment loans. Rotational just means there's no set installment payment and can change; basically credit cards! Since you have some credit already you probably won't need to get a secured card. Here's what to do:
1. Find a couple cards with low introductory APR/rewards (my favorite is Discover)
2. If you get a $500 card do not put over $150 on it - $50 is optimal
3 set up automatic payments for the full balance or very close
4. Request a limit increase every 3-6 months
The reason to keep the balances low and request limit increases is for the same purpose. A portion of your credit score is your utilization of your credit: basically how much credit you have used up compared to how much you have available. Ten percent is optimal, don't exceed thirty. That's $100 per $1,000 of credit. Requesting a limit increase will also lower your utilization! But don't feel obligated to spend more money with an increase: you don't want to increase your bad debt. As long as you just keep a few dollars on a card you'll keep it open!
Hope this was useful!
Bardstown, KY · Member since 2017 · 1 post · 0 votes
9y
I live in Bardstown, KY. I'm a contractor/home builder that has one rental house and interested in buying more. I would be interested in meeting to see if we could share info/advice.