All Forum Posts by: James Wilcox

Hey everyone, my name's Cade and I'm 21 years old from Louisville, Kentucky. I'm coming up on my senior year of college and after I get out, I want to buy my first property within a year of getting out. Right now, I believe that I want to find a duplex and go the house hacking route. I have a good amount saved for my down payment already and I am going to continue to save as much as I can over this next year to make my dream a reality. My goal is to use the BiggerPockets Stack method over the next decade to stack properties and be able to become financially free. I would love to hear anyone's personal advice or something that they wish they knew when they were first getting started in their real estate investing journey.

To start, I am very lucky to own a primary residence that is paid off in the northern Kentucky area. I have recently been educating myself on getting started in real estate investing.

My wife and I were planning to move within the next 2 years into our "dream home" using the money from selling the primary residence and our well paying for the area W2s. We have thought recently, maybe rent out the primary residence (rent would be around $2300/m) and use the rent to pay for a mortgage in a property that we move into. The goal would be to move every year or two and continue this process. We looked into house-hacking, however there are not any multifamilies around that would be able to support us, our child, and two dogs.

What would you do if you were in our shoes? We want to make the best decision based on our circumstance, but we feel that there are an overwhelming amount of options on the best path forward.

Hey yall!

My wife and I purchased our starter home in 2019 in Louisville, KY. we have outgrown our home and are looking to upsize. We want to keep our home as a rental but we are not sure if we should do a long term rental or go the short term airbnb route. We have a large yard and I have completely remodeled the basement and kitchen. My worry is that the landscaping needs and recent remodels that are higher end relative to the neighborhood, may not be the best for a long term rental. I am 1 mile from the expressway and 5 minutes to downtown so I am in a prime location for both. Long term would be more steady but for some of the larger events in town, such as the Kentucky Derby, I could get $4,000-$5,000/wk for Airbnb. 

Keeping things high level, what would everyone suggest or what things do I need to consider?

thank you!!!

@James Wilcox Hi James. I did not realize doing both STR and MTR/LTR was an option until I started checking online, I found one of my neighbors in my complex is doing this. This is definitely an option. The company I am with only does STR, but I'm sure I can find someone cheaper than they are. Thank you for your response.

I own a condo on Pensacola Beach, FL that I purchased in 2019. We lived in it for five years before moving back to Kentucky, and since then, we’ve been renting it out as a short-term rental through a management company, paying 21–23% in fees. Unfortunately, the income hasn’t been enough to cover the mortgage and HOA dues during the off-season, and now other bills are piling up.

I’m at a crossroads and weighing three options:

1. Sell the condo, use the equity to pay off our current home and credit cards, and start fresh.
2. Switch to a long-term rental, manage it myself to increase cash flow, and eventually use the equity to purchase a second investment property.
3. Keep it as a short-term rental, but pull out equity to pay off our current debts.

My long-term goal is to transition out of the medical field and into real estate investing full-time, but I’m unsure which path to take next. I’m open to advice and would love to hear what others might do in this situation.

I’m Your motivated buyer! Located in ky Louisville, Lexington and surrounding areas. 

Hi, first off, follow on YouTube and have watched countless podcasts. Thank you for having me and hope to learn from all the experts here. 

my situation, I sold my home in Kentucky, moved back to southern Indiana (New Albany) had a homestead there and essentially built my home. Wife worked, I built and took care of day to day. Problem now: I split with wife, have 100k to get started investing, ideas are buy undervalued/rehab fix and flip, plus maybe build smaller fha compliant first time home buyers homes. With no work history past 12 months, 100k cash, I'm finding funding quite challenging. 750 credit score but not sure what my best options may be. Any advice would be greatly appreciated. 

Hello forum,
My business partner and I are new landlords in a three unit house located in Louisville, KY.  We are three months in and are trying to best handle a tenant who has been consecutively late with the rent since we took ownership of the property.  As far as the previous landlord, yes, there were some major issues there...things not getting repaired, manipulation, etc.  The tenant's payment history was always late (as much as one month) but rent always paid.
I guess we anticipated some issues, but basically we reasoned with the idea of keeping this tenat as, well, perhaps it will be better with us, we're better landlords.  
As we have gotten to know said tenant, we have come to realize she must have a history of violence since she is current;y undergoing 2x weekly sessions of anger management.  We have hear stories of violence in the community.  And now we are thinking about eviction proceedings for non payment of rent.
We have offered her the options like partial payment, payment plan, a date of payment and initially, the responses were full of fire, now they've ceased.  I have a  7 day notice ready to paste on her door.  
Can anyone offer sound advice? I dont see any solution other than involving the courts.  I am out of state but my partner is local to the home and I dont want to put her in any jeopardy.  Thank you!

I'm new to the BiggerPockets site and an aspiring rental property owner. Currently I'm educating myself before I make the leap and purchase my first property. Can anyone provide advice on a great place to start networking for a rookie?

Hi all,

I recently moved to KY from Denver, CO, for work. Want to go to some networking events and meet some like-minded people. It's my goal to get my first investment property by the end of the year. Please share any advice or networking events you found value in.

Thanks,

Christian