All Forum Posts by: 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

Good afternoon, BP Community!

Giving a brief background on myself - I am married with 2 kids living in Northern Kentucky close to Cincinnati, OH. I currently work for a Customs Brokerage and actively studying for the Customs Broker Licenses to increase my career potential.

I've been a member of BiggerPockets for several years learning everything from Wholesaling (Which rendered no success mainly because I didn't want to broker properties with no brokers licenses) to the BRRRR strategy. One of my dreams has been to be actively involved in Real Estate investing since I was a little kid. I believe I was 15 around the time I joined BiggerPockets. My problem is I have never gotten my feet wet and at this stage in my life I'm ready to dive in and hope for the best. I'd just prefer it to be a calculated dive.

I’d like to think I’m smart with managing my own money. I manage my personal finances well and do a good job with saving. I’ve built a nest egg of $100K in cash over the years through working and side incomes.

I have a pre-approval for $300K with my current bank via an FHA loan, I've been very vocal with my lender about wanting to do what's best for my future endeavors with REI, and am looking for almost a roadmap to be painted for me to ensure I am making all of the right moves to maximize my earning potential.

My lender suggested that I purchase a primary residence for myself (I currently rent) and then turn around and purchase an investment property with 20% down - show that I can be a successful landlord for a year and then the gates of opportunity will swing open.

As I stated in this post I’d like to do whatever it takes to maximize my earning potential and I believe I am in a decent market to do so.

Also worth mentioning my wife is an RN, making great money, in school pursuing a career as a Nurse Practitioner. If it makes the most sense - we talked about getting separate loans to stretch what we’ve saved up and get the most for what we have. She is not on my current pre approval so there is no financial obligation to her.

All of the tips, tricks, and guidance is welcomed!

 Hey, I'd be more than interested in joining your group. I'm currently living in KY, but have a house in Parkersburg, WV as well. I just recently relocated from there. For some reason the link isn't working though when clicking on it. 

Hey, 

Welcome to BiggerPockets! You'll find a ton of resources here for pretty much anything Real Estate related. There is a specific area on the forums for Wholesaling & Wholesaling questions --> HERE 

I hope this helps. 

 How do you suppose she finds someone to manually underwrite? Where do you begin to look for something like that?

This question is for a friend who is attempting to buy her first piece of property & get started on her Real Estate path. She is currently working as a travel nurse with a staffing agency. It's a W-2 job and she's been on the same contract for a year now, but a problem she faces with most banks is income verification. She is only taxed around $13 hr/ but she also gets an hourly rate untaxed + a weekly stipend for being a traveler. 

What steps can she take to get a YES from Mr.Bank to purchase her first piece of property? Credit is in the mid 700s & a 10% down payment wouldn't be an issue. 

Does anyone have any information on this? 

Hey BP, 

Quick Wholesale question. Are you legally able to find distressed properties and get them under contract as a Non-Licensed agent in the state of Kentucky? I plan on getting licensed anyway, that won't be until later down the road. Is it possible to start building a portfolio before hand? I know you can Wholesale Legally & Illegally - its all about the approach. So I'll break it down how I see it: 

1. Find a Property in Distress
2. Contact the Owner
3. Get it under Contract
4. "Sell" the Contract to a Cash Buyer / Middle Man the Deal
5. Take the Seller Contract & Buyer Contract to a Title Company
6. Seller get their money, Buyer gets the deed, I get the finders fee. 

Is this legal to do in Kentucky or is it illegal since I would be operating it as an unlicensed agent? ALSO - If it is perfectly legal can I register an LLC, and operate a wholesale business under a business name? Can I create a website and name to showcase my wholesale properties without an LLC, ?

Would I be better off just waiting until I'm a licensed agent in the state of KY to begin this process and avoid any of the legal hassles? 

Still interested in seeking an answer to this.

Hello BP,

I’m currently residing in WV but there is an acre of land back in my hometown of the Greater Cincinnati area that I plan on buying and developing on later in an upcoming area. The plan is to put an offer on the land and getting financed through my Credit Union for the land. The Credit Union I use is in West Virginia and I have been with them for awhile. That’s where my Savings account is, Car Loan, and Credit Card. I have perfect payment history with them.

Will that Credit Union be able to finance a piece of land that’s in a different state? The plot that I plan on purchasing if they accept my offer, I will be walking into positive equity due to it being valued at more than the purchase price (providing they accept the offer I plan on giving).

If anyone has experience with this, your advice is greatly appreciated! Thank you.